RECENT EPISODES
Sun 8 NovTom Pikett: DTCC Is Bringing $30 Trillion Onchain (Insider Take)Tom Pikett explains how DTCC’s live tokenization service could bring about $30 trillion in value across 34 securities onchain, while clarifying that this is potential value, not assets already tokenized. DTCC is tokenizing entitlements within a compliance-aware framework, with collateral mobility as a key business use case. Its planned collateral app chain, expected to go live in the first half of next year, aims to help assets move across markets and connected systems.Sat 7 NovTom Zschach: Trillions Are Coming Onchain And Institutions Are Ready (Acceptance Layer)Tom Zschach discusses Swift’s live ledger and DTCC’s announcement involving more than $30 trillion in tokenized Treasuries, while stressing that tokenization does not guarantee assets will be accepted or freely transferable. He explains how Logos aims to make evidence about what a token represents discoverable and verifiable, helping institutions assess assets for use as collateral and across marketplaces as onchain products expand.Wed 4 NovDiego Perez de Ayala: Wall Street Is Going Onchain (Frictionless)Diego Perez de Ayala argues that crypto’s strongest opportunity is bringing Wall Street’s core functions—not just assets—onchain, where better execution, borrowing costs, and lending rates can attract markets. Backpack is putting redeemable NASDAQ shares onchain, with lending, margin, and collateral use as potential next steps. He sees tokenized markets building on existing DeFi tools, though regulation and market infrastructure remain unsettled.Tue 3 NovKristen Mierzwa: The Russell Is Going Onchain 24/7 (Insider Take)Kristen Mierzwa explains how Russell publishes 24/7 digital-asset prices onchain through Chainlink, whose interoperability can distribute one data source across networks including Ethereum, Avalanche, and Stellar. She argues traditional indices also need trusted prices outside market hours and discusses Russell’s work with DTCC on tokenizing Russell 1000 constituents, while stressing that the index itself has not yet been tokenized.Mon 2 NovJeremy Schwartz: Today Is Nothing Like The 2000 Tech BubbleJeremy Schwartz argues today’s tech market is unlike the 2000 bubble: the expanded technology sector trades at about 22 times forward earnings, below its 30-year median near 30, while earnings growth is driving prices. He discusses AI’s still-limited productivity gains and competing inflationary and deflationary effects, then explains WisdomTree’s tokenization strategy and why always-on, permissionless finance may suit AI agents.Sun 1 NovJames Seyffart: Tokenization Is Still So Early, We're In The Second InningJames Seyffart says tokenization remains in its “second inning”: tokenized stocks are growing, but institutional pilots are still small beside capital markets. He expects traditional finance and blockchain markets to run on parallel tracks for five to ten years or longer before they merge, with fragmented liquidity, user experience and access controls among the hurdles. The eventual system may span multiple networks and levels of permission.Sat 31 OctSergey Nazarov: Tokenization Will 10x The Money Coming OnchainSergey Nazarov argues tokenization could bring 10 times more money onchain, but only if it delivers more useful financial products—not just onchain versions of existing assets. He discusses continuous markets enabled by 24/7 data, faster settlement, and securities and cash lending across DeFi and traditional finance. He also outlines how Chainlink infrastructure could connect custodians, blockchains, and financial institutions.Fri 30 OctJim Ferraioli: Tokenization Is Now The Wall Street ConsensusJim Ferraioli says tokenization has become a Wall Street consensus, though broad adoption will take years and depends on regulatory clarity. Issuers are more likely to embrace tokenized shares if standardized rules preserve shareholder ownership protections and governance rights. He also discusses Schwab’s spot Bitcoin and ETH trading launch, which he says responds to strong client demand.Thu 29 OctMatt Hougan & Ryan Rasmussen: The Next Bull Run Is Already Here (There Are No Sellers Left)Matt Hougan argues crypto’s next bull run may be near because much of the selling already happened between October and