Author: Nancy, PANews
Tokenization is rapidly moving from concept to practice, becoming a high-frequency buzzword in the global financial field. Whether for crypto-native institutions or traditional financial giants, everyone is now exploring the same question: how to digitalize, on-chain, and globalize real-world assets (RWA) while ensuring compliance. From government bonds and real estate to commodities and notes, asset categories are continually expanding, and regulatory frameworks are gradually opening up experimental spaces. This wave of on-chain assets actually hides a deep demand in the global capital market for efficiency, transparency, and around-the-clock liquidity.
Against this backdrop, Libeara, as an innovative platform incubated by SC Ventures under Standard Chartered Bank, is a regulatory-friendly, institutional-facing tokenization practitioner. Unlike many traditional financial institutions that are still in pilot phases of tentative layouts, Libeara has accumulated practical business experience through real-world projects; at the same time, it differs from some crypto institutions' aggressive experimental paths that prioritize technology, as Libeara emphasizes compliance, safety, and institutional-level adaptability.
RWA is entering an acceleration phase, with three major products connecting the on-chain paths of traditional assets.
The trend of RWA on-chain is accelerating its penetration into mainstream markets. According to the latest data from RWA.xyz, the total value of global on-chain RWA assets has surpassed $25.5 billion, with a growth rate close to 56% since the beginning of the year, encompassing various asset classes such as U.S. Treasury bonds, real estate, private credit, commodities, and stocks. This trend indicates that on-chain finance is no longer limited to experimental fields for crypto-native assets; there is an increasing demand in traditional financial markets for more efficient, transparent, programmable, and composable financial infrastructure.
Currently, the issuance and custody processes of traditional financial assets still heavily rely on centralized institutions. While they have advantages in compliance and security, they also face challenges such as complex and lengthy issuance processes, high participation thresholds, exorbitant costs, and severe data silos. To address these pain points, Libeara leverages its three core product lines—Bravo, Delta, and Tango—to create high compliance, high efficiency on-chain issuance and management solutions for major asset categories such as bonds, funds, and securities, thus accelerating the process of traditional asset tokenization.
Bravo: Native tokenization of government notes and bonds
Bravo is an innovative asset tokenization platform designed specifically for national financial institutions, supporting the native issuance, trading, and management of government bonds and sovereign debt directly on the blockchain, thus enhancing the inclusiveness, transparency, and risk resistance of the financial system.
According to official sources, traditional sovereign bonds typically have high thresholds and complex processes, targeted only at institutional investors, often excluding ordinary citizens. Bravo eliminates the entry barriers of traditional markets by supporting small-denomination bond issuance and on-chain wallets, promoting the democratization of debt. Moreover, traditional bonds involve multiple intermediaries (such as underwriters, custodians, exchanges, and clearinghouses), making the process cumbersome and inefficient. Bravo allows governments to issue, circulate, and repay bonds directly on-chain, with smart contracts executing automatically, ensuring that the entire process is traceable and verifiable.
Furthermore, developing countries' financing heavily relies on dollar-denominated debt. Once their local currency depreciates, the pressure to repay increases sharply, easily leading to the pitfall of currency mismatch. Bravo's local currency bond support mechanism allows native local currency debt to be placed on-chain, enhancing government strategic autonomy and risk resistance while strengthening credit anchoring.
In addition, the Bravo platform offers flexible debt product design capabilities. It is worth noting that traditional government bonds have a single form that is difficult to adapt to the increasingly diverse capital demands and policy orientations. Bravo supports programmable debt instruments, such as inflation-linked bonds, delayed issuance bonds specified for future activation, and innovative forms like lottery bonds and birthright bonds, allowing debt products to meet social policy goals and diverse demographic needs.
Moreover, in traditional debt structures involving multiple institutions, intermediary risks, operational errors, or bankruptcy events can lead to investors being unable to redeem or suffer losses. Bravo implements a native on-chain holding mechanism, directly attributing assets to investors, eliminating intermediary custody risks and single points of failure, while ensuring data transparency and verifiability, greatly improving system resilience.
Delta: Tokenization services for regulated fund managers.
Delta allows regulated fund managers to issue and manage on-chain fund shares, supporting tokenization of fund shares of any denomination, significantly lowering the investment threshold. Through the tokenization mechanism, these fund shares can be freely transferred between compliant investors, effectively breaking the liquidity bottleneck in traditional fund investments. The platform supports multi-asset categories and cross-jurisdictional fund management, meeting the needs for diversified investment portfolios. Investors can conveniently complete subscription, redemption, and transfer operations for fund shares on the Delta platform, greatly enhancing user experience and operational efficiency.
Delta will officially launch institutional-level applications and platforms developed for Singapore licensed fund manager FundBridge Capital through Libeara, featuring institutional-level security and compliance. It can be said that Delta meets the different needs of crypto-native and traditional investors by bridging traditional finance (TradFi) and decentralized finance (DeFi).
Tango: Universal securities token issuance platform.
Tango is a universal securities token issuance platform supporting the tokenization of various real-world assets, including securities, commodities, and media. The platform supports multiple blockchain networks, ensuring technical compatibility and flexibility to meet different market demands. At the same time, Tango integrates KYC and AML features, as well as bank-level technology, internal control systems (ICS), risk management, and compliance standards to ensure that all tokenization projects' issuance and circulation comply with regulatory and legal standards.
