Wall Street Goes On-Chain

Over the past week, a landmark development has emerged in the on-chain finance space. On April 8, SC Ventures, a subsidiary of Standard Chartered, announced that institutional liquidity and capital markets firm GSR led a new funding round for Libeara. According to the official statement, the funding will support Libeara in expanding its compliant tokenization infrastructure for financial institutions and asset managers, while integrating these assets into institutional distribution channels, market infrastructure, and liquidity networks.

This development marks a shift from the types of news we have historically observed. In earlier stages, on-chain finance activity was largely concentrated within the crypto-native ecosystem, including decentralized exchanges, on-chain lending, stablecoin settlements, yield protocols, and liquidation mechanisms. We define this as Phase One of on-chain finance. Its core achievement was validating that capital formation, trading, collateralization, clearing, and yield distribution can operate sustainably on-chain.

As the underlying infrastructure has matured, the industry has entered Phase Two: the integration of real-world assets (RWA). RWA has now become the primary growth driver. According to RWA.xyz (as of April 10, 2026), the total distributed value of tokenized real-world assets has reached approximately $26.71 billion, with around 698,200 holders globally.

The defining characteristic of this phase is the systematic entry of traditional financial institutions into on-chain finance, each assuming clearly defined roles. Asset managers bring real assets and client relationships; regulated issuance platforms handle securitization and on-chain registration; liquidity providers organize market depth and trading connectivity; and exchanges and rule-makers are increasingly involved in setting standards for registration, transfer, and settlement.

For example, Libeara announced in March 2026 that it had obtained a CMS license from the Monetary Authority of Singapore (MAS), and disclosed that its platform already supports over $1 billion in regulated tokenized assets. Similarly, on March 24, the New York Stock Exchange (NYSE) and Securitize signed a memorandum of understanding to collaborate on digital transfer agent infrastructure and broker-dealer participation, aiming to support the operation of tokenized securities markets.

These developments indicate that on-chain finance is moving into the core infrastructure layer of capital markets. Issuance, transfer, registration, distribution, and brokerage participation are being reorganized along new digital rails.

The Next Stage: Three Main Structures

1. Asset Layer

Control over real assets, institutional trust, brand, and client relationships defines the core source of value in on-chain finance.

2. Rules and Governance Layer

Control over issuance standards, registration systems, trading infrastructure, and market interfaces determines who shapes the future financial order.

3. Liquidity and Market Connectivity Layer

The ability to integrate on-chain assets into institutional distribution networks, market-making systems, and capital market circulation determines both the depth and breadth of the ecosystem. GSR’s lead investment in Libeara exemplifies the deepening integration between liquidity providers and compliant issuance platforms.

This trend points to a clear conclusion: on-chain finance is evolving from a crypto-native market into a new form of capital market shaped by institutional participation, asset-driven growth, and the restructuring of market rules. The migration of finance on-chain has moved beyond experimentation and entered a stage of systematic deployment by mainstream institutions. Wall Street going on-chain has moved from a trend thesis into an actual process.

The Five Key Roles in Today’s On-Chain Finance Ecosystem

1. Asset Layer

Holds real assets, brand, client relationships, and capital sources—the fundamental value base. Key players include BlackRock, Franklin Templeton, Apollo, BNY Mellon, and Goldman Sachs.

2. Issuance and Compliance Gateways

Responsible for structuring assets for compliant on-chain entry, including registration and transfer requirements. Key players include Securitize, Libeara, Ctrl Alt, and InvestaX.

3. Distribution and Product Access Layer

Transforms complex assets into accessible, investable products. Notable players include Ondo, Franklin Benji, and Superstate.

4. Liquidity and Market Connectivity Layer

Ensures continuous trading, market making, and institutional-grade liquidity. Key participants include GSR, Jump Crypto, and major institutional service platforms.

5. Rules and Trading Venue Layer

Controls trading infrastructure, registration systems, broker participation, and market interfaces. Institutions such as NYSE, Nasdaq, SIX/SDX, and BX Digital are increasingly influential here.

These five roles are jointly shaping the new capital market framework of on-chain finance. The asset side provides the source of value, the issuance gateway provides structure and institutional access, the product layer provides market reach, the liquidity side provides trading depth, and the rules and trading venue layer provides order and market interfaces. The process of Wall Street moving on-chain is unfolding gradually across these five layers. The cooperation between GSR and Libeara sits at the center of this structure, which is why it has clear value as a signal to watch.

The Next Stage: Three Main Structures

Further Reading:

The Five Key Roles in Today’s On-Chain Finance Ecosystem