GSR CEO Says Tokenization’s Next Hurdle Is Finding Buyers

GSR group CEO Xin Song said tokenization’s main obstacle is finding buyers for blockchain-based assets, as supply has emerged faster than demand and limited trading constrains liquidity.

“There’s a lot of people that are supplying assets, but the demand side hasn’t really come yet,” Song said in a podcast published March 26, 2026.

Song said tokenized markets must attract the other side of each trade because some issuers cannot find buyers. He estimated the potential tokenization market at $15 trillion to $30 trillion and discussed putting 10% of a $300 trillion securities market onchain.

Tokenized real-world assets exceeded $34 billion as of Aug. 31, while tokenized cash equivalents reached nearly $18 billion. Tokenized equities represented 8% of the analyzed market but generated 93% of onchain trading activity in August 2026.

Tokenized equities recorded $12.6 billion in spot volume and $72.4 billion in perpetual volume during the month. The figures show how substantial issuance and outstanding value can coexist with uneven secondary-market activity across asset categories.

“Like any two-sided market, you’ve got to find the other side,” Song said. “There’s a lot of supply, they can’t actually find buyers.”

Tokenization represents offchain assets on a blockchain so they can potentially be tracked, transferred, traded or programmed onchain. The sector also faces challenges involving legal and regulatory frameworks, standardization, interoperability, data, custody and audits.

GSR announced a $57 million acquisition of Autonomous and Architech on March 17, 2026. The company said the deal would expand services for tokenized organizations, including launch operations, financial infrastructure and advisory work.

Hare, backed by GSR and Turtle, is launching dollar- and gold-denominated yield products.