Insights from Vertalo CEO Dave Hendricks on Stablecoins, RWAs, and Crypto Trends

As stablecoins attract significant regulatory attention and the tokenization of assets moves closer to mainstream adoption, important developments are quietly occurring in the background. Dave Hendricks, the founder and CEO of Vertalo, has played a crucial role in constructing the necessary infrastructure for this transition over the years. A serial entrepreneur with successful ventures like LiveIntent and CheetahMail, as well as experience at Oracle and Arthur Andersen, Hendricks is spearheading Vertalo's mission to modernize the transfer agency and tokenization of real-world assets at a large scale. In this Q&A, he clarifies the current state of crypto policy, highlights the rise of stablecoins as key players in 2025, and discusses what it will take for tokenized securities and private assets to progress to their next stage.

Key Takeaways

Stablecoins have evolved significantly since early 2023 and now face complex regulatory challenges.
Real-World Assets (RWAs) are gaining traction, but accessibility for average investors remains limited.
Vertalo differentiates itself by focusing exclusively on digital transfer agency and tokenization without trading against clients.
The trend towards tokenizing private equity is gaining momentum, indicating a shift in market demand.
The crypto industry experiences recurring cycles of excitement and turmoil as new developments emerge.

Vertalo CEO Dave Hendricks on stablecoins, RWAs, and how the crypto industry 'loses its collective mind' - 1

Progress in the Crypto Landscape

Question: When we first spoke in 2023, you shared your perspective on PayPal’s new stablecoin launched on the Ethereum blockchain. Fast-forward to now, and Visa has announced a stablecoin advisory. How would you assess the advancements we’ve witnessed regarding RWAs, tokenized securities, and stablecoins?

Hendricks: We have definitely made significant progress since early 2023. Three years ago, discussions around stablecoins were largely based on previous cycles related to DeFi lending and borrowing protocols. Fast forward to late 2025, and stablecoins have become a central issue in crypto, especially influenced by the Genius Act which restricts banks from offering interest on them.

RWAs have also made strides, but they still represent only a small portion of available markets, with notable activities in the institutional and marginal sectors. The institutional segment includes Treasuries and private permissioned REPOs, which are mostly available only to a limited audience. Meanwhile, the marginal RWAs are more accessible, provided you know how to use a digital wallet; however, I wouldn’t recommend these for anyone aiming to protect their principal or achieve steady returns.

Looking ahead to 2026, tokenized equities may take the spotlight (especially with the SEC's Clarity Act on the horizon), but stablecoins are critical in 2025, enabling large institutions, both banks and non-banks, to enter the market easily due to the conditions set by Genius. While it’s understandable that banks are interested in stablecoins for deposits and payments, it’s ironic that they find themselves unable to issue yield-bearing stablecoins despite the initial perception that the Genius Act would benefit them.

Vertalo's Approach and Developments

Question: Vertalo holds a reserve of ETH for covering fees associated with creating tokenized share ledgers on Ethereum. What changes have occurred for the firm over the past year?

Hendricks: As one of the few truly software-focused companies dedicated to digital transfer agency and integrated tokenization, Vertalo has adopted a unique market approach compared to most tokenization firms. Since we are not a broker-dealer and do not create investment instruments on our behalf — only for our clients — we have witnessed a significant increase in interest from clients who prefer not to collaborate with firms that might trade against them. Our clients come to us with specific challenges that third-party platforms and consulting firms can’t effectively address. When our clients work with us, they can trust that, as a software company, we are not impacting their fees by charging a basis point on each transaction. We have maintained this focus since we began emphasizing Enterprise Software back in mid-2022.

Emerging Trends and Observations

Question: What current trends are you particularly excited about as we approach 2026?

Hendricks: The trend that piques my interest the most is the renewed enthusiasm for tokenizing and packaging private equity. At Vertalo, our focus on converting illiquid investments into tradable, transferable, and fractional instruments has gained momentum. The market is finally recognizing what we identified nearly ten years ago: that Distributed Ledger Technology significantly improves asset and wealth management, particularly in the transfer and distribution of these innovative financial products.

Navigating Regulatory Challenges

Question: Several of this year’s announcements from the White House, including discussions of a federal Bitcoin reserve that went nowhere, an end to SEC oversight of crypto, and integrating digital assets into 401(k)s, seem disconnected from the core values of Bitcoin and blockchain networks. Has the industry lost its way?

Hendricks: Every few years, the crypto industry seems to lose its focus, responding reactively to new developments. People abandon their current pursuits, create a ruckus over the latest trends, and some get burned in the process, often expressing dissatisfaction that things have changed since they began their journey. This cycle repeats itself. However, the current administration is working to normalize standard practices, and while shady players will always arise and disappear, this is not a new phenomenon.