Is Tokenization the 3rd Leg of this Bull Market?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 29 June 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Description: This Long Read Sunday explores the rise of tokenization in financial markets. NLW reads and analyzes a piece from Galaxy’s Thomas Cowan on how stablecoins, tokenized money market funds, and on-chain structured credit are leading the next wave of crypto adoption. From Wall Street’s growing interest to the regulatory hurdles ahead, today’s episode dives deep into how tokenization is quietly transforming finance—and why we may be at the start of something much bigger. Source: https://www.coindesk.com/opinion/2025/06/26/whats-next-for-tokenization Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.3	What's gone on, guys? It is Sunday, June 29th, and that means it's time for Longreed Sunday.
0:24.1	Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,
0:27.7	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:31.3	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly
0:35.3	slash breakdown pod. All right, friends, welcome back to another Longreads episode.
0:41.0	There have been really two themes that we've been discussing this week.
0:44.4	The first is Bitcoin and market reactions to everything going on in the Middle East.
0:48.7	And the second is sort of the meta theme of this last cycle, which is the increased
0:53.2	institutionalization of crypto. And even beyond that, the blending and hybridization of the meta-theme of this last cycle, which is the increased institutionalization of
0:54.4	crypto, and even beyond that, the blending and hybridization of the digital asset ecosystem
1:00.0	and the traditional financial system. Now within that, the big theme so far that have been
1:04.9	manifest are, of course, Bitcoin, which take expression in the ETFs, and now more recently,
1:10.4	the incredibly in-demand theme of
1:12.2	stablecoins. The breakout of the Circle IPO has really made people reevaluate just how
1:16.7	much hunger there is for stable coins, and many people are then wondering, is tokenization
1:22.3	the third leg of that stool? To get a take on that, we're going to head over to Galaxy's
1:27.3	Thomas Cowan. He wrote a piece
1:29.1	called What's Next for tokenization. Previous market cycles came with big promises for real-world
1:34.1	assets and the tokenization of existing financial products. This time, it's really happening.
1:39.2	Now, Thomas is the head of tokenization in on-chain capital markets at Galaxy, so is someone
	...

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