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Dropping a podcast with Armani Ferrante, Founder and CEO of Backpack 🎒, on tokenized stocks and the future of global capital markets. Tokenizing a stock is only one piece. The bigger opportunity is connecting it to the liquidity and price discovery that already exist in public markets. Armani explains...

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Logan Jastremski

17,670 subscribers

11,323 次观看 • 2 天前 •via X (Twitter)

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24 条评论

Logan Jastremski 的头像
Logan Jastremski2 天前

@Backpack For those who want to watch on another platform YouTube Spotify

Backpack Onchain 的头像
Backpack Onchain2 天前

@armaniferrante @Backpack 🎒

MARCO 🎒 的头像
MARCO 🎒2 天前

@armaniferrante @Backpack WAO

Arjun 的头像
Arjun2 天前

@armaniferrante @Backpack

Hardhat Chad ⛏️ 的头像
Hardhat Chad ⛏️2 天前

@armaniferrante @Backpack 🎒

Leon 的头像
Leon2 天前

@armaniferrante @Backpack The equity conversion option for token holders is a bold move, really curious how that plays out for BP holders long term

Mad Professor 🎒 的头像
Mad Professor 🎒2 天前

Backpack is bridging the gap between traditional finance and crypto by making redeemability and unified liquidity the core of tokenized assets. Armani Ferrante's pragmatic approach to regulatory compliance and equity conversion highlights a realistic roadmap for scaling global capital markets on-chain.

Chewie 🎒🛡️⛏️ 的头像
Chewie 🎒🛡️⛏️2 天前

@armaniferrante @Backpack Armani on Top

Hebe | 🕊️🪑 的头像
Hebe | 🕊️🪑2 天前

@armaniferrante @Backpack 👏👏👏👏

Max 的头像
Max2 天前

@armaniferrante @Backpack tokenized stocks is the one pie everyone wants a slice of...... backpack's ceo laying out the vision. is tokenized equity the cycle's killer app or just the new etf narrative

Grace ETH 🎧 的头像
Grace ETH 🎧2 天前

@armaniferrante @Backpack Huge. Tokenized stocks with real redeemability + licensed rails is the only path to serious size. BP + equity conversion could be a new playbook.

Lynn Whisper 的头像
Lynn Whisper2 天前

@armaniferrante @Backpack This is the convo the space needs right now

lume.hl 的头像
lume.hl1 天前

@armaniferrante @Backpack 71 minutes is a commitment lol

2chainz 的头像
2chainz2 天前

@armaniferrante @Backpack 🎒

Olanzo 👋🏻 的头像
Olanzo 👋🏻2 天前

@armaniferrante @Backpack Huge. Tokenized stocks + redeemability + one global liquidity layer is the real bridge between TradFi price discovery and onchain markets.

比特唐三藏 的头像
比特唐三藏2 天前

@armaniferrante @Backpack redeemability linking solana to stock markets is the part I keep thinking about

Ale 🎒 的头像
Ale 🎒2 天前

@armaniferrante @Backpack Backpack

羅刹狂 🎒 的头像
羅刹狂 🎒2 天前

@armaniferrante @Backpack @austinoakes

Crypto Pickup 的头像
Crypto Pickup2 天前

@armaniferrante @Backpack Tokenized stocks are going to be massive

Edgedge 🎒 的头像
Edgedge 🎒2 天前

@armaniferrante @Backpack Let's go to @Backpack 🎒

Pilot · engineer 的头像
Pilot · engineer2 天前

@armaniferrante @Backpack redeemability decides whether this is a wrapper or its own market

CryptoSeixas | 的头像
CryptoSeixas |2 天前

@armaniferrante @Backpack

Akash.eth🌊 的头像
Akash.eth🌊2 天前

@armaniferrante @Backpack Connecting tokenized stocks to existing public liquidity makes so much sense, tokenization alone is just a wrapper without real price discovery.

Harold 🇩🇴 的头像
Harold 🇩🇴2 天前

@armaniferrante @Backpack 🎒

相关视频

New episode with Armani Ferrante Founder & CEO Backpack 🎒 We Discuss: - Tokenized Finance - Backpack’s Exchange Strategy - Regulation and Token Design - And more! Timestamps 👇 (0:00) Introduction (1:44) Armani’s Solana Journey (13:28) Why Backpack Chose Regulation (23:34) Building Crypto’s Financial Stack (35:38) Tokenized Stocks at Scale (45:42) Tokens, Equity, and Incentives (59:03) The Future of Tokenized Assets (1:09:28) Closing Comments
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New episode with Armani Ferrante Founder & CEO Backpack 🎒 We Discuss: - Tokenized Finance - Backpack’s Exchange Strategy - Regulation and Token Design - And more! Timestamps 👇 (0:00) Introduction (1:44) Armani’s Solana Journey (13:28) Why Backpack Chose Regulation (23:34) Building Crypto’s Financial Stack (35:38) Tokenized Stocks at Scale (45:42) Tokens, Equity, and Incentives (59:03) The Future of Tokenized Assets (1:09:28) Closing Comments

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12,002 次观看 • 3 个月前

Armani Ferrante, CEO of Backpack, on what comes next for tokenized stocks. "Not 10 stocks, not 100 stocks. We want to bring the entire stock market to Solana. One API where a real share, by any definition of the term, moves back and forth between your brokerage account and DeFi. Going from 200 symbols to 10,000 is the next leap." Armani Ferrante Backpack 🎒
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Armani Ferrante, CEO of Backpack, on what comes next for tokenized stocks. "Not 10 stocks, not 100 stocks. We want to bring the entire stock market to Solana. One API where a real share, by any definition of the term, moves back and forth between your brokerage account and DeFi. Going from 200 symbols to 10,000 is the next leap." Armani Ferrante Backpack 🎒

Solana

350,533 次观看 • 7 天前

The world doesn't have equal access to financial markets. Crypto fixes that. I sat down with Armani Ferrante, founder of Backpack and Mad Lads, to explore how regulated finance moves onchain, why tokenized equities could give everyone access to U.S. stocks, and how crypto becomes the global API for finance. As ever, please enjoy!
54:34

The world doesn't have equal access to financial markets. Crypto fixes that. I sat down with Armani Ferrante, founder of Backpack and Mad Lads, to explore how regulated finance moves onchain, why tokenized equities could give everyone access to U.S. stocks, and how crypto becomes the global API for finance. As ever, please enjoy!

