Talking Tokens: Crypto, Onchain Finance, Investing

In today's episode of Talking Tokens, Jacquelyn sits down with Krista Lynch, Managing Director, Head of Trading and Capital Markets at Grayscale, to discuss the evolution of crypto ETFs, the growth of digital asset investing, and Grayscale's plans for tokenization. Drawing on her experience at Goldman Sachs, BlackRock, and Grayscale, Krista shares the behind-the-scenes story of the US spot Bitcoin ETF approval process and explains how the crypto ETF market is expanding beyond Bitcoin and Ethereum. They explore why crypto native investors are moving assets into regulated ETF structures, how Grayscale evaluates new investment products such as Zcash, and how ETF shares can potentially be used as collateral. Krista also discusses the future of tokenized investment funds, the growing demand for 24/7 trading, and why the convergence of traditional finance and crypto could reshape global capital markets.Timestamps00:42 — From Traditional Finance to Crypto ETFs02:42 — Grayscale's Battle for Spot Bitcoin ETFs03:48 — Inside Grayscale's ETF War Room06:27 — How Crypto ETFs Differ From Traditional ETFs07:13 — Why Crypto Investors Are Moving Assets Into ETFs08:25 — Using Bitcoin ETF Shares as Collateral10:23 — What Makes a Successful Crypto ETF?11:23 — Bitcoin ETF Demand and Market Growth12:28 — Zcash and Grayscale's New Crypto Products13:13 — How Grayscale Selects Assets for ETFs15:12 — Why Crypto ETF Momentum Could Continue16:34 — Grayscale's Tokenization Plans17:57 — Tokenization and 24/7 Trading20:46 — Staking and Yield in Crypto ETFs22:26 — How Crypto and Traditional Finance Are Converging25:59 — Crypto Trading Trends and Market Structure28:01 — Tokenization and Global Market Access30:02 — The Future of Tokenized Finance30:39 — Krista Advice for Investors🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Krista Lynchhttps://www.linkedin.com/in/krista-lynch-836a453aThis episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io #TalkingTokens #Grayscale #CryptoETFs #BitcoinETF #Tokenization

Public blockchains make transactions transparent, but that transparency can become a major obstacle for institutional adoption. Financial institutions need to protect sensitive transactions, trading positions, and investment strategies without giving up the benefits of blockchain. As more capital moves onchain, privacy is becoming a critical part of the infrastructure needed to support institutional finance.In this edition of Strata Media Research, Jacquelyn Melinek sits down with Alexander Beaudry from the institutional research team to explore why onchain privacy matters and which technologies could help institutions operate privately. Alex breaks down shielded pools like Zcash, Monero, and Railgun, trusted execution environments (TEEs), permissioned networks like Canton, and emerging institutional privacy solutions from Zama. They also discuss how institutions can use DeFi without exposing their strategies to competitors, why fragmented liquidity and interoperability remain major challenges, and Alex's prediction that shielded liquidity could grow at least 5X over the next few years as institutional adoption accelerates.Timestamps00:00 Why Onchain Privacy Matters for Institutions01:34 Is Crypto Privacy Just for Criminals?02:15 Why Institutions Need Onchain Privacy03:57 How Blockchain Privacy Technologies Work05:00 Shielded Pools, TEEs, and Permissioned Ledgers06:25 Which Privacy Architecture Works Best for Institutions?06:39 Why Permissioned Blockchains Appeal to Institutions07:20 Private DeFi and Institutional Privacy Solutions08:42 The Biggest Challenges Facing Onchain Privacy09:22 The Problem With Privacy Interoperability09:54 What's Next for Onchain Privacy?10:11 How Mature Is Blockchain Privacy Technology?10:40 Why Shielded Liquidity Could Grow 5X11:39 Making Financial Privacy More Accessible▫️Check out the report:site: https://stratamedia.co/token-relations/article?slug=why-crypto-should-care-about-privacyX: https://x.com/TokenRelations/status/2117681044564398422?a=DJPqRL3xwQJVqSFI4sQ&s=20linkedin: https://www.linkedin.com/pulse/why-crypto-should-care-privacy-stratamedia-m5tte➡️ Follow Talking Tokenshttps://x.com/_TalkingTokens?lang=enhttps://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens-crypto-onchain-finance-investing/id1743669141https://talkingtokens.beehiiv.com/➡️ Follow Jacquelynhttps://x.com/jacqmelinek#Robinhood #StockTokens #Tokenization #MarketStructure #TalkingTokens