June, leaving limited supply to meet new demand. AI investment, Federal Reserve shocks, and the election could unsettle markets short term, but adviser allocations, ETFs, and regulation may support longer-term inflows. The speakers also see stablecoins and tokenization as significant opportunities as institutional adoption expands.Wed 28 OctArush Sehgal: Tokenized Clearing Is The Next Big Unlock (Full Interview)Arush Sehgal explains why tokenized equities’ next step is clearing: Alpaca’s ITN has cleared more than $5 billion in flows through 24/7 swaps, but cannot yet clear across unrelated broker-dealers. Alpaca plans a locate-based mechanism to mint tokens at trade time and deliver shares at T+1, with collateral still required. Sehgal says multilateral netting could reduce capital needs, while broader 24/7 trading depends on always-on fiat payment rails.Tue 27 OctCZ: Why Tokenization Will Open U.S. Markets To The Rest Of The WorldCZ argues that tokenized U.S. equities could give investors abroad access to U.S. markets without brokerage accounts, with around-the-clock trading especially useful when U.S. hours fall overnight in Asia. He sees tokenization extending to assets such as precious metals and rare earth minerals, potentially adding liquidity. But adoption by established companies will depend on whether on-chain markets deliver meaningful liquidity.Mon 26 OctTarun Chitra: Quantum Money Is The Next Frontier For Digital Assets (Full Interview)Tarun Chitra explores quantum money as a potential frontier for digital assets, using uncopyable quantum states to create private, single-use identity keys—a proposal that depends on quantum computers and remains prospective. He also argues that in an AI-heavy world, blockchains may matter more as a hard-to-forge safety net for identity and asset transfers than as a “world computer,” with computation happening off-chain when its results can be verified.Sat 24 OctIllia Polosukhin, Alex & Anton: Why Confidential AI Is The Next Big ShiftIllia Polosukhin, Alex and Anton discuss why privacy is becoming essential as businesses move on-chain and AI agents handle sensitive information. They outline NEAR AI’s private, verifiable inference, including checks users can make on model and hardware attestations, and explain how blockchain could coordinate agents, provide security and settle transactions. The conversation also covers open-weight models’ falling costs and NEAR’s effort to bring its infrastructure together in a simpler user experience.Wed 21 OctSandy Kaul: The First Institutional Bull Run Has Begun (Strong Hands Now)Sandy Kaul sees crypto’s first institutional bull run as a time for institutions to build, with washed-out speculation shifting assets from weak hands to stickier, patient investors and quieter markets offering better entry points. Franklin Templeton is expanding its crypto team and on-chain assets, from just over $3 billion toward more than $5 billion by year-end. Kaul also sees wallets becoming interfaces for AI agents to manage portfolios across markets.Mon 19 OctAlex Cutler: Spot Exchanges Are The Biggest Opportunity In Crypto (Trillions Incoming)Alex Cutler argues that spot exchanges could capture a major opportunity as trillions of dollars in assets move on-chain, noting spot exchanges generated about $5 billion in fees in 2025. He sees tokenized stocks and foreign exchange expanding the market and requiring deep spot liquidity before derivatives can grow. He also discusses Arrow, a planned multichain DEX deployment, and the strategy to attract liquidity and increase the exchange’s share of on-chain spot trading.Mon 19 OctSam Kazemian: The Neobank App Store Era Is HereSam Kazemian discusses FraxNet’s plan to become a neobank app-store platform, letting users add financial apps and cards through a shared account and KYC process. He explains why businesses need stablecoin tools for payments, compliance, invoicing, and receivables beyond retail crypto cards, and how FraxNet aims to connect blockchains with payment rails such as Stripe.Fri 16 OctAvalon Ingram: Banks Are Done Experimenting With TokenizationAvalon Ingram says banks have moved from debating blockchain to testing business outcomes: Swift’s ledger went live in July, with 17 banks transacting nine months after its announcement. The MVP records and nets interbank