Raoul Pal

84,683 次观看 • 9 天前

Armani Ferrante on where global finance settles "It's my view that Solana is the unified financial layer for the global economy, and that's clearly going to continue to grow. That's a role we hope to play. We hope to be a regulated backbone for that ecosystem, whether it's stocks, derivatives, or the wallet itself." Armani Ferrante Backpack 🎒
0:54

Armani Ferrante on where global finance settles "It's my view that Solana is the unified financial layer for the global economy, and that's clearly going to continue to grow. That's a role we hope to play. We hope to be a regulated backbone for that ecosystem, whether it's stocks, derivatives, or the wallet itself." Armani Ferrante Backpack 🎒

Solana

129,425 次观看 • 2 天前

LIVE NOW - Tokenized Stocks: The $100 Trillion Onchain Shift RYAN SΞAN ADAMS & David Hoffman sit down with Ondo Finance's Nathan Allman 🌊 and Ian De Bode to map the path from stablecoins to tokenized treasuries to tokenized stocks. We break down why Ondo’s wrapper model is set out to win, how blockchain brings 24/7 secondary markets, DeFi composability and much more liquidity. Ethereum and Ondo are leading a $100T onchain migration you can’t miss. -------------- TIMESTAMPS 0:00 Intro 5:55 Is Business Booming? 7:59 Are RWAs Inevitable? 12:50 Tokenized Treasuries 19:13 Tokenization Roadmap 24:17 Types of Tokenized Treasuries 31:40 What’s Holding the US Back? 37:08 Tokenized Stocks 41:04 Tokenized Stocks Liquidity 50:56 Property Rights 56:25 Is Permissionless Tokenization Possible? 1:04:32 24/7 Markets? 1:07:52 Ondo Global Markets 1:10:54 Why Ethereum? 1:12:08 Stocks Meet DeFi 1:19:26 What Chains will RWAs Settle On? 1:32:41 Is Wall Street Ready? 1:34:29 What’s Next? 1:36:00 Closing & Disclaimers
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LIVE NOW - Tokenized Stocks: The $100 Trillion Onchain Shift RYAN SΞAN ADAMS & David Hoffman sit down with Ondo Finance's Nathan Allman 🌊 and Ian De Bode to map the path from stablecoins to tokenized treasuries to tokenized stocks. We break down why Ondo’s wrapper model is set out to win, how blockchain brings 24/7 secondary markets, DeFi composability and much more liquidity. Ethereum and Ondo are leading a $100T onchain migration you can’t miss. -------------- TIMESTAMPS 0:00 Intro 5:55 Is Business Booming? 7:59 Are RWAs Inevitable? 12:50 Tokenized Treasuries 19:13 Tokenization Roadmap 24:17 Types of Tokenized Treasuries 31:40 What’s Holding the US Back? 37:08 Tokenized Stocks 41:04 Tokenized Stocks Liquidity 50:56 Property Rights 56:25 Is Permissionless Tokenization Possible? 1:04:32 24/7 Markets? 1:07:52 Ondo Global Markets 1:10:54 Why Ethereum? 1:12:08 Stocks Meet DeFi 1:19:26 What Chains will RWAs Settle On? 1:32:41 Is Wall Street Ready? 1:34:29 What’s Next? 1:36:00 Closing & Disclaimers

Bankless

70,135 次观看 • 1 年前

"Tokenized assets are exploding in value." Ian de Bode is President Ondo Finance, the company bringing US treasuries, stocks, and ETFs on-chain. He watched tokenized treasuries grow from $1 billion to $15 billion in two years. The man building the rails between Wall Street and crypto now says the two systems are about to merge and traditional finance isn't ready. "You should prepare for a world in which tokenized securities co-exist with normal securities. So get ready." We cover: Why tokenized assets exploded from $1B to $15B and aren't slowing down How every crypto exchange became a stock broker overnight Why Tesla and Google don't care about tokenizing their stock (and why that doesn't matter) How every token is backed 1:1 with daily third-party attestations Why tokenized stocks work like stablecoins: your wallet, no permissions, 24/7 How hedge fund leverage loops and carry trades come to DeFi Why perps on stocks could become a bigger market than all of crypto The road to markets that never close and who moves first What the Genius Act and Clarity Act actually signal Thanks to Ian De Bode for coming on New Era Finance Podcast. TIMESTAMPS: 00:00 - Intro 00:50 - Tokenized Assets Explode To $15 Billion 02:40 - Where The Demand Comes From 04:30 - Native Tokenization vs Permissionless Wrappers 07:20 - How Every Token Is Backed 10:00 - Using Tokenized Stocks In DeFi 13:30 - Leverage, Collateral & Capital Efficiency 17:00 - Perps On Stocks: Bigger Than Crypto 21:00 - The Road To 24/7 Markets 24:30 - Genius Act, Clarity Act & What's Next
27:09

"Tokenized assets are exploding in value." Ian de Bode is President Ondo Finance, the company bringing US treasuries, stocks, and ETFs on-chain. He watched tokenized treasuries grow from $1 billion to $15 billion in two years. The man building the rails between Wall Street and crypto now says the two systems are about to merge and traditional finance isn't ready. "You should prepare for a world in which tokenized securities co-exist with normal securities. So get ready." We cover: Why tokenized assets exploded from $1B to $15B and aren't slowing down How every crypto exchange became a stock broker overnight Why Tesla and Google don't care about tokenizing their stock (and why that doesn't matter) How every token is backed 1:1 with daily third-party attestations Why tokenized stocks work like stablecoins: your wallet, no permissions, 24/7 How hedge fund leverage loops and carry trades come to DeFi Why perps on stocks could become a bigger market than all of crypto The road to markets that never close and who moves first What the Genius Act and Clarity Act actually signal Thanks to Ian De Bode for coming on New Era Finance Podcast. TIMESTAMPS: 00:00 - Intro 00:50 - Tokenized Assets Explode To $15 Billion 02:40 - Where The Demand Comes From 04:30 - Native Tokenization vs Permissionless Wrappers 07:20 - How Every Token Is Backed 10:00 - Using Tokenized Stocks In DeFi 13:30 - Leverage, Collateral & Capital Efficiency 17:00 - Perps On Stocks: Bigger Than Crypto 21:00 - The Road To 24/7 Markets 24:30 - Genius Act, Clarity Act & What's Next

