GSR CEO Xin Song states that while tokenizing the 300 trillion USD securities market is technically simple, the industry faces a significant lack of buyer demand. Current estimates place the total value of tokenized real-world assets between 39 billion USD and 60 billion USD, yet many of these assets record zero weekly trades.
The market for tokenized private credit remains uncertain, with 2026 estimates ranging from 4 billion USD to 18.9 billion USD. In contrast, tokenized equities showed more activity, reaching a market value of 4.87 billion USD to 5.89 billion USD as of September 2026.
GSR is investing over 100 million USD into onchain finance products to address these challenges. The firm launched Hare, a vault business focusing on stablecoins and tokenized gold like PAXG and PAXGy, to test if yield-generating products can stimulate market demand.
To build an end-to-end service stack, GSR has invested in Libeara and acquired companies including Autonomous and Architech. These efforts aim to enhance the firm's advisory, issuance, and liquidity services for tokenized assets.
