Tokenization Goes Mainstream: Inside PH’s $60B Blockchain Play

For years, blockchain technology has battled perceptions of being speculative, abstract, and disconnected from everyday life. However, at a recent conference in Manila unveiling Project Bayani, a new narrative began to emerge—one that showcases blockchain as a practical financial tool already utilized by millions of Filipinos.

Mobile Wallets Driving Blockchain Adoption

In the Philippines, mobile wallets such as GCash, Maya, PDAX, and Coins.ph have revolutionized financial transactions. These platforms are not just handy tools for payments and remittances; they are also the gateways for blockchain adoption. Through these wallets, millions of users can seamlessly access cryptocurrencies and tokenized assets without needing to navigate complex trading platforms.

The integration of blockchain into widely-used applications makes financial technology more accessible. As Kate Wang of Onigiri Capital by Saison Capital pointed out at the conference, “Distribution matters more than the technology itself. So accessibility is actually the real infrastructure.” This accessibility is critical in a country where mobile wallets are commonplace, allowing users to engage with blockchain effortlessly.

From Payments to Investments

Unlike many markets that see tokenization starting with wealthy investors, the Philippines adopts a grassroots approach. Filipinos are already using mobile wallets for day-to-day transactions, which creates an ideal environment for expanding into tokenized investments.

Mobile wallets have become an integral part of financial life, enabling payments, bills, savings, and even investments in tokenized assets. This shift signifies a fundamental change in how blockchain is perceived—not just as a tech buzzword but as a practical tool for financial inclusion.

Tokenization as a Tool for Inclusion

One of the striking revelations from the Project Bayani report is the paradox it highlights: while around 14% of Filipinos own cryptocurrencies, fewer than 5% participate in traditional investment products like stocks or bonds. Instead of viewing this disparity as a red flag, the report frames it as an opportunity.

Tokenization allows traditional assets—government bonds, equities, mutual funds—to be broken down into smaller, affordable units. This fractionation lowers the barrier to entry for first-time investors, with tokenized government bonds available for as little as ₱500 ($8). This creates new pathways to financial participation for many Filipinos, particularly those who have never engaged with traditional investment avenues.

Real Use Cases, Already Live

The operational success of blockchain in the Philippines is not merely theoretical. Numerous impactful use cases are entirely functional. Kenneth Chua, Chief Business Development Officer at PDAX, noted, “There is a blockchain-enabled wallet on every smartphone in the Philippines through GCash, PDAX, Maya, and Coins.ph. This serves as a financial infrastructure that is now in the hands of every Filipino.”

Several real-world applications have emerged from this infrastructure:

1. Tokenized Government Bonds: Issued with the Bureau of the Treasury, these bonds now account for nearly half of all bondholders in the country.

2. Stablecoins for Remittances: The use of stablecoins facilitates faster and cheaper cross-border transfers, a vital service in a country that relies heavily on overseas workers.

3. Digital Distribution of Regulated Assets: Bonds, funds, and potentially equities can be accessed via the same applications that users depend on for daily transactions.

For instance, a PayPal user in the U.S. can convert dollars into a stablecoin, transfer it to a relative’s wallet in the Philippines, and convert it to pesos without ever utilizing traditional banking systems.

Wallets as the New Investment On-Ramp

A recurring theme from the conference is that tokenization isn’t about creating entirely new asset classes; it’s about repackaging existing, regulated assets to align with modern user behaviors. Project Bayani predicts that four asset classes—government bonds, public equities, mutual funds, and various real-world assets—will drive a potential $60 billion market by the decade’s end.

The key to this anticipated growth lies in familiarity. Filipinos already trust mobile wallets for storing value and managing daily finances, making it easier to integrate tokenized investments into their existing routines.

A Blueprint Beyond the Philippines

While Project Bayani focuses on the Filipino market, its insights and methodologies may serve as a framework for other emerging economies facing similar challenges in investment access. The project’s emphasis on leveraging existing distribution channels, prioritizing inclusion, and collaborating with regulators creates a compelling model.

Blockchain’s promise of removing friction is being realized in the Philippines—not through radical changes, but through lower minimum investments, broader accessibility, and genuine engagement from ordinary citizens. As the initiative continues to evolve, its findings could redefine how blockchain technology integrates into everyday financial practices, potentially influencing global standards for financial inclusion.

By focusing on practical applications rather than speculative trends, Project Bayani illustrates that the true future of blockchain is already taking shape—transforming wallets into tools for wealth-building and financial empowerment.

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