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Ondo Receives EU Approval to Offer Tokenized Stocks and ETFs Across Europe. This approval expands the reach of Ondo’s tokenized stocks and ETFs to over 500 million investors across the EU and EEA. The Base Prospectus governing the issuance of tokenized stocks and ETFs was approved by the Liechtenstein Financial Market Authority (FMA), a recognized European regulator with passporting rights across the EU and EEA. Key unlocks: → Offer tokenized stocks and ETFs to retail investors in 30 European markets → Operate within a regulated, EU-wide framework aligned with investor-protection standards Ondo Global Markets continues to define the future of tokenized finance, operating as the largest platform for tokenized securities with $315+ million in TVL and over $1 billion in volume since launch, setting the benchmark for how traditional markets move onchain.
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Ondo Receives EU Approval to Offer Tokenized Stocks and ETFs Across Europe. This approval expands the reach of Ondo’s tokenized stocks and ETFs to over 500 million investors across the EU and EEA. The Base Prospectus governing the issuance of tokenized stocks and ETFs was approved by the Liechtenstein Financial Market Authority (FMA), a recognized European regulator with passporting rights across the EU and EEA. Key unlocks: → Offer tokenized stocks and ETFs to retail investors in 30 European markets → Operate within a regulated, EU-wide framework aligned with investor-protection standards Ondo Global Markets continues to define the future of tokenized finance, operating as the largest platform for tokenized securities with $315+ million in TVL and over $1 billion in volume since launch, setting the benchmark for how traditional markets move onchain.

Ondo Finance

196,021 次观看 • 10 个月前

Vibhu explains how Backpack 🎒 lets users turn tokenized stocks back into actual shares "Backpack is a full brokerage, so it's one-to-one. They seed liquidity, and if demand outweighs the supply onchain, they progressively buy more shares on the brokerage side and mint them onchain." "And you can redeem your tokenized equity for the actual share itself. They built an equity bridge that works on both sides. I can take my equity from my brokerage and move it onchain, or take it off, and it remains equity the entire time."
2:32

Vibhu explains how Backpack 🎒 lets users turn tokenized stocks back into actual shares "Backpack is a full brokerage, so it's one-to-one. They seed liquidity, and if demand outweighs the supply onchain, they progressively buy more shares on the brokerage side and mint them onchain." "And you can redeem your tokenized equity for the actual share itself. They built an equity bridge that works on both sides. I can take my equity from my brokerage and move it onchain, or take it off, and it remains equity the entire time."

Solana

122,555 次观看 • 22 小时前

E165: Backpack 🎒 - Your broker holds your stocks. Backpack lets you use them Armani Ferrante is the co-founder and CEO of Backpack, a regulated global crypto exchange built from the rubble of the FTX collapse. He spent years building the foundational infrastructure of Solana - wallets, DEXs, developer frameworks - before FTX wiped out 90% of Backpack's balance sheet. So he decided not to quit. Timestamps: 0:00 Introduction 1:32 Please Subscribe 1:56 Michel Foucault & The Panopticon Metaphor 5:25 Armani’s Philosophical View on Crypto 7:50 Who Is Armani Ferrante? 8:39 Partnerships: Jupiter KAST 9:19 Armani’s Chip On The Shoulder 10:43 Getting Hired Twice At Alameda Research 13:46 Being Able To Work On Early Solana Projects 14:43 Leaving Alameda to Build Backpack 18:26 FTX Fomo? 23:32 Partnerships: Ethena Sumsub 24:34 How Armani & Backpack Got Affected By The FTX Collapse 32:37 The Solana Ecosystem Today 36:25 The MadLad Story 42:03 How Important Was The MadLad For Backpack? 43:40 What Crypto Should Be 49:36 Crypto Inflection Point 51:59 Partnerships: Trezor Bitwise Sui 52:55 Explain Backpack To Your Uber Driver 57:36 Crypto Is A Test Bed 1:04:15 Why You Might Not Own the Stocks You think you Own 1:06:41 Unified Margin Accounts 1:15:20 Why Armani Moved to Tokyo 1:17:18 Why Backpack is best Positioned to Win in Japan 1:18:43 How to Bootstrap a Regulated Exchange 1:21:53 Closing Thoughts
1:23:29

E165: Backpack 🎒 - Your broker holds your stocks. Backpack lets you use them Armani Ferrante is the co-founder and CEO of Backpack, a regulated global crypto exchange built from the rubble of the FTX collapse. He spent years building the foundational infrastructure of Solana - wallets, DEXs, developer frameworks - before FTX wiped out 90% of Backpack's balance sheet. So he decided not to quit. Timestamps: 0:00 Introduction 1:32 Please Subscribe 1:56 Michel Foucault & The Panopticon Metaphor 5:25 Armani’s Philosophical View on Crypto 7:50 Who Is Armani Ferrante? 8:39 Partnerships: Jupiter KAST 9:19 Armani’s Chip On The Shoulder 10:43 Getting Hired Twice At Alameda Research 13:46 Being Able To Work On Early Solana Projects 14:43 Leaving Alameda to Build Backpack 18:26 FTX Fomo? 23:32 Partnerships: Ethena Sumsub 24:34 How Armani & Backpack Got Affected By The FTX Collapse 32:37 The Solana Ecosystem Today 36:25 The MadLad Story 42:03 How Important Was The MadLad For Backpack? 43:40 What Crypto Should Be 49:36 Crypto Inflection Point 51:59 Partnerships: Trezor Bitwise Sui 52:55 Explain Backpack To Your Uber Driver 57:36 Crypto Is A Test Bed 1:04:15 Why You Might Not Own the Stocks You think you Own 1:06:41 Unified Margin Accounts 1:15:20 Why Armani Moved to Tokyo 1:17:18 Why Backpack is best Positioned to Win in Japan 1:18:43 How to Bootstrap a Regulated Exchange 1:21:53 Closing Thoughts

MR SHIFT 🦁

105,118 次观看 • 6 个月前

Cancore is the liquidity layer for tokenized finance. Connecting Canton Network to global onchain markets – with self-custody, swaps, intelligent execution and automation built into one platform. A few months into mainnet, the momentum speaks for itself. And this is only the beginning.
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Cancore is the liquidity layer for tokenized finance. Connecting Canton Network to global onchain markets – with self-custody, swaps, intelligent execution and automation built into one platform. A few months into mainnet, the momentum speaks for itself. And this is only the beginning.

