Yoyee Wang, who recently took the helm of Bybit’s Business-to-Business Unit (BBU), argues that the 2025 U.S. regulatory pivot—including the rescission of SAB 121 allowing banks to custody digital assets—is merely the first step. The former Royal Bank of Canada veteran insists that for institutional capital to truly scale, the industry must bridge a critical 'execution gap' by adopting traditional finance (TradFi) standards on counterparty risk, credit assessment, and central clearing.
Three Pillars to Close the Execution Gap
Wang identifies an 'execution tax' caused by fragmented liquidity across crypto exchanges. To capture the next trillion dollars of institutional flow, she outlines three pillars: governance transparency, treasury compatibility, and central clearing structures. Bybit’s BBU is already implementing off-exchange custody and tri-party settlement—assets held at regulated third-party banks while live trading credit exists on Bybit, eliminating exchange risk. “We are building a system where the boundaries between digital and traditional assets are removed by design—blockchain as infrastructure, not just an asset class,” Wang explains.
Netted Clearing Becomes a Must
Major exchanges currently cannot recognize positions on competing platforms, preventing long-short offsetting and limiting position sizes. Wang warns that as top exchanges list tokenized stocks, commodities, and forex, the lack of central clearing becomes a bottleneck. Cross-market netted clearing, she argues, is the catalyst needed to win the next wave of institutional inflows.
Tokenized RWAs as Standard Collateral by 2030
On real-world assets (RWAs), Wang is candid: “Tokenizing an asset is simple; operating it and delivering value is hard.” Many TradFi players rush in without asking whether a tokenized version actually attracts existing buyers or creates a new buyer base. Still, she predicts that by 2030, tokenized RWAs—enhanced by AI, trading bots, and autonomous agents—will become standard collateral tools for institutions, prized for yield and margin efficiency.
This “human-institutional structure” augmented by AI is pushing exchanges to match TradFi operational rigor, a prerequisite for the trillion-dollar future.