obligations but does not itself transfer funds; settlement still relies on correspondent accounts or RTGS systems. Banks are exploring liquidity optimization and more efficient interbank settlement, with 24/7 operation dependent on round-the-clock settlement venues.Thu 15 OctDan Romero: How Stablecoin Growth Is Setting The Stage For An Explosive Bull Market (Bull Case)Dan Romero argues that stablecoins are evolving from crypto trading tools into global payment infrastructure, with growth accelerating after the GENIUS Act and companies such as Stripe, Visa, and Mastercard engaging. He explains how stablecoin-based products could give consumers access to dollar balances and Treasury-like yields, and makes the case for Tempo, a Stripe-incubated layer 1 designed for payments, enterprise privacy, and compliance.Wed 14 OctKrista Lynch: Wall Street Is Going All In On Digital Assets (Insider Take)Krista Lynch describes a real but cautious shift in institutional demand for digital assets, with advisor conversations still focused mainly on Bitcoin and Ethereum and adoption hinging on rigorous diligence. She explains how in-kind contributions to crypto ETFs can connect token holders with traditional features such as custody and collateral, and discusses Grayscale’s exploratory plans to tokenize Bitcoin and Ethereum covered-call funds.Mon 12 OctArthur Hayes: The Biggest Bull Run Of Your Life Is Just Starting (Full Thesis)Arthur Hayes argues Bitcoin is already in a bull market, with expanding fiat liquidity likely to determine how quickly it reaches new highs; he estimates each 25-basis-point Fed rate hike could add about $25 billion in liquidity. He also sees AI agents as a major investment theme, with FLOP a speculative bet on demand for a transaction layer as agents manage money and trade. For crypto, he favors projects that generate cash flows for token holders.Mon 12 OctIllia Polosukhin: NEAR Is Ready For The Quantum Era (Full Thesis)Illia Polosukhin says NEAR was designed for updatable cryptography and has launched ML-DSA on mainnet, letting users switch account keys to post-quantum cryptography without moving assets. He also sees NEAR Intents becoming a “market of markets,” connecting users with counterparties and assets beyond crypto, including stocks. The episode explores how that vision fits NEAR’s broader focus on privacy, private AI, and security.Sat 10 OctKeone Hon: Wall Street And Degens Are Both Coming To Monad (Here Is Why)Keone Hon argues that Monad can bring Wall Street firms and crypto’s “degens” onto one network, with strong execution, low slippage, and liquidity helping retail and institutional adoption reinforce each other. He explains how Monad’s custom architecture aims to support performance and tackle challenges such as MEV, while stressing that winning institutional activity means solving firms’ on-chain needs quickly.Fri 9 OctSeth Ginns & Anthony Pecore: Why Liquid Assets Win The Tokenization Super Cycle (Full Breakdown)Seth Ginns argues that liquid assets such as equities and Treasuries may benefit more from tokenization than private or pre-IPO instruments, because 24/7 trading could let markets and collateral move beyond traditional hours. Anthony Pecore points to Franklin Templeton’s Benji tokenized money market fund, live since 2021 with ownership records entirely on-chain, as evidence that tokenization is already operating in asset management. The discussion also examines how liquidity and collateralization could reshape capital flows.Thu 8 OctTJ Miller & Jordan Jefferson: Dogecoin Is The Currency Of Mars (Never Bet Against Elon)Jordan Jefferson says Doge OS’s public test is live, advancing the idea of an operating system built on the Dogecoin blockchain. He predicts Dogecoin could become the currency of Mars, arguing that an interplanetary society will need an economy, while TJ Miller says the project’s unusual premise makes it compelling. Jefferson also rejects claims that Elon Musk promotes Dogecoin for personal financial gain, saying Musk appreciates its humor.Wed 7 OctDinari: Confirming Asset-Settled Perps On U.S. Equities (The Full Story)Gabe Ott explains how innovation exemptions could make asset-settled perpetuals on U.S. equities possible, with tokenized shares potentially serving as collateral across on-chain products—for example, borrowing