Cancore

90,874 次观看 • 1 个月前

My conversation with Rob Hadick ＞|＜. As General Partner at Dragonfly, Rob has one of the clearest views on how blockchain is evolving from speculative crypto into the actual infrastructure of global capital markets. In this episode we dig into why finance, payments, asset issuance, and markets are the only parts of crypto that are truly scaling and how the industry is quietly becoming TradFi’s onchain upgrade. We spend a lot of time mapping traditional capital markets primitives directly onto blockchain rails and examining where value is actually going to accrue as tokenization, stablecoins, and onchain trading mature. At the center of the conversation is the belief that blockchain is no longer building a parallel financial system it is becoming the settlement, issuance, and trading layer for the existing one, while crypto itself settles into a more mature “capital markets +” phase focused on real assets, institutional flows, and sustainable business models. We discuss: - The current state of crypto as capital markets infrastructure and the decline of pure speculative narratives - Why finance, payments, and tokenization are winning while most other crypto applications struggle - The architectural parallel between traditional capital markets and on-chain systems - Tokenized assets = Securities - Stablecoins = Cash / settlement - DEXs & on-chain venues = Exchanges - Prediction markets = Information markets - Why institutions are moving on-chain and what they actually want (control, privacy, segregated markets) - Token vs equity: where value accrues in a non-Clarity Act world - The mass extinction event in crypto VC and why Dragonfly is doubling down on financial infrastructure - Stablecoins, RWAs, and the real path to “tokenization of everything” - Prediction markets (and why Polymarket matters) as the next interface layer - Sustainable business models and where value will ultimately capture Timestamps: 0:00 – Introduction & State of Crypto as Capital Markets 2:00 – Why Speculative Narratives Are Fading 7:00 – Finance, Payments & Tokenization as the Only Scaling Verticals 12:00 – Institutional Adoption & What Wall Street Actually Wants 18:00 – Token vs Equity Value Accrual 25:00 – Blockchain as the New Settlement & Issuance Layer 35:00 – Prediction Markets, Information & the Next Interface 45:00 – Crypto VC Consolidation & Dragonfly’s Thesis 55:00 – Real-World Assets, Stablecoins & On-Chain Markets 1:05:00 – Closing Thoughts: Where Value Accrues Next Enjoy!
1:06:45

My conversation with Rob Hadick ＞|＜. As General Partner at Dragonfly, Rob has one of the clearest views on how blockchain is evolving from speculative crypto into the actual infrastructure of global capital markets. In this episode we dig into why finance, payments, asset issuance, and markets are the only parts of crypto that are truly scaling and how the industry is quietly becoming TradFi’s onchain upgrade. We spend a lot of time mapping traditional capital markets primitives directly onto blockchain rails and examining where value is actually going to accrue as tokenization, stablecoins, and onchain trading mature. At the center of the conversation is the belief that blockchain is no longer building a parallel financial system it is becoming the settlement, issuance, and trading layer for the existing one, while crypto itself settles into a more mature “capital markets +” phase focused on real assets, institutional flows, and sustainable business models. We discuss: - The current state of crypto as capital markets infrastructure and the decline of pure speculative narratives - Why finance, payments, and tokenization are winning while most other crypto applications struggle - The architectural parallel between traditional capital markets and on-chain systems - Tokenized assets = Securities - Stablecoins = Cash / settlement - DEXs & on-chain venues = Exchanges - Prediction markets = Information markets - Why institutions are moving on-chain and what they actually want (control, privacy, segregated markets) - Token vs equity: where value accrues in a non-Clarity Act world - The mass extinction event in crypto VC and why Dragonfly is doubling down on financial infrastructure - Stablecoins, RWAs, and the real path to “tokenization of everything” - Prediction markets (and why Polymarket matters) as the next interface layer - Sustainable business models and where value will ultimately capture Timestamps: 0:00 – Introduction & State of Crypto as Capital Markets 2:00 – Why Speculative Narratives Are Fading 7:00 – Finance, Payments & Tokenization as the Only Scaling Verticals 12:00 – Institutional Adoption & What Wall Street Actually Wants 18:00 – Token vs Equity Value Accrual 25:00 – Blockchain as the New Settlement & Issuance Layer 35:00 – Prediction Markets, Information & the Next Interface 45:00 – Crypto VC Consolidation & Dragonfly’s Thesis 55:00 – Real-World Assets, Stablecoins & On-Chain Markets 1:05:00 – Closing Thoughts: Where Value Accrues Next Enjoy!