In today's episode, we brought on Changpeng "CZ" Zhao, founder of Binance, live to talk about the $6.3B Binance hack, how he found out about it and what he thinks the industry needs to change. We get into how Binance and the industry responded, what it means for users, how he thinks about North Korean hackers after the exploit and where crypto, AI, businesses and the wider industry go from here.🌐 3 Key Takeaways▪︎ CZ says "all the hacks are preventable" and that companies "have a tendency to sort of get complacent over time."▪︎ He says "we've got to use more AI to defend," since "the only way to fight a monster is to kind of become that monster."▪︎ CZ says "Binance, the industry as a whole, have not invested enough in security" and "we just got to be very diligent throughout this sort of turbulent time."Timestamps00:00 Introduction: Changpeng "CZ" Zhao, Founder of Binance00:44 How CZ Found Out About the Hack01:31 Containing the Hack and Calming Users02:42 Why CZ Thinks All Hacks Are Preventable03:23 Is This Now a National Security Problem?04:58 Is Crypto Ready for Mainstream Adoption?06:58 Trump, North Korea and Washington08:15 How AI Is Changing Crypto Security09:51 Why CZ Wants a Crypto Security Alliance10:59 What Comes Next for Crypto and AI12:58 Is CZ Still Bullish?13:24 Why the Market Stayed Calm15:35 Deposits Overtake Withdrawals18:00 CZ's Advice for the Industry and Retail UsersDisclaimer: Binance sponsors Talking Tokens, but this interview was not commissioned by Binance. Note Binance is not available in certain countries, including the U.S. See its Terms: https://www.binance.com/en/terms🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek

In today's episode of Talking Tokens, Jacquelyn sits down with Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, to explore how one of Wall Street's largest financial institutions is integrating blockchain, cryptocurrency, and artificial intelligence into its financial services. Amy discusses Morgan Stanley's expanding digital asset strategy, the growth of its Bitcoin exchange-traded products (ETPs), and the launch of spot crypto trading through E*TRADE in partnership with Zero Hash.They also dive into tokenization, AI agents, 24/7 financial markets, and the future of traditional banking. Amy explains how Morgan Stanley is exploring tokenized assets, DeFi vaults, and new investment opportunities through its Digital Asset Lab. From modernizing financial infrastructure to reducing settlement friction and keeping assets on digital rails, this conversation explores how blockchain and AI could transform the way financial institutions operate, invest, and serve clients.Timestamps 0:00 — Introduction: Amy Oldenburg01:24 — Amy Journey Into Digital Assets03:23 — Why Emerging Markets Need Digital Assets04:45 — Why People Resist Crypto and New Technology05:49 — Could AI Accelerate Blockchain Adoption?07:53 — Emerging Markets and 24/7 Trading09:25 — Why Financial Markets Need an Infrastructure Upgrade10:04 — Morgan Stanley's Digital Asset Research12:00 — Tokenization and the Future of Banking13:09 — Morgan Stanley's Crypto ETP Growth14:34 — Why Investors Are Buying Bitcoin ETPs15:43 — Moving Spot Crypto Into Investment Products16:30 — Morgan Stanley's Global Crypto Strategy19:05 — Could AI Agents Change Traditional Banking?20:50 — How Blockchain Is Changing Financial Operations22:38 — E*TRADE, Zero Hash, and Morgan Stanley's Crypto Expansion23:54 — Inside Morgan Stanley's Digital Asset Lab24:42 — DeFi Vaults and New Investment Products27:49 — Morgan Stanley's Tokenization Strategy28:56 — Why Tokenization Starts With Infrastructure29:23 — The Future of Onchain Finance and Digital Money31:35 — The Challenges of Tokenized Assets33:25 — Why Security and Infrastructure Matter35:00 — What's Next for Digital Asset Adoption?36:33 — Redesigning Traditional Financial Systems38:54 — Amy Advice for the Next Generation🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Amy Oldenburghttps://www.linkedin.com/in/amyoldenburghttps://www.instagram.com/popular/amy-oldenburg/https://x.com/AmyOldenburg_This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io

