Flow Traders has expanded into tokenized assets through its around-the-clock OTC trading platform, providing two-way liquidity for products such as Franklin Templeton's BENJI fund and Tether Gold. This move aims to meet the needs of institutional users for round-the-clock trading and hedging using fiat currency or stablecoins. Chief Executive Officer Thomas Spitz stated that tokenization represents a potentially significant transformation in market structure, with access limited to licensed counterparties that meet KYC requirements. Previously, Wintermute and GSR have also expanded into the thriving real-world assets (RWA) market. Michael Lie of Flow Traders anticipates that growth in the RWA market across different asset classes will be "gradual and uneven."