Logan Jastremski

50,206 次观看 • 1 个月前

AMC CEO Adam Aron called Robinhood’s approach to tokenized stocks “vile.” Robinhood CEO Vlad Tenev is defending the practice as the dispute escalates. On today’s Public Keys at the NYSE 🏛, Jenn Sanasie and 21Shares co-founder Ophelia Snyder dig into tokenized equities and why putting stocks on-chain could reshape the shareholder relationship with Payward Chief Commercial Officer Mark Greenberg and Bullish Exchange President Chris Tyrer. Plus, what $1.2B in weekly crypto ETF inflows is telling us about institutional demand. Chapters/Timecodes: 00:00 Welcome to Public Keys 00:40 Has the Mood Shifted on the Clarity Act? 03:32 The ColdCard Hack and the Case for Intermediaries 05:26 Payward's Mark Greenberg Joins 05:47 Inside the London Stock Exchange xStocks Deal 07:11 Will xStocks Come to the US? 08:41 The AMC-Robinhood Tokenized Stock Spat 09:57 Why Issuers Should Embrace Tokenized Equities 11:13 Nasdaq Equity Tokens and Yield on xStocks 13:20 Bullish's Chris Tyrer on the $4.2B Equiniti Deal 14:23 The Three Models of Tokenized Equity 15:10 Who Owns Your Stock? Cede & Co. and Issuer Visibility 17:51 Tokenization as the Next Mega Trend 19:31 Turning Shareholders Into Members 21:31 Tokenization, NFTs, and the Governance Problem 24:28 Another $1.2B Week for BTC and ETH ETFs 25:04 Reading the Flows: Macro and a Bitcoin Regime 27:47 Alt Flows and the First US Staked TRON ETF
30:47

AMC CEO Adam Aron called Robinhood’s approach to tokenized stocks “vile.” Robinhood CEO Vlad Tenev is defending the practice as the dispute escalates. On today’s Public Keys at the NYSE 🏛, Jenn Sanasie and 21Shares co-founder Ophelia Snyder dig into tokenized equities and why putting stocks on-chain could reshape the shareholder relationship with Payward Chief Commercial Officer Mark Greenberg and Bullish Exchange President Chris Tyrer. Plus, what $1.2B in weekly crypto ETF inflows is telling us about institutional demand. Chapters/Timecodes: 00:00 Welcome to Public Keys 00:40 Has the Mood Shifted on the Clarity Act? 03:32 The ColdCard Hack and the Case for Intermediaries 05:26 Payward's Mark Greenberg Joins 05:47 Inside the London Stock Exchange xStocks Deal 07:11 Will xStocks Come to the US? 08:41 The AMC-Robinhood Tokenized Stock Spat 09:57 Why Issuers Should Embrace Tokenized Equities 11:13 Nasdaq Equity Tokens and Yield on xStocks 13:20 Bullish's Chris Tyrer on the $4.2B Equiniti Deal 14:23 The Three Models of Tokenized Equity 15:10 Who Owns Your Stock? Cede & Co. and Issuer Visibility 17:51 Tokenization as the Next Mega Trend 19:31 Turning Shareholders Into Members 21:31 Tokenization, NFTs, and the Governance Problem 24:28 Another $1.2B Week for BTC and ETH ETFs 25:04 Reading the Flows: Macro and a Bitcoin Regime 27:47 Alt Flows and the First US Staked TRON ETF

CoinDesk

73,813 次观看 • 24 天前

Why Tokenization Could Be the Most Important Economic Innovation of Our Lifetime | Bruce Fenton Bruce Fenton is a longtime Bitcoin advocate since 2012, securities professional, and one of the early pioneers of tokenized securities. He is the founder and CEO of Chainstone Labs and founder of Atlantic Financial. Alongside Overstock founder Patrick Byrne, Bruce was involved in some of the earliest efforts to bring securities and financial-market infrastructure onto blockchain rails. In 2018, he tokenized equity in his own company, Chainstone Labs, on the Ravencoin blockchain—years before tokenization became one of Wall Street’s biggest narratives. In this episode, Bruce breaks down naked short selling, the plumbing behind traditional securities markets, and why he believes much of the problem is ultimately a ledger problem. We dive into questions such as: Who actually owns the stocks sitting in your brokerage account? How can shares be lent and rehypothecated? What role do brokers, clearing firms, DTCC, and Cede & Co. play in determining who owns what? And could blockchain replace an opaque system of claims and intermediaries with a transparent ledger showing exactly where an asset is and who owns it? We unpack what “tokenized stocks” actually means—and the important distinction between a token that simply gives you exposure to a stock’s price and a security issued natively onchain, where the token itself represents the actual share and the ownership rights that come with it. Bruce discusses how tokenization could allow smaller businesses to tokenize ownership and have their stock traded globally without needing to be listed on a traditional exchange like the NYSE, as well as what a future without KYC could look like. Finally, we get into Wall Street’s embrace of tokenization, the SEC’s evolving approach to tokenized securities, and one of the biggest questions surrounding the future of this technology: who ultimately controls these new financial rails? Remember to subscribe and hit the bell “🔔” icon to get notifications 0:00 Bruce Fenton & Patrick Byrne: Pioneers of Tokenized Securities 3:36 Naked Short Selling Explained 6:28 Who Actually Owns the Stocks in Your Brokerage Account? 12:00 Tokenization Solves Wall Street’s “Ledger Problem” 15:48 What Are You Actually Buying With Robinhood’s Tokenized Stocks? 16:48 Real Tokenized Stocks: When the Token IS the Share 21:46 Tokenization Could Open U.S. Markets to the Entire World 22:52 Why Companies May No Longer Need the NYSE 26:29 Could Tokenized Markets Exist Without KYC? 29:31 Bruce Tokenized Equity on Ravencoin in 2018 30:53 Will Blockchain Make Clearing Houses & DTCC Obsolete? 33:17 Could Tokenization Have Prevented the GameStop Crisis? 38:19 Wall Street Is Embracing Tokenization — Who Gets the Power? 40:20 The SEC’s New Tokenized Securities “Innovation Exemption” 42:57 Why Robinhood’s Tokenized Stocks Don’t Qualify 47:01 Could Everything Eventually Be Tokenized? 51:02 The Dystopian Side of Tokenization: Surveillance & Asset Seizure
1:03:21