In today's episode of Talking Tokens, Jacquelyn sits down with the founder and CEO of KAST to discuss how stablecoins are powering a new generation of global banking and financial services. Drawing on his experience at Circle, where he helped expand USDC adoption in Asia-Pacific, he shares why he left to build KAST, a stablecoin-powered neobank designed for global citizens, freelancers, entrepreneurs, and businesses.They explore whether stablecoin neobanks could challenge traditional banks, why the next phase of stablecoin adoption is about solving real financial problems rather than focusing on blockchain technology, and KAST's ambition to build a global financial platform serving millions of customers. From cross-border payments and crypto spending to business accounts, financial infrastructure, and product simplicity, this conversation examines how stablecoins could reshape everyday banking and why KAST's founder believes the industry needs to stop talking about stablecoins and start building products people actually want to use.Timestamps0:00 — Introduction to KAST01:20 — From Circle and USDC to Founding KAST02:33 — Why Leave Circle to Start a Company?04:49 — What Problem Is KAST Solving?05:13 — Building a Global Neobank on Stablecoins06:12 — Banking for Global Citizens and Remote Workers07:54 — Can Neobanks Replace Traditional Banks?08:34 — Why Traditional Banking Falls Short09:18 — KAST's Long-Term Vision10:23 — Building a Global Financial Platform11:18 — Why Customers Want Everything in One Place12:05 — Why KAST Is Moving Beyond Stablecoin Messaging13:13 — Are Stablecoins Becoming Boring?15:00 — Why Crypto Needs to Focus on Real Problems16:47 — Building Better Cross-Border Payments18:00 — Personal vs. Business Banking19:15 — Introducing KAST Solo for Freelancers21:10 — How KAST Decides What Products to Build22:21 — What Customers Want From KAST23:07 — Product Development and Customer Feedback24:32 — Why Simplicity Is a Competitive Advantage26:33 — Why Every Extra Click Matters27:34 — Product Challenges and Lessons Learned30:10 — What Will Banking Look Like in the Future?31:43 — Building a Bank for the Next Generation33:35 — Why People Don't Switch Banks35:25 — What Makes KAST Different?35:49 — Advice for Founders and Entrepreneurs🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Raags Pathyhttps://x.com/raagulanpathy?lang=enhttps://sg.linkedin.com/in/raagulanpathyToday’s episode is sponsored by Anchorage Digital, America's first federally chartered digital asset bank and provider of regulated stablecoin issuance. To find out more, visit anchorage.comThis episode is sponsored by Binance, the world’s number-one crypto exchange, trusted by over 300 million people. Discover more at: https://binance.onelink.me/y874/talkingtokens . NOTE: Binance is not available in certain countries, including the U.S.; check its Terms for more information: https://www.binance.com/en/terms #TalkingTokens #KAST #Stablecoins #Neobanks #FutureOfBanking

In today's episode of Talking Tokens, Jacquelyn sits down with Alex Cutler, CEO of Dromos Labs and a core contributor to Aerodrome, now Aero, to discuss why the decentralized exchange is expanding beyond Base blockchain and positioning itself as exchange infrastructure for the broader onchain economy.Alex breaks down Aero's multichain expansion, the rise of tokenized stocks, and why he believes onchain exchanges can increasingly compete with traditional venues like Nasdaq and the NYSE. They also discuss the relationship between centralized and decentralized exchanges, making DeFi infrastructure invisible to users, token value capture, 24/7 markets, FX and the next generation of Aero.Timestamps00:00 Intro00:55 Aerodrome Becomes Aero01:51 Why Aero Is Going Multichain03:27 Is Base Still the Leading L2?04:56 Robinhood's Onchain Growth07:30 Centralized vs. Decentralized Exchanges09:22 Will Consumers Actually Use DEXs?10:20 Bringing Stocks Onchain12:00 Why Onchain Markets Can Compete With Nasdaq13:55 Turning Stock Exchanges Into Code15:09 $1.5B in Tokenized Stock Volume16:01 How Fast Can Tokenized Markets Grow?17:01 Taking Market Share From Traditional Exchanges17:40 Bringing Exotic Assets Onchain18:22 Why Markets Want to Be 24/719:24 Do Crypto Tokens Create Real Value?21:59 Why Aerodrome Redistributes 100% of Value24:02 What's Wrong With Traditional Token Models?25:04 Competing With Wall Street26:16 What Alex Would Do Differently27:20 What's New in Aero28:46 How Predictive Allocation Works30:21 Building Markets From First Principles31:23 Where Aero Could Be in One Year🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Alex Cutlerhttps://x.com/wagmiAlexander#Aero #Aerodrome #TokenizedStocks #DeFi #OnchainFinance

