Beyond Issuance: The Next Era of Tokenized Markets | Eiji Kobayashi at Pragma Tokyo 2026

Eiji Kobayashi, Japan Country Head at Securitize, explains how real-world asset tokenization is moving from isolated issuance toward fully onchain markets. He reviews the rapid growth of tokenized treasuries and money market funds, including BlackRock’s BUIDL fund, and shows how major asset managers such as KKR, Apollo, Franklin Templeton, Fidelity, and BNY Mellon are building tokenized products. The presentation connects public blockchain settlement, stablecoins, DeFi integrations, and new investor demand across funds, fixed income, equities, and real estate. Kobayashi contrasts the global public-chain model with Japan’s largely private-chain market, then highlights emerging changes. Marui’s direct-to-customer bonds demonstrate how tokenization can combine financing, loyalty points, and engagement. Sumitomo Mitsui Trust Bank’s public-chain investment trust and a regional bank initiative point toward broader adoption. He argues that Ethereum’s security, smart contracts, developer ecosystem, and composability make it the leading foundation for institutional tokenization. 00:00 Introduction and Securitize Overview 01:53 How Japan’s Tokenization Market Differs 02:40 Global RWA Market Growth 03:39 Tokenized Treasuries Drive Adoption 04:44 Institutions, Regulation, and DeFi 05:34 Global Asset Managers Enter the Market 06:42 BlackRock BUIDL and Onchain Settlement 07:58 From Fractionalization to DeFi Integration 08:49 Tokenization Forecasts Across Asset Classes 09:50 Japan’s Private-Chain Market 10:51 Marui Bonds, Loyalty, and Engagement 12:34 Japan’s Path to Global Standards 13:20 Public-Chain Investment Trusts 14:23 Regional Tokenization in Japan 15:52 Why Ethereum Leads Institutional RWA 17:37 Securitize’s Ethereum Footprint 19:14 Closing Remarks and Key Takeaways _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🇯🇵 *Pragma Tokyo 2026* Pragma Tokyo 2026 was held on September 25th at the Toranomon Hills Forum in Tokyo, Japan and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma Tokyo 2026 YouTube Playlist here: https://www.youtube.com/playlist?list=PLT7ZDw43Z98U ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ Follow Eiji Kobayashi X: https://x.com/EK35511047 ✅ Follow Securitize X: https://x.com/Securitize ✅ Follow ETHGlobal X: https://x.com/ETHGlobal​ Warpcast: https://warpcast.com/ethglobal Website: https://ethglobal.com YouTube: https://www.youtube.com/@UCfF9ZO8Ug4xk_AJd4aeT5HA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Are you interested in Ethereum development and entrepreneurship? 👉 Sign up for the next ETHGlobal event: https://ethglobal.com/events 🎁 Get exclusive access and perks with ETHGlobal Plus! https://ethglobal.com/plus 📣 Want us to throw an event in your city? Tell us where! https://ethglobal.com/city