Why Tokenization Could Be the Most Important Economic Innovation of Our Lifetime | Bruce Fenton Bruce Fenton is a longtime Bitcoin advocate since 2012, securities professional, and one of the early pioneers of tokenized securities. He is the founder and CEO of Chainstone Labs and founder of Atlantic Financial. Alongside Overstock founder Patrick Byrne, Bruce was involved in some of the earliest efforts to bring securities and financial-market infrastructure onto blockchain rails. In 2018, he tokenized equity in his own company, Chainstone Labs, on the Ravencoin blockchain—years before tokenization became one of Wall Street’s biggest narratives. In this episode, Bruce breaks down naked short selling, the plumbing behind traditional securities markets, and why he believes much of the problem is ultimately a ledger problem. We dive into questions such as: Who actually owns the stocks sitting in your brokerage account? How can shares be lent and rehypothecated? What role do brokers, clearing firms, DTCC, and Cede & Co. play in determining who owns what? And could blockchain replace an opaque system of claims and intermediaries with a transparent ledger showing exactly where an asset is and who owns it? We unpack what “tokenized stocks” actually means—and the important distinction between a token that simply gives you exposure to a stock’s price and a security issued natively onchain, where the token itself represents the actual share and the ownership rights that come with it. Bruce discusses how tokenization could allow smaller businesses to tokenize ownership and have their stock traded globally without needing to be listed on a traditional exchange like the NYSE, as well as what a future without KYC could look like. Finally, we get into Wall Street’s embrace of tokenization, the SEC’s evolving approach to tokenized securities, and one of the biggest questions surrounding the future of this technology: who ultimately controls these new financial rails? Remember to subscribe and hit the bell “🔔” icon to get notifications 0:00 Bruce Fenton & Patrick Byrne: Pioneers of Tokenized Securities 3:36 Naked Short Selling Explained 6:28 Who Actually Owns the Stocks in Your Brokerage Account? 12:00 Tokenization Solves Wall Street’s “Ledger Problem” 15:48 What Are You Actually Buying With Robinhood’s Tokenized Stocks? 16:48 Real Tokenized Stocks: When the Token IS the Share 21:46 Tokenization Could Open U.S. Markets to the Entire World 22:52 Why Companies May No Longer Need the NYSE 26:29 Could Tokenized Markets Exist Without KYC? 29:31 Bruce Tokenized Equity on Ravencoin in 2018 30:53 Will Blockchain Make Clearing Houses & DTCC Obsolete? 33:17 Could Tokenization Have Prevented the GameStop Crisis? 38:19 Wall Street Is Embracing Tokenization — Who Gets the Power? 40:20 The SEC’s New Tokenized Securities “Innovation Exemption” 42:57 Why Robinhood’s Tokenized Stocks Don’t Qualify 47:01 Could Everything Eventually Be Tokenized? 51:02 The Dystopian Side of Tokenization: Surveillance & Asset Seizure

Bri Teresi

161,596 次观看 • 5 天前

A better approach to bringing stocks onchain. "There is instant connectivity into these traditional liquidity venues to make sure that people can always mint and burn these assets at the same price as is available in traditional markets." Ondo Finance's Ian De Bode on the Milk Road podcast details how Ondo Global Markets will connect tokenized equities to traditional market liquidity.
1:09

A better approach to bringing stocks onchain. "There is instant connectivity into these traditional liquidity venues to make sure that people can always mint and burn these assets at the same price as is available in traditional markets." Ondo Finance's Ian De Bode on the Milk Road podcast details how Ondo Global Markets will connect tokenized equities to traditional market liquidity.

Ondo Finance

21,959 次观看 • 1 年前

As assets go onchain, liquidity should follow. Done right, tokenized stocks tap into the deep liquidity already available in traditional markets. “In an ideal world, when you buy tokenized Tesla onchain, you are getting the same price as you would get in a brokerage account.” Instead of creating a parallel market, Ondo Stocks taps into liquidity where it already exists. “There is just a user buying it at the liquidity that is available on Nasdaq or the New York Stock Exchange.” The right tokenization model pairs traditional market depth and pricing with the access, transferability, and utility of onchain finance.
1:30

As assets go onchain, liquidity should follow. Done right, tokenized stocks tap into the deep liquidity already available in traditional markets. “In an ideal world, when you buy tokenized Tesla onchain, you are getting the same price as you would get in a brokerage account.” Instead of creating a parallel market, Ondo Stocks taps into liquidity where it already exists. “There is just a user buying it at the liquidity that is available on Nasdaq or the New York Stock Exchange.” The right tokenization model pairs traditional market depth and pricing with the access, transferability, and utility of onchain finance.

Ondo Finance

31,484 次观看 • 1 个月前

NEW EPISODE - How Robinhood is using the SEC's New Innovation Exemption | Johann Kerbrat Robinhood Crypto's Johann Kerbrat joins David Hoffman to unpack what the new Innovation Exemption could unlock, why stock trading is moving toward 24/7 markets, and how Robinhood is connecting tokenized equities with DeFi, perps, and Ethereum. His bigger prediction: eventually, there won’t be a “traditional market” and a “blockchain market.” There’ll just be one market. CHAPTERS --- 0:00 Bringing Tokenization to the U.S. 2:17 How Robinhood Stock Tokens Actually Work 5:19 TradFi Pushback and Demand for Tokenized Stocks 7:59 Voting Rights, Redemption and DeFi Utility 10:29 What Happens When Stocks Trade on Weekends 13:42 Will Blockchain Become the Primary Market? 18:46 Robinhood Chain’s Early Traction 21:22 Beyond Stocks: Real Estate, Gold and More 24:22 How Robinhood Chooses What to Build 26:36 What U.S. Users Still Can’t Access 29:49 Combining Tokenized Stocks With Perps 32:51 Why Robinhood Chose Ethereum 35:32 AI Agents and the Next Robinhood Products
37:45

NEW EPISODE - How Robinhood is using the SEC's New Innovation Exemption | Johann Kerbrat Robinhood Crypto's Johann Kerbrat joins David Hoffman to unpack what the new Innovation Exemption could unlock, why stock trading is moving toward 24/7 markets, and how Robinhood is connecting tokenized equities with DeFi, perps, and Ethereum. His bigger prediction: eventually, there won’t be a “traditional market” and a “blockchain market.” There’ll just be one market. CHAPTERS --- 0:00 Bringing Tokenization to the U.S. 2:17 How Robinhood Stock Tokens Actually Work 5:19 TradFi Pushback and Demand for Tokenized Stocks 7:59 Voting Rights, Redemption and DeFi Utility 10:29 What Happens When Stocks Trade on Weekends 13:42 Will Blockchain Become the Primary Market? 18:46 Robinhood Chain’s Early Traction 21:22 Beyond Stocks: Real Estate, Gold and More 24:22 How Robinhood Chooses What to Build 26:36 What U.S. Users Still Can’t Access 29:49 Combining Tokenized Stocks With Perps 32:51 Why Robinhood Chose Ethereum 35:32 AI Agents and the Next Robinhood Products

