Banks Utilize Dual Blockchain Approaches for RWAs, Says RedStone Founder
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Marcin Kaźmierczak, the co-founder of RedStone, has revealed that banks are increasingly managing real-world assets (RWAs) across two distinct blockchain ecosystems: private networks such as Canton and public ones like Ethereum. This dual approach reflects a significant trend in institutional adoption of blockchain technology.
The division in RWA infrastructure allows banks to maximize liquidity offered by public blockchains while addressing privacy concerns through permissioned networks. As the acceptance of tokenized assets grows among leading asset managers, this separation is becoming more evident.
Kaźmierczak indicated that while product innovations are more likely to emerge on public chains, institutions are leaning towards private systems for processes that necessitate confidentiality. He noted that there are certain institutional operations that must remain private, highlighting the value that Canton brings in ensuring this privacy effectively.
The Canton Network enables financial institutions to tokenize and settle RWAs, maintaining transaction details visible solely to the involved parties. This network has made significant strides, reportedly processing $6 trillion in RWA value in 2025.
Instead of gravitating towards a singular network model, banks and asset managers are building parallel infrastructures. Each caters to different functionalities within the landscape of tokenized finance, according to Kaźmierczak’s observations.
The emergence of tokenization has been pivotal in shaping how institutions engage with blockchain technology, moving beyond just exposure to cryptocurrencies and exchange-traded funds (ETFs). Recent analyses from McKinsey project that the total value of tokenized assets could soar to approximately $2 trillion by 2030, with even more ambitious forecasts suggesting a figure as high as $30.1 trillion by 2034.
Regulatory enhancements in the United States have bolstered this shift, particularly following the GENIUS Act of 2025, which established a comprehensive federal framework for stablecoins, acting as a crucial settlement mechanism for many tokenized assets.
Confidence in the Ethereum blockchain has seen improvement after its transition to proof-of-stake in 2022. Kaźmierczak remarked that this transition alleviated some of the uncertainties institutions had regarding the network.
He observed that while institutional projects related to RWAs began developing in 2023 and 2024, these initiatives unfold within annual budget cycles, leading to a pronounced cluster of announcements in late 2023. This timing was not indicative of immediate project origins, but rather reflects a culmination of earlier efforts.
Currently, the value of RWA tokens utilizing blockchain technology for distribution surpasses $26.4 billion, with Ethereum hosting around $15 billion, retaining the highest liquidity among blockchain networks.
Institutions typically segment their market-facing activities from internal operations. Public blockchains offer advantages like liquidity, composability, and access to decentralized finance (DeFi) strategies, while private networks are favored for settlement and bilateral transactions that require confidentiality.
The structure provided by systems like Canton aligns closely with traditional financial processes, enabling automation with a focus on maintaining privacy in transactions among counterparties. Kaźmierczak emphasized the necessity for these private operations within institutional frameworks.
Major financial institutions have been instrumental in the launch of the Canton Network, with significant partnerships, including Microsoft and Goldman Sachs. This collaborative effort has led to the successful piloting of the US Treasury Collateral Network on Canton.
As the demand for tokenization and confidentiality grows, the Canton Network has emerged as a leading platform, representing over $313 billion in RWAs on the blockchain, further indicating the significant shift towards dual blockchain dynamics in the financial sector.
The debate surrounding privacy methods within institutional blockchain practices continues to evolve. While some projects explore cryptographic solutions like zero-knowledge proofs to enhance confidentiality, others, like Canton, focus on permissioned data sharing to ensure transaction visibility is limited to involved parties.
This divergence underscores the complexities financial firms encounter as they strive to balance the competing needs of privacy, verifiability, and operational control. As public networks facilitate market liquidity and DeFi activities, permissioned systems maintain essential institutional processes, together forming a hybrid landscape for the future of tokenized finance.
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