Project Bayani White Paper Projects Equities And Bonds Leading Tokenization Boom
The Philippines stands poised to unlock a $60 billion tokenized asset market by 2030, equivalent to roughly P3.5 trillion, according to the “Project Bayani: The Philippines’ Asset Tokenization Opportunity” white paper jointly released by the Philippine Digital Asset Exchange (PDAX), Saison Capital, and Onigiri Capital. This conservative baseline — representing about 5% of total deposits and securities value — will be driven primarily by public equities at $26 billion, government bonds at $24 billion, mutual funds at $6 billion, and other assets at $4 billion, fueled by the country’s high cryptocurrency adoption and existing blockchain wallet infrastructure.
With 14% of Filipinos holding cryptocurrencies — far surpassing stock ownership at 2.4%, bonds under 1%, and mutual funds below 5% — the archipelago benefits from a “tokenized-first” advantage. Nearly half the population was unbanked as recently as August 2025, yet platforms like GCash, PDAX, Maya, and Coins.ph already serve millions with blockchain-enabled wallets, enabling seamless entry into regulated investments starting at P500 (~$8.50). PDAX founder and CEO Nichel Gaba emphasized: “We aren’t beginning from ground zero. The necessary infrastructure to provide tokenized assets to millions of Filipinos is already at their fingertips.”
This positions the Philippines ahead of regional peers, where crypto familiarity outpaces traditional assets, paving the way for rapid scaling via public-private collaborations. The report highlights how digital wallets function as ready distribution channels, bypassing legacy systems and accelerating financial inclusion amid BSP’s progressive digital asset frameworks and SEC regulations.
Early momentum comes from tokenized government bonds, where PDAX and GCash collaborations with the Bureau of the Treasury have slashed minimums to P500, doubling bondholder accounts post-GBonds launch. Nearly half of new government bond accounts now hold tokenized versions, demonstrating demand for accessible digital products. National Treasurer Sharon Almanza hailed the partnership: “This collaboration has brought government bonds straight to the hands of millions of Filipinos, signifying a substantial step in democratizing access to financial instruments.”
Project Bayani anticipates tokenized equities dominating due to liquidity and familiarity via apps, while bonds provide stability amid 15 million projected crypto users by year-end. Mutual funds and alternatives follow, with consumer platforms enabling one-tap diversification without brokerage hurdles.
Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) frameworks underpin growth, with tokenized RWAs eyed as a $400 trillion global opportunity per Animoca Brands research — $16 trillion by 2030 per SkynetWA. Philippines’ 14% crypto penetration mirrors global trends where tokenized U.S. Treasuries hit $2.2 trillion this year, but local scale amplifies impact in an emerging economy.
The white paper serves as a baseline, with upside tied to first-time participation via wallets. Gaba noted tokenized assets link blockchain infrastructure to regulated products, fostering a “tokenized-first” capital market transformation.
This $60 billion projection could redefine Philippine capital markets, empowering unbanked masses and channeling remittances (10% of GDP) into productive assets. Equities tokenization taps retail enthusiasm, bonds fund infrastructure, and funds enable passive growth, aligning with 6-7% GDP targets.
Challenges include interoperability, custody standards, and education, but pilots validate viability. PDAX eyes expansions: deeper wallet integrations, fractional real estate, and DeFi yields on bonds. As Almanza affirmed, such innovations enhance inclusion, positioning the archipelago as Southeast Asia’s tokenization leader.