against Nvidia on Aave to fund perps, though he does not say every step is available in practice. He also discusses compliant DeFi trading of tokenized stocks and the need to preserve investor rights, AML safeguards, and trust in capital markets.Tue 6 OctMatt Hougan & Sal Ternullo: NEAR Is One Of The Best Positioned Assets In CryptoMatt Hougan and Sal Ternullo make the case that NEAR is unusually well positioned because NEAR Intents has demonstrated usage, revenue growth, and signs of product-market fit, giving investors a concrete business to assess alongside its AI ambitions. They discuss private inference as an early signal of demand and NEAR’s recent repricing, which Hougan calls a “down payment” if the long-term thesis proves right.Mon 5 OctTom Zschach: The Swift Ledger Is Live And Banks Are Already Using It (Faster Than Anyone Expected)SWIFT’s first live Ledger workflow now lets banks make cross-border payments using their own deposit tokens, about a year after the Ledger was announced. Tom Zschach says strong bank demand and the pace from announcement to launch stood out, while stressing that the Ledger adds an optional route rather than replacing existing rails. SWIFT coordinates transactions but does not settle or issue tokens; participants choose the settlement venue and assets.Fri 2 OctSergey Nazarov: Why Hundreds Of Trillions Of Dollars Are Coming Onchain Right Now (Tokenization Supercycle)At Sibos, Sergey Nazarov said institutional tokenization has shifted from debate to implementation, but issuing assets is only the starting point: cross-chain data, compliance, and workflow infrastructure are also needed. He sees a potential market worth hundreds of trillions of dollars when derivatives and notional values are included, and highlighted DTCC’s Chainlink-enabled collateral-management workflow. Tokenized-equity securities lending, he said, could unlock major savings if institutions coordinate at scale.Thu 1 OctRob Krugman: This Is The Biggest Unlock In Finance Yet (2027)Rob Krugman sees tokenized repo as a major financial-market unlock, with activity around $380 billion a day and potentially approaching $1 trillion by calendar year-end. Broader collateral—from Treasuries to tokenized funds and equities—could put idle assets to work, while smart contracts automate required checks without removing regulatory obligations. He calls 2027 “the year of the unlock,” as banks and brokerages explore wallets and custody to bring tokenized services to more customers.Wed 30 SeptVlad Tenev: Trillions Of Assets Are Coming On Robinhood Chain (Tokenize The World)Vlad Tenev argues tokenization could bring US financial assets to global investors, with Robinhood expanding from about 200 stock tokens to thousands and targeting private-company shares at scale. He also frames Robinhood Chain as infrastructure for real-world-asset products, citing more than $1 billion in perps volume and more than $1 billion in decentralized-exchange volume. The rollout of on-chain and off-chain perps will depend on regulation.Tue 29 SeptJoseph Chalom: Ethereum Is The Toll Road To Everything (Larry Fink's Words)Joseph Chalom explains why he sees Ethereum as “the toll road to tokenization,” arguing that its security, liquidity and settlement role matter beyond today’s fee revenue. He discusses Ethereum’s substantial share of stablecoin activity and tokenized assets, and how Layer 2 networks settle on mainnet. He also explores whether stablecoins could power agentic finance as AI agents make payments at scale.Mon 28 SeptEric Conner: The 52 Month DeFi Bear Market Is Over (Full Thesis)Eric Conner argues the roughly 52-month DeFi bear market is over and regulatory headwinds may become a tailwind as markets shift into a bull phase. He examines the unusual outperformance of perpetual-futures tokens and Zcash, while warning that a sharp Bitcoin drop could still pull the market lower. The conversation also covers his $20,000 Ethereum target, Robinhood’s Ethereum-based chain, and how tokenized assets could expand on-chain markets.Sun 27 SeptNathan McCauley: Tokenized Deposits Are The Real Trojan Horse For Banks (Insider Take)Nathan McCauley explains why banks are adopting tokenized deposits as 24/7 rails alongside, not in place of, legacy systems—and why he resists calling them a “Trojan horse.” They can