Evidence of Talk 2025: RWAs, Stablecoins, and Crypto IPOs Highlight Industry Expansion

Proof of Talk 2025 occurred on June 10-11 at the renowned Musée des Arts Décoratifs within the Louvre Palace in Paris. This Web3 networking event drew thousands of participants and showcased hundreds of speakers from across the globe.

While various panel discussions were held at Proof of Talk, this year’s event placed significant emphasis on attracting institutions to the Web3 space. Key topics included the evolution of tokenized real-world assets (RWAs), the expansion of stablecoins, and crypto initial public offerings (IPOs).

Source: Proof of Talk

The Current Role of Stablecoins For Transactions

One of the initial discussions at Proof of Talk 2025 centered on the significance of stablecoins in the contemporary digital landscape.

The panel included Reeve Collins, former co-founder of Tether; Sam Broner, partner at Andreessen Horowitz (a16z); Christian Rau, SVP of blockchain and digital assets at Mastercard; and Diogo Monica, general partner at Haun Ventures.

Another distinguished panel takes the stage at the Louvre: “Stablecoins and Global Payments: Promise, Progress, and the Path Ahead”
Few innovations in Web3 have attracted as much global focus and regulatory examination as stablecoins.
Are they still the future of finance, or merely… pic.twitter.com/0R74RgTAfF

— Proof of Talk (@proofoftalk) May 23, 2025

As stablecoins gain traction in mainstream finance, Broner highlighted that these digital assets are likely to evolve to include conventional payment features.

For example, Broner noted that stablecoins may soon be incorporated into enterprise resource planning and tax software systems. He added that Mastercard is facilitating this by offering cards linked to crypto wallets, enabling the use of stablecoins for purchases.

On May 15, Mastercard revealed a collaboration with Web3 payments platform MoonPay to enable consumers and businesses to transact using stablecoins in global markets.

Rau elaborated, indicating that Mastercard perceives stablecoins as a “forty-second or so fiat currency.”

“The transaction remains unchanged, and we have limited knowledge about the customers, but we understand that someone wishes to make a purchase, and we need to transfer funds,” Rau stated. “All of this is compiled in clearing and settlement files, and then a consumer’s bank card facilitates the transfer into the Mastercard system. The funds are then directed to the acquiring party.”

According to Rau, this method is more effective when utilizing stablecoins and does not alter the privacy protocols associated with traditional payments.

Stablecoins currently hold a market capitalization of $250 billion. The recent IPO of stablecoin issuer Circle further confirms the permanence of stablecoins.

Monica commented on this matter, stating, “Circle’s IPO indicates that crypto is progressing towards becoming a mainstream initiative.”

The Future of Stablecoins

After the stablecoin panel, Collins informed Cryptonews that he considers stablecoins to be the transformative application for blockchain technology. He further articulated that stablecoins are entering a new phase of growth.

Collins anticipates that users will soon have the capability to mint stablecoins to capture yield generated from tokenized assets. He shared that his new venture, “stbl.com” (previously Pi Protocol), will enable users to issue various tokenized RWAs, such as on-chain treasuries, and subsequently stake those assets on the stbl protocol.

“Stbl will offer two distinct tokens for users. One will represent yield from the asset, while the other will be the stbl stablecoin named ‘USST,’” he explained. “This way, a user possesses a token representing yield that qualifies as a security, while the stbl stablecoin serves as the principal and can be traded freely.”

Collins emphasized that this framework allows users to retain yield from a stablecoin even after a token is sold. Currently, yield-bearing stablecoins only produce yield while they remain on-chain.

Stbl will initially be utilized by crypto exchanges and institutions, with retail investors gaining access to the product once it has undergone thorough testing.

IPOs Help Crypto Companies Mature

In addition to tokenization and stablecoins, a panel focused on crypto IPOs saw significant attendance during Proof of Talk. The discussion featured Stephan Lutz, CEO of crypto exchange BitMEX, alongside Jean-Marie Mognetti, CEO and co-founder of CoinShares.

Source: Proof of Talk

Lutz commenced the panel by clarifying the distinctions and similarities between IPOs and initial coin offerings (ICOs).

“An ICO is typically something a crypto company undertakes to raise funds for product development,” he stated. “The company takes anticipated future revenues and redistributes them later to the users who are often funding the project.”

