Bybit CEO Ben Zhou Highlights RWA and Stablecoin Integration, Bybit Launches Institutional Services

Executive Summary

Bybit CEO Ben Zhou articulated a strategic vision at TOKEN2049, emphasizing the foundational role of Real World Assets (RWA) and stablecoins in reshaping the global financial system. This vision is supported by significant market expansion, with the RWA sector growing over 400% in three years, anticipated to reach $30 billion by 2025. Concurrently, the stablecoin market cap has exceeded $300 billion, facilitating a 1000% increase in cross-border payments. Bybit is actively positioning itself within this evolving landscape through the introduction of new B2B institutional services.

The Event in Detail

At TOKEN2049, Bybit Co-founder and CEO Ben Zhou underscored the maturation of RWAs and stablecoins from speculative assets to critical financial infrastructure. The RWA market has demonstrated substantial growth, increasing from $5 billion in 2022 to over $30 billion as of 2025. This expansion is predominantly driven by institutional engagement in private credit and tokenized U.S. Treasuries, which command $14.7 billion and $7.3 billion respectively. Firms such as BlackRock, JPMorgan, and Franklin Templeton are actively involved in this sector.

Stablecoins have also emerged as essential payment tools. With a market capitalization exceeding $300 billion as of September 2025, and cross-border usage increasing by 1000% within a year, they are integral to on-chain commerce and institutional settlements. Payment giants including Mastercard, Visa, PayPal, and Stripe are integrating stablecoin rails into their global infrastructures, signaling a fundamental shift in value transfer across borders.

Bybit's strategic response includes the launch of a new B2B institutional services department. This unit is designed to onboard institutions and enterprises into the crypto economy. Key initiatives include accepting DFSA-approved tokenized money market funds (QCDT) as collateral, a first for an exchange, in partnership with QNB Group, DMZ Finance, and Standard Chartered. Bybit has also established a revenue-sharing alliance with Circle to enhance USDC adoption and liquidity, and introduced gold tokenization on the TON blockchain along with new treasury bill products under Bybit Earn.

Market Implications

Bybit's strategic initiatives reflect a broader market trend towards the integration of blockchain technology with traditional finance. The move to accept tokenized money market funds as collateral and offer tokenized gold and treasury products provides institutional investors with new avenues for yield generation and capital efficiency. Bybit's B2B Unit (BBU) aims to optimize capital efficiency by allowing institutions to leverage existing portfolios without liquidation, potentially reducing capital lock-up by up to 40%. This facilitates a bidirectional flow of capital between Web3 clients and traditional finance, enabling access to yields from real estate, infrastructure, and corporate debt.

This development contributes to the mainstream acceptance and utility of RWA and stablecoins, potentially accelerating institutional adoption and capital inflow. The emphasis on real-world applications over speculation suggests a maturing crypto market focused on tangible financial solutions. The strategic revenue-sharing partnership with Circle for USDC liquidity further solidifies stablecoins' role as critical infrastructure for global financial transactions.

Expert Commentary

Ben Zhou stated, "The future belongs to those who see blockchain not as a replacement for traditional finance, but as a tool to strengthen it." He emphasized blockchain's role in creating a more inclusive, transparent, and resilient financial system. This perspective aligns with Bybit's mission to bridge traditional finance with the blockchain economy.

However, the institutional adoption of public blockchains and stablecoins faces challenges. A report by Citi highlighted privacy concerns as a significant hurdle, noting that while public chains offer transparency, transaction details are visible on-chain, posing a challenge for corporations. Furthermore, the report pointed out that for large-value transactions in capital markets, current scalability and liquidity of stablecoins might be insufficient. Trust in stablecoin issuers, particularly private, non-bank entities, also remains a concern, leading many corporates to prefer banks and regulated financial intermediaries for high-value settlements. Citi suggested that "bank tokens – deposit tokens, tokenised deposits and similar – will be an easier integration" for many corporates compared to stablecoins, despite stablecoins being a "vital addition to the finance toolkit" for digitally native companies and frontier market households.

Broader Context

The expansion of the RWA and stablecoin markets signifies a fundamental transformation in global capital flows and financial infrastructure. Forecasts from McKinsey and Standard Chartered project RWA tokenization could reach between $4 trillion and $30 trillion by 2030. Stablecoins, in particular, are reshaping global payment systems, with their transaction volumes exceeding $3.9 trillion quarterly, more than double Visa's figures. Their practical utility extends to remittances, where they account for up to 30% of transactions in some corridors, offering lower fees (1%-3%) and faster settlement times compared to traditional methods, thereby promoting financial inclusion for unbanked populations.

The adoption of blockchain and stablecoin technologies by nations within BRICS and other regions underscores a move to reduce dependency on dollar-dominated networks and establish more equitable and resilient financial systems. India, for instance, a major recipient of remittances, utilizes stablecoins like USDC and Tether (USDT) through platforms such as WazirX and ZebPay to significantly reduce transaction fees. Bybit's Q3 2025 B2B Unit (BBU) aims to compete in this evolving landscape, leveraging its 7.2% institutional trading market share and focus on custody infrastructure, challenging the dominance of exchanges like Binance, which holds a 39.8% market share. The ability of companies like Bybit to bridge traditional and digital finance is increasingly crucial for their long-term success and the shaping of future global capital markets.