As stablecoins move further into mainstream financial discussion, attention is starting to turn from simple payments use cases to questions around yield, risk and how digital dollars connect to the wider economy.

For companies working in this area, the challenge is not just putting assets on-chain, but building structures that can link crypto liquidity with real-world credit markets in a way that is credible and sustainable.

In this week’s In Profile, John O’Connor, CEO of RealFi, which builds yield-bearing stablecoin infrastructure backed by real-world credit and fixed income, talks about the role digital assets could play in real-world finance.

Tell us more about your company and its purpose

RealFi is building infrastructure to make stablecoins productive. Today, a large share of stablecoin capital sits idle, functioning as digital cash but not contributing to economic activity. Or worse, any yield is directly correlated to crypto markets and highly volatile.

Our purpose is to bridge that gap by connecting global on-chain liquidity with real-world credit markets. Through USDr, we enable users to access yield derived from instruments like private credit and fixed income, rather than speculative crypto-native sources.

At the same time, we direct capital toward businesses that are underserved by traditional financial systems. The objective is twofold: improve capital efficiency for stablecoin holders and expand access to financing for businesses that need it. We see this as a necessary step in the evolution of digital assets from passive stores of value into active components of the global financial system.

What are some of your recent achievements you’d like to highlight?

Over the past year, our focus has been on building the foundational infrastructure for USDr and validating the model behind productive stablecoins. This includes establishing partnerships across credit origination, risk management and distribution, as well as developing the architecture that allows on-chain capital to be deployed into real-world assets in a controlled and transparent way.

We have also spent significant time refining our approach to risk, ensuring that yield is derived from diversified and cash-flow-generating sources rather than short-term market dynamics. Another key milestone has been preparing for our mainnet launch, which represents the transition from concept to live deployment. Importantly, we have been deliberate in how we scale, prioritising sustainability and credibility over speed, which we believe is essential in rebuilding trust in yield-bearing products.

How did you get into the fintech industry?

My route into fintech was not linear. I started in advertising technology, working in business development and product roles, before moving into blockchain as part of the early Cardano ecosystem. That was a formative experience, as it exposed me to both the potential and the limitations of early-stage financial infrastructure. From there, I moved into roles that focused on applying blockchain in real-world contexts, including leading operations in Africa and working on large-scale deployments like national digital identity systems.

What drew me into fintech more broadly was the opportunity to rethink how financial systems operate at a structural level. Rather than optimising existing processes, fintech allows you to redesign how capital moves, how access is granted and how trust is established. RealFi is a continuation of that trajectory, focused on making digital asset infrastructure usable in practical, economically meaningful ways.

What’s the best thing about working in the fintech industry?

The most compelling aspect of fintech is its ability to reshape fundamental financial primitives. You are not just improving user interfaces or marginal efficiencies, you are rethinking how money, credit and ownership function. That creates an environment where innovation can have a direct and measurable impact on people’s lives. Your economic identity, for example bank account eligibility, can often be determined by geography. DeFi begins to rebalance that.

It also sits at the intersection of multiple disciplines, from technology and economics to regulation and user behaviour, which makes it intellectually demanding. In digital assets, there is an additional opportunity in building systems that are global by default. You can design infrastructure that is accessible across borders and operates with a level of openness that traditional systems struggle to achieve.

For me, that combination of technical challenge and real-world impact is what makes the space compelling.

What frustrates you most about the fintech industry?

A recurring frustration is the gap between innovation and discipline. The industry is very effective at generating new ideas, but less consistent when it comes to building sustainable systems around them. This is particularly evident in areas like yield, where short-term incentives have often taken precedence over long-term viability. Another challenge is fragmentation.

Different regulatory regimes, technical standards and market practices can make it difficult to scale solutions globally, even when the underlying technology supports it. There is also a tendency to over-index on narratives rather than fundamentals, which can distort how products are evaluated. For fintech to mature, there needs to be a stronger alignment between innovation, risk management and regulatory clarity. Without that, it becomes harder to build the kind of infrastructure that institutions and users can rely on over time.

How have your previous roles influenced your career?

My previous roles have consistently reinforced the importance of execution and real-world applicability. Working on Cardano in its early stages provided a strong foundation in building and scaling blockchain ecosystems. Moving into operational roles, particularly in Africa, shifted that perspective toward implementation, where success is defined by whether systems actually work in practice, not just in theory.

Delivering a national digital identity solution at scale highlighted the importance of aligning technology with government, regulatory and user requirements. Across each role, the common thread has been translating complex technology into usable infrastructure. That has shaped how I approach RealFi. We are focused on solving concrete problems, such as capital inefficiency and access to credit, rather than building abstract systems. It has also informed our emphasis on partnerships, as meaningful adoption typically requires coordination across multiple stakeholders.

What’s the best mistake you’ve ever made?

One of the more valuable mistakes in my career was underestimating how long it takes for new financial infrastructure to gain traction. Early on, I assumed that once the technology was in place, adoption would follow relatively quickly. In reality, financial systems are deeply embedded and require trust, regulatory alignment and behavioural change before they shift.

That experience changed how I think about building in this space. It reinforced the importance of patience, sequencing and focusing on the right entry points rather than trying to do everything at once. With RealFi, that has translated into a more deliberate approach to scaling, where we prioritise robustness and credibility over rapid expansion. In retrospect, that mistake helped clarify that success in fintech is less about speed and more about building systems that can integrate into existing financial structures over time.

What has the future got in store for your company?

The immediate focus is the launch and scaling of USDr, which represents our entry point into the market. Beyond that, the priority is distribution and integration. We are working to embed yield-bearing stablecoins into platforms that already manage significant flows of digital dollars, including fintech lenders and financial service providers. The goal is to make productive capital a default feature rather than a separate product.

Over time, we expect to expand the range of underlying assets and deepen our credit infrastructure, while maintaining a disciplined approach to risk. This will allow us to bring lenders and borrowers closer into the system, enabling better rates and more aligned returns. Traditional banking and DeFi models still tend to keep users at arm’s length. We are in a position to change that.

More broadly, we see RealFi evolving into a bridge between on-chain capital and real-world financial markets.

What are the next key talking points or challenges for your industry as a whole?

One of the central questions for the industry is how stablecoins evolve beyond payments into broader financial infrastructure. That includes defining how yield is generated, how risk is managed and how these products fit within regulatory frameworks. Another key challenge is rebuilding trust, particularly in areas where users have experienced losses due to unsustainable models. There is also an ongoing need for regulatory clarity, especially as digital assets intersect more directly with traditional financial systems.

Finally, interoperability between on-chain and off-chain markets remains a structural issue. For digital assets to reach their full potential, there needs to be seamless integration between blockchain infrastructure and existing financial rails. Addressing these challenges will determine whether the industry remains niche or becomes a foundational layer in global finance.