familiarize banks with wallets, blockchains and ledgering, potentially easing later moves into stablecoins and other tokenized assets. Adoption, he says, will vary by business line and depend on available infrastructure.Sat 26 SeptDragonfly's Haseeb Qureshi: The Biggest Digital Assets Bull Market Has Started (Here's How I’m Positioned)Haseeb Qureshi sees major room for on-chain perpetuals, which remain roughly 1% of global derivatives markets; Hyperliquid has shown decentralized venues can compete on user experience and performance. Dragonfly is invested in Hyperliquid, Lighter, and Variational, and Qureshi favors perps over tokenization over the next year, while allowing tokenization could lead over five years. He also sees stablecoins, prediction markets, and crypto’s intersection with AI as investment opportunities.Thu 24 SeptSe Yong Park: Why The Trillion Dollar Opportunity Is Social (Ground Floor)Se Yong Park wants FOMO to become finance’s social graph, moving users beyond meme trading toward tokenized equities, yield, and richer investing conversations. He expects tokenized-equity volume to shift increasingly on-chain within 6–12 months, and sees AI enabling a new “speculation graph” where people and agents share market-driven feedback. The episode also examines how education and product design might help users build more durable investing habits.Tue 22 SeptCarlos Domingo: Why Tokenization Goes From Billions To Trillions (Full Thesis)In this episode, Carlos Domingo explores the transformative potential of tokenization, predicting a shift from billions to trillions in asset value. He discusses the SEC's proposal for modernizing transfer agents and the anticipated innovation exemption for tokenized securities. Domingo outlines three models for tokenizing shares and critiques Robinhood's focus on niche debt instruments, emphasizing the need for offerings that align with broader retail investor preferences.Sun 20 SeptEthena CEO: The Market Just Got 60x Bigger (Everything Changes)In this episode, the CEO of Ethena discusses the company's strategic repositioning to tap into a rapidly expanding institutional market, with RWAPAPs experiencing explosive growth from zero to $15 billion in open interest. The conversation highlights the dominance of Ethena's white label stablecoin business, which has effectively managed around $30 billion in flows, and the potential for stablecoins to reach a market capitalization of $3 trillion.Sat 19 SeptKevin O'Leary: Crypto Becomes The 12th Sector Of The S&P (Full Thesis)In this episode, Kevin O'Leary discusses his thesis that crypto is set to become the 12th sector of the S&P, highlighting its potential to serve all existing sectors. He shares his disciplined investment strategy, expressing skepticism about Ethereum's future while emphasizing the importance of efficient blockchains. O'Leary also predicts significant growth in digital assets and anticipates that regulatory clarity will emerge post-midterm elections, alongside a potential surge in Bitcoin's value if quantum computing challenges are addressed.Fri 18 SeptCircle CEO: The Entire Financial System Is Coming Onchain (We’re Still Early)In this episode, Circle CEO Jeremy discusses the transformative potential of an on-chain economy, emphasizing the importance of a unified financial system. He introduces ARC, a groundbreaking platform designed to enhance trust and interoperability across over 20 networks, positioning USDC as a central component for institutional transactions. The conversation highlights the rising stablecoin payment volumes and the need for asset tokenization, suggesting a resilient ecosystem poised for growth despite current market conditions.Wed 16 SeptWill Peck: How WisdomTree Went From $30M To Over $1 Billion Onchain (Full Breakdown)In this episode, Will Peck reveals how WisdomTree transformed from $30 million to over $1 billion in on-chain assets, driven by institutional capital and a focus on tokenization. He discusses the convergence of traditional finance and digital assets, highlighting the role of regulatory clarity and the SEC's framework in facilitating this growth. Peck also emphasizes the importance of enhancing the investor experience and predicts significant retail participation in tokenized markets as firms innovate in usability and infrastructure.