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

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-10-26
- Duration: 19:29
- Topics: ETHGlobal, Pragma Tokyo 2026, Pragma Tokyo, Tokyo, Japan, 2026, Eiji Kobayashi, Securitize, real world assets, RWA tokenization, tokenized assets, tokenized treasuries, tokenized money market funds, BlackRock BUIDL, institutional finance, public blockchain, private blockchain, security tokens, DeFi integration, stablecoin settlement, smart contracts, Ethereum, asset management, Marui, Sumitomo Mitsui Trust Bank, regional finance, equity tokenization, fixed income, onchain markets, Science & Technology
- Watch: https://streameth.org/watch/yt-GNApDnpAK5c
- YouTube: https://www.youtube.com/watch?v=GNApDnpAK5c

## Description

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

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🇯🇵 *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. 

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