Dune CEO Backs Stablecoins to Dominate RWA Onchain Growth

Dune co-founder and CEO Fredrik Haga said stablecoins will remain the primary driver of blockchain adoption. He argued they have already achieved a scale that puts them well ahead of tokenized real-world assets.

Speaking at ETHCC 2026 in Cannes, Haga said stablecoin usage in payments, treasury management and business-to-business transactions has made the sector the most significant part of the onchain economy.

Stablecoins lead adoption

Haga described stablecoins as the clearest and most scalable application of blockchain technology. Activity has expanded rapidly as businesses adopt them for cross-border transactions, liquidity management and settlement.

“That train has really left the station,” Haga said. “The numbers are simply much bigger, and this will continue to be the largest segment of the market.”

He added that while tokenized real-world assets are gaining attention, their growth is still developing compared with the scale already achieved by stablecoins.

Regulation and tokenization

Haga said recent regulatory clarity in the US is enabling a wider range of assets to move onchain. He pointed to new frameworks governing stablecoins and joint efforts to define digital commodities.

“These developments are a game changer,” Haga said. “There is now a clearer, regulated path to bring more assets onto the blockchain.”

He warned that over-regulating what happens onchain risks breaking the programmability and composability that make these systems useful.

Transparency as edge

Haga said blockchain-based financial systems offer advantages in monitoring risk and exposure, particularly in lending markets where collateral values can be volatile. He said that while risks associated with using liquid or illiquid assets as collateral remain consistent with traditional finance, blockchain infrastructure provides greater visibility into positions and market dynamics.

“These are standard financial questions,” he said. “But onchain systems allow you to monitor exposure more closely and see how capital flows in real time.”

Haga said the combination of regulatory clarity, expanding asset types and increased transparency is likely to support continued growth in onchain finance, with stablecoins remaining at the centre of that expansion.