Theo: "We will build a global 'full-stack financial infrastructure' based on real-world asset tokenization" [Coin Interview]

Iggy Ioppe, Theo Chief Investment Officer (CIO) Interview

Expanding beyond real-world asset tokenization to distribution and utilization

Achieving liquidity and price discovery by combining with Puff DEX

Global strategy and regulatory challenges

"Blockchain is a new technology that will replace the existing financial infrastructure that is more than 70 years old. We aim to solve the problem that 7 billion out of the world's 8 billion people do not have proper access to financial services, and open a global market where anyone can easily trade real assets based on real-world asset tokenization (RWA)."

Real-world asset tokenization (RWA) has often remained at the 'issuance' stage, lacking distribution and utility. Theo is attracting attention by building a full-stack structure that combines token issuance, trading infrastructure, price discovery, and liquidity provision based on RWA. It has already linked the money market fund (MMF) token 'THBILL' with perpetual decentralized exchanges (DEXs) such as Hyperliquid, turning RWA into assets that are traded and used like actual financial products.

Iggy Ioppe (photo), Theo's Chief Investment Officer (CIO), emphasized in an interview with Bloomingbit on the 1st that "tokens are meaningless if they remain only issued. They become financial assets only when they are traded and gain liquidity." We asked CIO Ioppe in detail about Theo's vision, including the potential for RWA expansion amid changing interest rate environments, global expansion strategies, and regulatory and security challenges.

Token issuance is only the beginning…advancing to a 'financial asset' through trading and liquidity support

CIO Ioppe described Theo's vision as an "infrastructure structure not limited to token issuance." He said, "RWA that ends with simple issuance is merely a digital certificate," adding, "Only when they are traded and gain liquidity are they truly recognized as financial assets."

Theo is notable because it has implemented this structure. CIO Ioppe explained, "THBILL raised more than $122,000,000 within six weeks of issuance, proving market trust," and added, "It is significant that issued assets can be used like real financial instruments through exchanges and DeFi protocols."

He also said, "We operate both our own market-making system and external liquidity providers simultaneously to maintain an environment where trading is always possible," stressing, "Theo's core value is to let investors experience both price discovery and trading convenience."

Accelerating RWA infrastructure expansion despite changes in the interest rate environment

Despite uncertainty in the global macroeconomic environment, Theo is confident in the long-term growth of RWA. CIO Ioppe analyzed, "The current interest rate outlook falls into three scenarios," adding, "Maintaining the current level has the highest probability at 60%, and the others are scenarios of rate hikes or cuts."

He continued, "If rates are cut, products like THBILL can still provide independent yields, and if rates rise, more capital will flow into government bond–backed tokens," saying, "In any scenario, Theo's structure offers investors a new alternative."

THBILL is a money market fund–based token introduced by Theo that is linked to U.S. government bonds and short-term safe assets to generate stable interest. Since its launch, it has quickly grown in asset size and established itself as a representative product in the RWA market. CIO Ioppe explained, "THBILL is designed not just to issue tokens, but to allow global investors to realize interest income on-chain according to rates."

He forecasted that, in the long term, global financial infrastructure will inevitably be reorganized on blockchain. He said, "The world's financial system still stands on mainframe technologies that are 50–70 years old," adding, "RWA is the key tool to replace this outdated system, and Theo is the company that is realizing it the fastest."

"Korea quickly adopts new technologies…will provide innovation grounded in regulation"

CIO Ioppe cited Korea as an important pillar of Theo's global strategy. He said, "Korea is one of the most tech-friendly markets in the world and quickly adopts new technologies," adding, "Many team members are based in Korea, and we are strengthening local partnerships."

He paid particular attention to the tendencies of Korean investors. "Korea is one of the most active markets globally, and mere entry is not enough for success," he explained, "Providing both safety and innovation within the regulatory framework is key."

Theo plans to tokenize popular global assets such as gold, Nvidia, and Coinbase for Korean investors. He stressed, "Korean investors have a strong tendency to quickly embrace new financial products," and added, "Through clearer regulation and improved accessibility, we will lead blockchain financial innovation in global markets including Korea."