Bitwave CEO says tokenized stocks are the next stablecoins, and Nasdaq's 23 hour day proves it
Bitwave CEO says tokenized stocks are the next stablecoins, and Nasdaq's 23 hour day proves it.
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Stablecoins settled $33 trillion on-chain in 2025, more than Visa and Mastercard combined . Their remarkable rise is one of the most exciting stories in crypto right now, and there are no signs it will slow down anytime soon. It raises a very important question: what real-world asset (RWA) will experience explosive growth next? Pat White, CEO of Bitwave, spoke with TheStreet Roundtable at BVI Finance's Fintech on the Seas and said that tokenized equities are that next asset.
His argument rests on the idea that equities have a similar profile to stablecoins . Namely, a huge market that is wrapped in unnecessary friction, and that incumbents' scramble towards round-the-clock trading shows they see the writing on the wall.
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White has been interested in crypto since reading the Bitcoin whitepaper back in 2010. He shared a story that any investor can relate to.
"I sold stock. Just send me the money. And (the bank was) like, no, no, no, there's a one-day settlement. I have gotten so out of the habit of being in traditional finance that the idea of a one-day settlement was inconceivable to me in 2026," he said.
In May 2024, US equities moved to T+1 settlement. This was a big improvement by traditional finance (TradFi) standards, but still a full day slower than on-chain rails.
He explained why these relatively slow transfers still exist: incentives.
"There's absolutely no reason you can't settle a trade on Schwab in five minutes. But they have a lot of vested interest in actually holding onto your money. They're earning yield on that, they lend it out," White said. "It's another place where there's intermediary friction that does not need to be there."
NASDAQ announced in late 2025 a desire to extend regular trading hours to 23 hours a day, 5 days a week. It is expected to launch these new hours in Q3 or Q4 2026.
White said about the news that, "there is no world where that is not a direct response to crypto."
Crypto traders around the world have had access to 24/7 markets for over a decade now, and even traditional equities are getting extended hours on tokenized markets such as Hyperliquid, Ondo Global Markets , and Kraken's xStocks. Ondo Global Markets is the global leader for tokenized equities , with their platform surpassing $1 billion in total value locked (TVL) in just 8 months .
The British Virgin Islands have become a global leader in tokenized RWAs. According to a recent report from BVI Finance, over $1.5 billion in US tokenized securities and $1.2 billion in stablecoins are housed in the BVI. The Kobeissi Letter also recently shared on X that tokenized equities, driven by SpaceX's IPO, reached $3.4 billion in volume during June. This represented a 279% month-over-month increase, and an astounding 1,400% year-over-year growth.
This has created a generational gap in understanding how capital markets should work.
"The younger generation (is) used to commerce at the speed of thought. You're just not used to these limitations the traditional finance system puts in place for you," White said.
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White shared one example of how the tokenized economy offers exciting new opportunities to normal retail investors: borrowing against them.