Bankless

59,819 次观看 • 12 天前

FULL INTERVIEW: Vladimir Novakovski on Lighter x Robinhood Chain, Token vs. Equity, and Lessons from Quant Days Timestamps 00:00 Intro 04:23 Options On Pre-IPO Stocks 06:49 Robinhood And Telegram Partnerships 09:58 Regulatory Parameters Per Instance 12:39 A Global Liquidity Layer 16:18 The Token Is The Equity 19:00 Buyback Mechanics Explained 21:13 Clarity's Revenue Sharing Rules 24:39 Diversified Revenue Story 28:27 Institutional Vs Retail Tracks 31:44 Lessons From Citadel And SBF 34:02 AI Agents Start Trading
35:17

FULL INTERVIEW: Vladimir Novakovski on Lighter x Robinhood Chain, Token vs. Equity, and Lessons from Quant Days Timestamps 00:00 Intro 04:23 Options On Pre-IPO Stocks 06:49 Robinhood And Telegram Partnerships 09:58 Regulatory Parameters Per Instance 12:39 A Global Liquidity Layer 16:18 The Token Is The Equity 19:00 Buyback Mechanics Explained 21:13 Clarity's Revenue Sharing Rules 24:39 Diversified Revenue Story 28:27 Institutional Vs Retail Tracks 31:44 Lessons From Citadel And SBF 34:02 AI Agents Start Trading

The Rollup

52,798 次观看 • 2 个月前

Full story with Armani Ferrante on 24/7 US equities for international investors. What is Backpack? Bona fide security entitlements. Stablecoins. US capital markets. 00:34 What is Backpack? Your neobrokerage. Your money. Your exchange. “Backpack is a globally regulated financial institution for the future of money. And right now, we are in the early innings of this incredible transformation of global finance all around the world.” 01:47 24/7 trading with a bona fide security entitlement 24/7 trading began in crypto. But not all tokenized stocks represent the same asset or come with the same legal rights. “If you take a look at what the tokenized stock issuers are doing today... these properties might be different legal rights. They might be cash settled. And so they might be more akin to something like a CFD rather than an actual security entitlement.” “What we're doing is really for the first time opening up 24/7 trading for a genuine bona fide security entitlement.” “Markets will close on Friday in the US. And over the weekend, Saturday and Sunday, people through the Backpack brokerage will continue to trade and they'll get the exact same asset that you would expect from your neighborhood brokerage account.” 03:47 The world building on US capital markets “Jensen Huang from NVIDIA, he loves to say that the world needs to build on the American tech stack. But we don't talk enough about the world building on the US capital market. And that's really the thing that's happening with crypto right now.” 04:07 Stablecoins first. Tokenized equities next. “Maybe from a domestic point of view, a stablecoin is a story about efficiency, a story about upgrading the existing financial system. But when you look internationally, it's a very different story. It's a story about access. It's a story about the entire world wanting access to US dollars, even if they don't have access to local USD banking rails.” Circle and Tether have grown into major holders of US Treasuries. Backpack is bringing that same global access to tokenized US equities on Solana. “In the exact same way that US dollars have really been exported to the entire world and proliferated through the form factor of a stablecoin, we fully expect tokenization of US equities to have the exact same effect, but for publicly traded companies in the US all around the world.”
5:08

Full story with Armani Ferrante on 24/7 US equities for international investors. What is Backpack? Bona fide security entitlements. Stablecoins. US capital markets. 00:34 What is Backpack? Your neobrokerage. Your money. Your exchange. “Backpack is a globally regulated financial institution for the future of money. And right now, we are in the early innings of this incredible transformation of global finance all around the world.” 01:47 24/7 trading with a bona fide security entitlement 24/7 trading began in crypto. But not all tokenized stocks represent the same asset or come with the same legal rights. “If you take a look at what the tokenized stock issuers are doing today... these properties might be different legal rights. They might be cash settled. And so they might be more akin to something like a CFD rather than an actual security entitlement.” “What we're doing is really for the first time opening up 24/7 trading for a genuine bona fide security entitlement.” “Markets will close on Friday in the US. And over the weekend, Saturday and Sunday, people through the Backpack brokerage will continue to trade and they'll get the exact same asset that you would expect from your neighborhood brokerage account.” 03:47 The world building on US capital markets “Jensen Huang from NVIDIA, he loves to say that the world needs to build on the American tech stack. But we don't talk enough about the world building on the US capital market. And that's really the thing that's happening with crypto right now.” 04:07 Stablecoins first. Tokenized equities next. “Maybe from a domestic point of view, a stablecoin is a story about efficiency, a story about upgrading the existing financial system. But when you look internationally, it's a very different story. It's a story about access. It's a story about the entire world wanting access to US dollars, even if they don't have access to local USD banking rails.” Circle and Tether have grown into major holders of US Treasuries. Backpack is bringing that same global access to tokenized US equities on Solana. “In the exact same way that US dollars have really been exported to the entire world and proliferated through the form factor of a stablecoin, we fully expect tokenization of US equities to have the exact same effect, but for publicly traded companies in the US all around the world.”