Entering the practical phase, the tokenization business has been established for years.
Compared to many RWA participants who are still in the exploratory and experimental stage, Libeara is pushing tokenization from concept to practical implementation. By flexibly adapting to the regulatory and market needs of different countries and institutions, Libeara has been practically tested and optimized in national projects in Singapore, Hong Kong, Ghana, and the Philippines, covering various asset scenarios such as public offerings, private placements, and central bank digital currencies (CBDCs), providing a replicable and verifiable technical paradigm for the global market.
For example, the ULTRA Fund is a tokenized U.S. short-term Treasury bond fund launched by Libeara in collaboration with FundBridge Capital and Wellington Management for qualified and institutional investors. It is also one of the highest-rated tokenized U.S. Treasury bond funds globally, receiving multiple high ratings from institutions such as S&P AA+f and Particula AA+. Recently, on-chain capital entry platform Theo and RWA exchange DigiFT also announced collaborations with Libeara to expand access to the ULTRA fund.
Libeara also successfully launched the retail tokenized fund—Huaxia Hong Kong Dollar Digital Currency Fund—in collaboration with leading domestic public fund institution Huaxia Fund (Hong Kong). This fund is the first tokenized fund approved by the Hong Kong Securities and Futures Commission for retail investors, providing investors with innovative investment tools to earn Hong Kong dollar returns through blockchain-based channels.
As early as 2023, Libeara was shortlisted for the finals of the 2023 Ghana Central Bank CBDC Hackathon, having constructed a prototype system supporting CBDC subscriptions for Ghanaian government bonds and notes, achieving on-chain tokenization issuance and settlement of Ghanaian government bonds. This project not only validated the feasibility of its technology but also provided a viable path for fiscal digitization in developing markets.
In addition, Libeara's tokenization technology has been incorporated into several national financial infrastructure construction projects. For example, in 2024, Libeara actively participated in Project Ensemble launched by the Hong Kong Monetary Authority, a wholesale central bank digital currency (wCBDC) project aimed at promoting the development of the tokenized market in Hong Kong. Libeara collaborated with Mox Bank and Mastercard for concept verification testing, exploring the settlement applications of tokenized deposits and tokenized assets, providing practical case support for the Hong Kong Monetary Authority's wCBDC infrastructure. In 2020, Libeara partnered with UnionBank of the Philippines to complete the Philippines' first tokenized retail bond project, issuing a total value of 9 billion Philippine pesos (approximately $187 million) of retail bonds on the public chain. Libeara also jointly launched the green finance project Project Genesis in collaboration with the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) Innovation Hub, aiming to explore the application of blockchain technology in the tokenization of green bonds to improve issuance efficiency, lower investment thresholds, and enhance the transparency of green investments. As a technology provider, Libeara is the first tokenization experimental project, laying the foundation for the current system architecture.
The core team has rich financial experience and is committed to creating the RWA 'super safe car'.
Libeara, this name is derived from the combination of 'Liberty' (the first retail national bond in the U.S., 'Freedom Bond') and 'Aerarium' (the ancient Roman treasury). As a financial technology company created by SC Ventures, an innovation incubation platform under Standard Chartered Bank, Libeara was established in January 2023 and is headquartered in Singapore, dedicated to using blockchain technology to promote the tokenization of government bonds and funds, breaking the friction and barriers of traditional capital markets and opening up investment channels that were previously hard to access.
Libeara's core team brings together top experts from traditional finance, blockchain technology, and regulatory compliance fields. Founder and CEO Aaron Y. Gwak has over 20 years of rich capital market experience, having designed and executed bond financing plans totaling over $180 billion for sovereign nations, corporations, and financial institutions. He has deep insights into the inefficiencies and pain points of traditional financial markets, particularly in areas such as multiple intermediaries, high investment thresholds, and limited liquidity. This experience serves as the cornerstone for Libeara's establishment, enabling it to find a balance between technological innovation and financial security, providing the market with solutions that combine efficiency and credibility.
Aaron stated in a public interview, 'The two asset classes of tokenized funds and bonds involve too many intermediary links, resulting in high investment thresholds and difficulty in entry. Tokenization not only simplifies these inefficient links but also redefines the interaction between investors and assets. Through blockchain technology, Libeara enhances the transferability of these investments, allowing assets to flow peer-to-peer among investors, significantly increasing flexibility. This also gives rise to more new use cases, such as enhancing liquidity and expanding the scope of investor participation.'
He emphasized that not all tokenized projects are equally safe. Many past projects only placed asset numbers on the chain without considering basic investor protection measures, introducing unnecessary risks. Libeara aims to create a 'super safe car' that can drive safely on the digital highway of modern finance.
Libeara serves a new type of investor: those who hold crypto wealth but wish to participate in traditional capital market investments. Aaron points out that the widespread application of blockchain in traditional finance faces cognitive barriers, with many still equating blockchain with volatile cryptocurrencies and unregulated markets, rather than stable, regulated assets like government bonds. Changing this perception requires not only advanced technology but also a strong compliance framework to demonstrate that blockchain can support serious, regulated financial products.
He foresees that the right to allocate wealth will shift from large financial institutions to individuals. Tokenization will play a key role, preserving the stability and structure of traditional finance while meeting contemporary investors' demands for flexibility and autonomy.
