Research Library
The literature we operate from.
The firm's standing positions are anchored in published research. The library below collects the papers cited across the firm's blog, internal research, and engagement architecture, organized by practice area.
Citations are sourced and structured through the firm's research toolchain (BGPT paper-search MCP and equivalents). External links open in a new tab.
Adoption Studies
Where on-chain capital actually sits.
The category has reached institutional scale. The numbers below are sourced from public industry reports and on-chain analytics, with every figure linked to its primary source.
Headline metrics for global crypto adoption sit on the left. RWA-specific institutional exposure sits on the right. The takeaway is the same on either side: this is no longer a frontier category.
Institutional RWA Detail
Real-world assets, on-chain.
Tokenized real-world assets crossed an order-of-magnitude in 2025. The growth is concentrated in short-duration Treasuries and structured credit, exactly where institutional balance sheets are most active.
- +539%Tokenized Treasuries growth
Year-over-year growth in tokenized US Treasury exposure on-chain, the fastest-growing institutional RWA category.
2025The Defiant · RWAs in 2025 - $2.9BBlackRock BUIDL AUM
BlackRock USD Institutional Digital Liquidity Fund. Holds over 40% of the tokenized Treasury market and is now accepted as collateral on major trading venues.
Mid-2025RWA.xyz · BUIDL Asset Page - 100+Active institutional issuers
Public RWA issuers tracked across credit, real estate, and structured products. Includes BlackRock, Franklin Templeton, Ondo Finance, Apollo, and Fidelity.
2025Coin360 · RWA Issuer Index - $10TModeled tokenization opportunity
Independent industry estimate of the addressable tokenization market across rates, credit, real estate, equity, and private markets through 2030.
2024–2030Propeller Industries · RWA Tokenization Brief
Selected Studies
RWAs were Wall Street's gateway to crypto in 2025.
Tokenized Treasuries accepted as collateral on regulated trading venues marked the first time institutional balance sheets used on-chain assets in mainstream margin operations.
The Defiant · RWAs Became Wall Street's Gateway to Crypto in 2025$10T is the upper-bound estimate for tokenized capital markets.
Independent analysis estimates the addressable market across rates, credit, real estate, equity, and private markets reaches $10T by 2030 under a base-case adoption curve.
Propeller Industries · RWA Tokenization: The $10 Trillion BridgeMiCA reshaped the European institutional curve.
Markets in Crypto Assets (MiCA) regulation took effect December 2024 and removed the principal regulatory ambiguity for European allocators considering tokenized RWA exposure.
Coin360 · RWA Tokenization 2025
Sources are linked inline. Figures change continuously; refresh cadence is quarterly. Adoption metrics are not predictions of future performance.
Capital Markets
3 papers- Capital Markets · 2025
Exploration on Real World Assets (RWAs) and Tokenization
Surveys RWA protocols across credit, treasuries, and structured products; quantifies $23B+ deployed across 15+ chains by mid-2025.
arXiv:2503.01111·arXiv preprint - Capital Markets · 2025
Scalable and secure real-world asset tokenization using Ethereum staking and layer-2 solutions
Architectural blueprint for institutional-grade RWA issuance using staking-based settlement and L2 throughput.
Various·Peer-to-Peer Networking and Applications (Springer) - Capital Markets · 2024
Tokenization of everything? Exploring the limits of blockchain technologies in the governance of financial markets and assets
Identifies governance and legal-enforceability boundaries to indiscriminate tokenization; argues structured-credit and Treasuries are the durable applications.
Various·Finance and Society (Cambridge University Press)
Intellectual Property
3 papers- Intellectual Property · 2024
Methods for Intellectual Property Valuation
Reviews income, market, and cost approaches; emphasises convergence across approaches as a defensibility check.
Various·Handbook of Intellectual Property Research (Oxford Academic) - Intellectual Property · 2014
Valuation of Intellectual Property: A Review of Approaches and Methods
Systematic taxonomy of IP valuation methods with industry mapping (pharma, semiconductors, software).
Various·Research review (peer-reviewed) - Intellectual Property · 2024
Patent research in academic literature. Landscape and trends with a focus on patent analytics
Maps the patent-analytics field; identifies AI/ML-driven landscape mapping as the methodological frontier.
Various·Frontiers in Research Metrics and Analytics
Markets
3 papers- Markets · 2024
Cross-Asset Market Regime Detection Using Hidden Markov Models
Five-state cross-asset HMM over SPY, VIX, TLT, GLD, and HY credit spreads achieves out-of-sample Sharpe of 1.107 with quarterly retraining.
S. Polavarapu·SSRN Working Paper 6539358 - Markets · 2024
Robust Rolling Regime Detection (R2-RD): A Data-Driven Perspective of Financial Markets
Argues for temporally stable regime classification as a tractable alternative to non-stationary, high-dimensional forecasting.
A. Hirsa, S. Xu, S. Malhotra·SSRN Working Paper 4729435 - Markets · 2024
Simplicity versus Complexity: A Comparative Analysis of HMM and HSMM for Regime-Based Asset Allocation
Compares HMM and HSMM regime models; finds simpler HMM specifications often dominate in out-of-sample asset allocation.
E. Baitinger, L. Hoch·SSRN Working Paper 4796238