Backpack 🎒

53,951 次观看 • 2 个月前

Why token launches fail: extractive pricing, poor liquidity, delayed price discovery. Austin Adams of Doppler joins our Stateful podcast, hosted by Mason Nystrom. In this episode, they discuss onchain capital markets and fixing token launches and IPOs: - 20% of 2025 token launches traded below issue price - Custom onchain markets: bundle price discovery and liquidity, launch in minutes - Coding moat is over. AI writes Solidity/Rust - Solo unicorns, micro-companies, permissionless experimentation 01:42 Custom Capital Markets Onchain 04:18 One Size Fits None: Why Token Launches Fail 07:26 Best Practices for TGEs 08:34 Deep Liquidity Pools vs. ICO Fundraising 10:23 Price Discovery: The Circle IPO Case Study 13:21 IPOs in the 70s vs. Today: What Changed? 16:57 On Chain Capital Formation: The Future of IPOs 20:29 Ethereum vs. Solana: Go Where Users Are 24:25 Context Is the New Moat: AI & Coding 27:59 What Asset Do You Wish Was Tokenized? 29:45 Founder Advice: One Good Thought a Month 31:21 Rethinking L2s & the Revenue Debate
34:15

Why token launches fail: extractive pricing, poor liquidity, delayed price discovery. Austin Adams of Doppler joins our Stateful podcast, hosted by Mason Nystrom. In this episode, they discuss onchain capital markets and fixing token launches and IPOs: - 20% of 2025 token launches traded below issue price - Custom onchain markets: bundle price discovery and liquidity, launch in minutes - Coding moat is over. AI writes Solidity/Rust - Solo unicorns, micro-companies, permissionless experimentation 01:42 Custom Capital Markets Onchain 04:18 One Size Fits None: Why Token Launches Fail 07:26 Best Practices for TGEs 08:34 Deep Liquidity Pools vs. ICO Fundraising 10:23 Price Discovery: The Circle IPO Case Study 13:21 IPOs in the 70s vs. Today: What Changed? 16:57 On Chain Capital Formation: The Future of IPOs 20:29 Ethereum vs. Solana: Go Where Users Are 24:25 Context Is the New Moat: AI & Coding 27:59 What Asset Do You Wish Was Tokenized? 29:45 Founder Advice: One Good Thought a Month 31:21 Rethinking L2s & the Revenue Debate

Pantera Capital

17,412 次观看 • 6 个月前

E159: Hyperliquid: Housing all of Finance jeff.hl came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space Hyperliquid Timestamps 0:00 Intro 2:01 Singapore 2:27 Reminiscing on the Token Launch 5:00 Was This Scale Of Wealth Expected? 6:28 Doing The Right Thing In Crypto 9:07 The Responsibility that comes with Billions of $ 11:10 Jupiter KAST 11:51 Bringing Hyperliquid to the masses 15:21 Pre TGE and Post TGE: Operational difference 20:13 Choices on what to build Internally vs Externally 22:05 How to build a reliable team 24:51 Did the Team celebrate the HYPE wealth Generation event? 26:45 How to test talents for High Integrity 28:31 How much does the Hyperliquid team sleep? 30:05 Employee Vesting Fears 31:41 Dealing with FUD 32:28 How Does Jeff Personally Handle FUD 35:02 Token "Buybacks" critics 37:20 Why Hyperliquid can't have Discretionary "Buybacks" 39:04 HyperEVM, explained Simply 40:00 Paradex Zodl 40:41 HyperEVM: Success so Far? 44:05 HIP-3, explained Simply 47:44 What makes Hyperliquid's approach different 48:19 Why Should People Care? 51:33 Bring All Finance On Chain 52:08 Why Is The Hyperliquid Approach Better? 53:47 Key Numbers showing that Hyperliquid Is Doing it right 59:01 What Has the Unit team demonstrated with spot trading on Hyperliquid in 2025 1:03:29 HIP-4: Outcome Markets 1:08:01 Trezor Sui 1:08:58 What does "Housing All Of Finance" mean? 1:10:51 Why Hyperliquid is not a crypto company 1:12:23 Why Does Hyperliquid have A Stablecoin USDH (Native Markets) 1:14:39 What Is Kinetiq & Why Does It Matter? 1:16:15 Why Is What HyperLend Is Building Important For HyperLiquid 1:23:39 Where did Fairness cost the most? 1:24:47 What should Hyperliquid be Remembered for? 1:25:24 Why should people stay in Crypto when there's an AI brain drain? 1:28:10 Closing Thoughts
1:29:06

E159: Hyperliquid: Housing all of Finance jeff.hl came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space Hyperliquid Timestamps 0:00 Intro 2:01 Singapore 2:27 Reminiscing on the Token Launch 5:00 Was This Scale Of Wealth Expected? 6:28 Doing The Right Thing In Crypto 9:07 The Responsibility that comes with Billions of $ 11:10 Jupiter KAST 11:51 Bringing Hyperliquid to the masses 15:21 Pre TGE and Post TGE: Operational difference 20:13 Choices on what to build Internally vs Externally 22:05 How to build a reliable team 24:51 Did the Team celebrate the HYPE wealth Generation event? 26:45 How to test talents for High Integrity 28:31 How much does the Hyperliquid team sleep? 30:05 Employee Vesting Fears 31:41 Dealing with FUD 32:28 How Does Jeff Personally Handle FUD 35:02 Token "Buybacks" critics 37:20 Why Hyperliquid can't have Discretionary "Buybacks" 39:04 HyperEVM, explained Simply 40:00 Paradex Zodl 40:41 HyperEVM: Success so Far? 44:05 HIP-3, explained Simply 47:44 What makes Hyperliquid's approach different 48:19 Why Should People Care? 51:33 Bring All Finance On Chain 52:08 Why Is The Hyperliquid Approach Better? 53:47 Key Numbers showing that Hyperliquid Is Doing it right 59:01 What Has the Unit team demonstrated with spot trading on Hyperliquid in 2025 1:03:29 HIP-4: Outcome Markets 1:08:01 Trezor Sui 1:08:58 What does "Housing All Of Finance" mean? 1:10:51 Why Hyperliquid is not a crypto company 1:12:23 Why Does Hyperliquid have A Stablecoin USDH (Native Markets) 1:14:39 What Is Kinetiq & Why Does It Matter? 1:16:15 Why Is What HyperLend Is Building Important For HyperLiquid 1:23:39 Where did Fairness cost the most? 1:24:47 What should Hyperliquid be Remembered for? 1:25:24 Why should people stay in Crypto when there's an AI brain drain? 1:28:10 Closing Thoughts

MR SHIFT 🦁

585,900 次观看 • 7 个月前