Stablecoins and tokenized real-world assets currently display some of crypto's strongest on-chain fundamentals, Will Wu, Head of APAC at Bitget Wallet, said during a panel at Coinfest Asia 2026, the annual crypto and Web3 conference held in Bali, Indonesia.

Speaking on the panel "How Money Actually Moves Between Narratives," Wu observed: "The loudest narrative on social media isn't always where the most persistent capital is going." He was joined in the discussion by executives from WalletConnect, Nansen and Tokenomist.

Figures cited during the session put stablecoin market capitalization at approximately $300 billion, up roughly 14% from a year earlier. According to RWA.xyz, the distributed asset value of tokenized real-world assets has surpassed $38 billion, an increase of nearly 80% from just over $21 billion at the start of the year.

The two categories have also become two of the clearest points of overlap between crypto and traditional finance. The U.S. GENIUS Act, signed into law in July 2025, established the country's first federal regulatory framework for payment stablecoins, and major asset managers including BlackRock and Franklin Templeton have launched tokenized funds. On trackers such as RWA.xyz, tokenized Treasury products and money-market funds rank among the largest categories of tokenized assets.

Wu also pushed back on the suggestion that crypto narrative rotations are necessarily coordinated by a small group of wallets, arguing that similar patterns in on-chain activity more often reflect structural differences in market access.

"Sophisticated funds have better tools, faster execution and deeper liquidity, so they can move before a narrative becomes obvious to the wider market," Wu said. "That is an information and execution advantage, but it is not automatically evidence of coordination."

When judging whether a rotation has staying power, Wu said he looks for flows, liquidity and user activity that continue after incentives end. "Attention is cheap to manufacture but persistent capital is expensive to fake," he added. That test is a recurring one across crypto, where token incentives and points campaigns remain a common growth tactic for protocols and apps.

The wallet layer, Wu said, is becoming more consequential as capital flows increasingly move on-chain. In his view, the role of a wallet is not to predict the next narrative, but to help users understand the fundamentals beneath it and act on them directly. That positioning reflects a broader shift across the sector, where wallet providers have expanded from basic key storage into trading, payments and asset management.

Bitget Wallet has been expanding its product infrastructure in this direction, positioning itself as an all-in-one wallet built around onchain finance that consolidates trading, payments and asset management into a single self-custodial interface.

The company's product coverage spans both stablecoins and tokenized real-world assets. The Onchain Payments Matrix, its global stablecoin payment infrastructure, connects card and QR payments, on-ramps and off-ramps, and bank transfers across more than 100 markets. The wallet also covers more than 450 tokenized assets, making it among the most comprehensive self-custodial platforms for tokenized asset access available to retail users.

Assetback, its card rewards program, bridges both areas: users earn tokenized real-world assets on everyday card spending, combining stablecoin payment rails with onchain asset accumulation in a single product.