In today's episode of Talking Tokens, Jacquelyn sits down with Liam Karwan, Head of RWAs at Chainlink Labs, to discuss how tokenization is changing global capital markets, what financial institutions need to move assets onchain, and why the next phase of adoption will require more than just blockchain technology.Liam explains how Chainlink connects banks, asset managers, blockchains and DeFi protocols through data infrastructure, cross-chain interoperability and transaction orchestration. They explore why institutions are shifting from blockchain experimentation toward measurable business outcomes, what's holding back institutional-scale liquidity, and how tokenized equities, stablecoins and fintech platforms could accelerate adoption.They also discuss the role of Robinhood, Coinbase and other financial platforms in bringing mainstream users onchain, the difference between wrapped and natively issued tokenized equities, and what it would take for blockchain to support financial markets at a much larger scale.TIMESTAMPS00:00 Introduction 01:16 What Is Tokenization?01:59 How Tokenization Has Changed in 12 Months02:24 Chainlink's Role in Onchain Finance03:13 What Financial Institutions Want From Chainlink03:33 Why Institutional Conversations Have Changed04:29 Are Tokenization Projects Succeeding?04:54 Simple vs. Complex Institutional Use Cases05:47 The Next Phase of Institutional Adoption06:08 Private Blockchains, Compliance and Interoperability07:25 Why Technology Isn't the Biggest Bottleneck07:47 Making the Business Case for Blockchain08:20 How Quickly Will Tokenization Scale?08:37 The $100 Trillion Capital Markets Opportunity09:05 Why Chainlink Wants to Connect Financial Networks09:48 Which Institutions Are Adopting RWAs?10:40 Why Hedge Funds Are Moving More Slowly11:25 Is Onchain Finance Ready for Wall Street?12:22 Stablecoins, Liquidity and Yield Opportunities12:44 Why Fintechs Could Drive Mainstream Adoption13:26 Will Consumers Know They're Using Blockchain?14:46 Why Crypto Focused on Infrastructure First15:45 How Onchain Finance Improves Financial Products16:31 Institutional Adoption in South Korea17:26 Why Tokenized Equities Matter18:14 Are Tokenized Stocks Overhyped?18:52 Wrapped vs. Native Tokenized Equities19:37 How the Tokenization Industry Has Evolved20:44 Why Asset Managers Are Focusing on Distribution21:10 Chainlink's Long-Term Vision21:35 What Will Drive the Next Wave of RWA Adoption?21:54 Fintechs, Stablecoins and New Onchain Demand🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️  Follow Liam Karwanhttps://x.com/KarwanLiam05#Chainlink #Tokenization #RWA #OnchainFinance #TokenizedStocks

In today's Solana Sessions episode of Talking Tokens, Jacquelyn sits down with Todd McDonald, co-founder of R3, to discuss how institutional blockchain has evolved over the past decade and why R3 is moving from private blockchain networks toward open markets, including building the next version of Corda as a protocol on Solana. Todd explains why he believes all markets will eventually move onchain, what banks actually want from blockchain today, why R3 concluded that open networks win, and how tokenization can connect traditional assets with capital already living onchain. They also discuss why R3 chose Solana, what institutions care about when selecting blockchain infrastructure, and why fixed income and alternative assets could be among the next major markets for tokenization.Timestamps00:00 Intro00:32 How Institutional Blockchain Has Changed02:55 Why All Markets Will Move Onchain04:08 Why Todd McDonald Started R306:25 Buying Bitcoin in the Early Days07:37 How R3 Got Major Banks Onboard09:56 What Crypto Gets Wrong About Banks12:10 How Banks Are Using Blockchain Today13:38 Why R3 Changed Its Strategy14:00 Moving From Private to Open Networks14:24 Why R3 Chose Solana16:29 Bringing Corda to Solana16:52 What Banks Care About in a Blockchain18:18 What R3 Got Wrong19:00 Lessons From R3's Early Network Strategy20:05 Why Open Networks Win22:05 What's Next for Banks Onchain23:07 The Opportunity Beyond Tokenized Dollars24:05 The Trillions in Tokenization26:17 What Tokenization Actually Means27:26 Bring the Assets to the Money27:57 The State of Tokenization28:57 What Has Changed in Five Years30:12 What Banks Want From Tokenization31:04 What's Next for Tokenization31:59 Todd's Advice for BuildersToday’s episode is sponsored by Anchorage Digital, America's first federally chartered digital asset bank and provider of regulated stablecoin issuance. To find out more, visit anchorage.com This episode is a part of the Solana Sessions campaign between Token Relations and the Talking Tokens podcast, diving into founders' journeys and startups building on Solana. Check out the accompanying newsletter on www.stratamedia.co/token-relations/solana This episode is sponsored by Binance, the world’s number-one crypto exchange, trusted by over 300 million people. Discover more at: https://binance.onelink.me/y874/talkingtokens . NOTE: Binance is not available in certain countries, including the U.S.; check its Terms for more information: https://www.binance.com/en/terms 🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Todd McDonald https://www.linkedin.com/in/toddvmcdonald/?isSelfProfile=false#R3 #Solana #Tokenization #Corda #OnchainFinance

