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Tokenization today is focused on the end user and multiple steps removed from the issuer. But soon, it will be led by the issuer and that unlocks lower costs, closer relationships with holders, and better information. Tokenization of primary issuance is coming and it will upgrade our capital markets....

12,900 просмотров • 1 месяц назад •via X (Twitter)

Комментарии: 8

Фото профиля Thomas Pratter
Thomas Pratter1 месяц назад

onchain issuer + interop. two pieces people overlook. 🫡

Фото профиля 0x阿豆
0x阿豆1 месяц назад

一级市场代币化落地的话成本降得明显

Фото профиля Mack 🦾
Mack 🦾1 месяц назад

💯

Фото профиля Frank Chaparro
Frank Chaparro1 месяц назад

If you want to listen to the full episode, check it out here:

Фото профиля Hebe | 🕊️🪑
Hebe | 🕊️🪑1 месяц назад

this is exactly the kind of shift that makes the space worth watching

Фото профиля Amantur | Crypto × Law
Amantur | Crypto × Law1 месяц назад

closer holder relationships only work if the token is on the register. that's the line SEC staff drew in january between issuer-sponsored tokens and third-party custodial or synthetic ones

Фото профиля Danilo Cerullo
Danilo Cerullo1 месяц назад

an issuer actually knowing who holds their stock is a bigger change than the cost saving

Фото профиля 고조 체인
고조 체인1 месяц назад

direct distribution kills the middleman margins, finally feels like real market efficiency

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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

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Bitwise CIO Matt Hougan: “Ethereum is the leading play on stablecoins and tokenization” “The community had gone somewhat astray and was in the depths of despair earlier this year with a super long technical roadmap and accusations of being ‘ivory tower’, and now they’re much more tasked on the market. I think they’re shipping better. I think the community is focused on investors. I think it’s their market to lose on stablecoins and tokenization, so I’m very bullish on ETH and own a lot of it — it’s the second largest position in our crypto index fund. Very very bullish.” Matt believes the market is underestimating tokenization in particular: “You have the chair of the SEC saying the entire market will move onto blockchain-based rails. You have the CEO of the largest asset manager saying every asset will be tokenized. And yet, people still talk more about stablecoins than they do about tokenization. Tokenization is a bigger market. There’s $100 trillion of equities. There’s more of that of bonds. There’s even more of that in real estate. Those are enormous markets. The New York Stock Exchange, NASDAQ, CBOE, BlackRock, Goldman Sachs, J.P. Morgan — they’re all focused on this space. I just think it will happen faster than people think. I come from the ETF industry, and people were hugely skeptical of that as an evolution in financial markets. I saw the same sort of grassroots-level adoption there that I’m seeing in tokenization. I think people are underestimating the uptick.” Source: MR SHIFT 🦁 (Jan 2026)

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