Insights from Vertalo CEO Dave Hendricks on the Future of Stablecoins and Tokenization

As stablecoins capture significant regulatory attention and tokenization approaches a more established presence in the institutional landscape, essential work is quietly underway to bring traditional assets onto blockchain platforms. Dave Hendricks, the founder and CEO of Vertalo, has been at the forefront of creating the necessary infrastructure for years. With a background as a serial entrepreneur and past experiences at notable companies like LiveIntent and Oracle, Hendricks is committed to advancing the modernization of transfer agency and the tokenization of real-world assets on a large scale.

Key Takeaways:

Stablecoins are critical players in the crypto market, especially following regulatory changes.
Real-world assets (RWAs) are evolving but still represent a small segment of the market.
Vertalo distinguishes itself by focusing solely on software solutions without competing as a broker-dealer.
Emerging trends in 2026 include a growing interest in tokenizing private equity.
The cryptocurrency sector occasionally diverges from its core mission during cycles of hype.

Dave Hendricks, CEO of Vertalo

In this interview, he provides valuable insights into the evolving landscape of crypto policy, discusses the growth of stablecoins, and outlines what is needed for tokenized securities and private assets to progress further.

What Is the Current State of RWAs and Stablecoins?

Question: Since our last conversation in 2023, there have been significant developments in the space of stablecoins and real-world assets (RWAs). PayPal launched a stablecoin, and Visa has introduced a stablecoin advisory. How do you assess the progress we've made regarding RWAs, tokenized securities, and stablecoins?

Hendricks: We've seen considerable progress since early 2023. Three years ago, discussions surrounding stablecoins largely focused on their usage within decentralized finance (DeFi) for borrowing and lending. However, today, stablecoins have emerged as a pivotal issue in cryptocurrency, particularly following the Genius Act, which restricts banks from offering interest on stablecoin holdings.

While RWAs have developed significantly, they currently represent only a small portion of the available market. There’s active engagement in specific sectors, which I categorize as Institutional (such as Treasuries and private permissioned REPOs) and Marginal (layer-1 (L1) blockchains issuing tokens without underlying collateral).

The Institutional segment leads the way but remains mostly federated and private, restricting access for most potential investors, including registered investment advisors (RIAs) and individual clients. On the other hand, the Marginal RWA area is more accessible to those familiar with cryptocurrency wallets, yet these options may not provide security or reliable returns for those looking to safeguard their investments.

While tokenized equities are anticipated to become a larger topic in 2026—thanks in part to SEC regulations and the upcoming Clarity Act—stablecoins have taken center stage in 2025. They offer the most straightforward entry point for large institutions, including banks, into the crypto market amid the challenges posed by the Genius Act. Banks primarily concerned with deposits and payment processing may find it puzzling to be effectively barred from creating yield-bearing stablecoins, contradicting earlier expectations that the Genius Act favored banks.

How Has Vertalo Adapted Over the Past Year?

Question: Vertalo holds a store of Ethereum (ETH) for covering fees related to the establishment of tokenized share ledgers on the Ethereum network. What changes have you experienced at the firm in the past year?

Hendricks: Being one of the few software-focused companies dedicated to digital transfer agencies and integrated tokenization, Vertalo has adopted a unique market strategy compared to many other tokenization firms. We are not broker-dealers and do not generate investment products on our behalf—only for our clients. Consequently, we have seen a substantial increase in demand from clients who prefer to partner with a firm that won't compete against them. Clients approach us with specific challenges that third-party platforms and consulting firms cannot address. By collaborating with Vertalo, clients can trust that we are a software-focused entity, ensuring that our fees do not diminish their profits through transaction-based cuts.

We have maintained this focus on Enterprise Software since mid-2022, and it has served us well.

Emerging Trends to Watch in 2026

Question: As we look ahead to 2026, what trends do you find particularly intriguing?

Hendricks: One of the most exciting trends currently is the renewed enthusiasm for tokenizing and repackaging private equity. Our firm specializes in converting illiquid investments into tradable, transferable, and fractional assets, and it’s gratifying to see the market beginning to recognize the potential we identified almost a decade ago. Distributed Ledger Technology (DLT) represents a transformative improvement in asset and wealth management, particularly regarding the distribution of these innovative financial instruments.

Reflecting on Recent Crypto Developments

Question: Recent announcements from the White House concerning the cryptocurrency sector, including the idea of a federal Bitcoin reserve, an end to SEC regulation of crypto, and digital assets in 401(k)s, seem disconnected from the core objectives of Bitcoin and other blockchain networks. Do you think the sector has lost its direction?

Hendricks: Every few years, the cryptocurrency industry appears to lose its focus, getting caught up in new trends or developments. People often abandon their tasks to chase the latest hype, leading to a mixed bag of outcomes where some experience losses and express dissatisfaction with changes in the industry's landscape. This cycle is nothing new. The administration is making strides to normalize essential activities, and as is the case, questionable players will continue to rise and fall.