Lutz noted that an IPO is most effective when a company possesses a scalable business model that is also capital-intensive. He added that investors are frequently not the users.

“An IPO is a more suitable option if this is the case,” he remarked.

Circle serves as the latest example of a crypto company successfully completing an IPO. The stablecoin issuer has seen its stock price more than triple since its debut about a week ago, rising from $31 to approximately $107 at the time of writing.

However, Lutz cautioned that crypto companies should not pursue an IPO unless they have a long-term survival plan. “If you go public, you need to have a strategy to endure the next decade.”

Lutz further mentioned that BitMEX has contemplated an IPO, but noted that the company must first meet sufficient capital requirements that could dilute its investor base.

Mognetti explained that CoinShares initiated an IPO in Sweden in 2021 and described how it has influenced the digital asset manager.

“CoinShares originated as a trading house and was operating a community hedge fund,” Mognetti stated. “The IPO shifted the perspective from a trading opportunity background to a business governed by appropriate policies and governance. The IPO has facilitated long-term growth, and CoinShares is now functioning in a mature manner for a crypto company.”

Tokenized RWAs Attract Institutions and Investors

Another significant topic addressed at Proof of Talk was tokenized RWAs. The tokenization of RWAs is projected to reach $30 trillion by 2030. The panel titled, “Roadmap for the Tokenisation of Financial Assets,” delved into the reasons behind the rapid growth of tokenized RWAs.

This morning on the MonaLisa stage — Roadmap for the Tokenisation of Financial Assets.
With insights from:
@dotun_rominiyi – LSEG
@hentove – State Street
@RealRajBrahm – Blockridge
@LloydWahed – Members Capital
Moderated By: @youngsunlive – Flipster
A timely… pic.twitter.com/i1WpEL4MQS

— Proof of Talk (@proofoftalk) June 11, 2025

For instance, Elliot Hentov—head of macro policy research at State Street—stated during the panel that tokenization assists issuers in bringing products to market while also broadening supply.

“Tokenization significantly lowers the barriers to entry when considering capital markets broadly,” he remarked. “Particularly in areas where existing systems are not functioning well—this is where the sector will have the most substantial impact.”

Expanding on this, Dotun Rominiyi—director of emerging technology at London Stock Exchange—explained that from a service provider’s standpoint, he perceives tokenization in three dimensions.

He indicated that tokenization enhances accessibility to financial assets, such as real estate funds. “You can now fractionalize these holdings and redistribute them to provide access to smaller investors,” he noted.

Regarding scaling efficiency, Rominiyi stated that tokenization greatly aids this aspect. Lastly, he mentioned that tokenization is facilitating the evolution of market structure.

“Tokenization represents a blue ocean opportunity,” said Raj Brahmbhatt, co-founder and CEO of tokenization platform Blockridge. “Decentralized finance will also grow with lending and borrowing use cases utilizing tokenization.”

Challenges To Consider as Industry Matures

Overall, Proof of Talk 2025 showcased the advancements within the Web3 and crypto sector, attracting institutional interest worldwide. However, several challenges persist that could hinder adoption.

For example, privacy concerning stablecoins requires further enhancement before institutions widely adopt these assets. Monica raised this issue during the stablecoin panel, indicating that technologies like zero-knowledge proofs exist, but must be integrated into stablecoins to ensure transaction privacy.

Moreover, clear regulations surrounding stablecoins and tokenized RWAs are still necessary in numerous jurisdictions. Several attendees at Proof of Talk discussed the status of the GENIUS Act, which aims to regulate stablecoins in the U.S. Officially titled the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” the GENIUS Act proposes stringent requirements for stablecoin issuers.

It would mandate that all stablecoins be fully backed by U.S. dollars or similarly liquid assets.

While it is anticipated that many more crypto IPOs will soon follow Circle’s example, Lutz emphasized that it is only logical for capital-intensive companies with a long-term strategy to consider an IPO.

“When a crypto company seeks to serve the institutional sector and bridge the gap between crypto and traditional finance, then an IPO becomes a viable opportunity,” he stated. “The current IPOs in the U.S., in particular, are attempting to connect traditional finance and crypto, and an IPO provides the potential for capital increases and secondary offerings.”

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