Yoyee Wang, newly appointed head of Bybit's Business-to-Business Unit (BBU), has asserted that the U.S. regulatory pivot in 2025 is only the beginning. While the rescission of SAB 121 cleared banks to custody digital assets, Wang emphasizes that institutions require more than legal clarity—they need operational frameworks mirroring traditional finance (TradFi).
Closing the Operational Execution Gap
Wang, a former Royal Bank of Canada veteran, points to standardized onboarding, credit assessment, and counterparty risk controls as prerequisites, not optional features, for the world’s largest asset managers. She identifies three critical pillars for the next phase: governance transparency, treasury compatibility, and central clearing structures. Under her leadership, Bybit’s BBU is promoting off-exchange custody and tri-party settlement models, allowing institutions to hold assets with regulated third-party banks while maintaining live trading credit on Bybit—effectively eliminating the exchange risk that historically deterred large-scale participation.
“We are building a system where the boundaries between digital and traditional assets are removed by design,” Wang explained. “This is ‘The New Financial Platform’—a global, always-on ecosystem that treats blockchain as infrastructure rather than just an asset class.”
The Need for Netted Clearing and Cross-Market Integration
Wang criticized the current fragmentation in crypto liquidity: major exchanges cannot recognize a user’s positions on competing platforms, so long exposure in one venue cannot offset short exposure in another. This stress management concern prevents institutions from taking larger positions, especially during on-chain congestion. As top exchanges begin listing tokenized stocks, commodities, and forex, the necessity for central clearing becomes urgent.
She argues that establishing central clearing across both crypto and TradFi will be the catalyst enabling the industry to win the next trillion dollars in institutional flows. “The holy grail of digital asset integration is not just regulatory approval, but the ability to manage capital as efficiently as on Wall Street,” she noted.
Tokenized RWAs: Promise and Pitfalls
Regarding real-world assets (RWAs), Wang outlined immense potential for capital efficiency through better collateral utility, faster settlement, and access to previously inaccessible markets. However, she cautioned that “an obsession with technology often overlooks the fundamental need for buyers and liquidity.” She warned that while tokenizing an asset is simple, operating it and delivering actual value is significantly harder. Many TradFi veterans fail to ask whether a tokenized version is actually more attractive to existing buyers—or if a new buyer base even exists.
Looking toward 2030, Wang envisions a radically different landscape where “human-institutional structure” is augmented by AI, trading bots, and autonomous robots. In this future, tokenized RWAs will become a standard part of institutional collateral toolkits, utilized primarily for their superior yield and margin efficiency. “We are optimistic that by 2030, tokenized RWAs as standard collateral will become the norm, driven by superabundant liquidity and extreme capital efficiency,” Wang concluded.