In today's episode of Talking Tokens, Jacquelyn sits down with Josh Cheong, Head of Product and Growth at Mantle, to discuss the next phase of real-world asset (RWA) tokenization and why distribution is becoming as important as the technology behind it.Drawing on his experience at Citi and Parity Technologies, Joshua explains why tokenized equities are attracting attention, what banks and asset managers want from onchain finance, and how Mantle is approaching institutional adoption through partnerships and distribution. They also discuss the role of stablecoins in banking, how tokenization can expand access to financial markets, why tokenized real estate has struggled to gain comparable traction, and what it would take for RWAs to achieve mainstream institutional adoption.Timestamps 00:00 Introduction Joshua Cheong00:36 The Current State of RWA Tokenization01:28 Is the Infrastructure Phase Almost Over?02:24 Why Distribution Is the Next Challenge03:08 Bringing Institutional Assets Onchain04:49 What Asset Managers Actually Need05:08 Two Ways Tokenization Creates Value06:05 Faster Settlement and Capital Efficiency07:03 Lessons From Citi and Traditional Banking08:51 Are Banks Finally Adopting Blockchain?09:15 Why Stablecoins Matter to Banks09:52 What's Slowing Institutional Adoption?11:21 What Assets Are Worth Tokenizing?11:50 Why Tokenized Equities Are Gaining Momentum13:14 Who Will Win the Tokenization Market?13:38 Why Distribution Matters More Than Ever14:34 Mantle, Bybit and the Distribution Advantage15:30 What Institutions Actually Want16:32 Why Tokenized Real Estate Is Lagging17:22 The Next Major Milestone for RWAs🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️  Follow Joshua Cheonghttps://sg.linkedin.com/in/joshuacheonghttps://x.com/joshuacheong#Mantle #RWA #Tokenization #TokenizedStocks #OnchainFinance

In today's episode of Talking Tokens, Jacquelyn sits down with Yuval Rooz, co-founder and CEO of Digital Asset, the team building the Canton blockchain, to discuss what it will actually take to bring global capital markets onchain and why institutional blockchain infrastructure requires a fundamentally different approach.    Yuval explains why privacy is non-negotiable for institutional finance, why maximum decentralization isn't always the answer, and why many products called “tokenized equities” aren't actually tokenized equities. He also breaks down why moving just 1% of capital markets onchain would already represent enormous scale, which financial assets could get there first, and how blockchain could eventually make entirely new financial products economically viable.Timestamps00:00 Intro01:14 Why Now Is the Moment for Onchain Capital Markets02:34 Building Digital Asset04:05 How Canton Differentiates Itself04:56 Why Privacy Is Non-Negotiable06:32 Why Institutions Need Privacy09:21 Does Institutional Finance Need Decentralization?10:31 Stablecoins and the Limits of Decentralization12:04 How Canton Approaches Governance13:44 What “Permissionless” Really Means14:53 How Digital Asset Talks to Institutions15:36 Selling Solutions, Not Blockchain17:45 What Institutions Actually Want18:43 Finding Blockchain Use Cases With Real ROI21:14 Which Onchain Use Cases Are Working?23:32 The State of Tokenization Today24:12 Are Tokenized Equities Really Tokenized Equities?25:36 How Early Is Onchain Finance?26:54 What Will Make Tokenization Take Off?27:22 Why 1% of Capital Markets Is Enough28:31 Which Assets Will Move Onchain First?29:10 What Finance Could Look Like in 5–10 Years29:21 Driving the Cost of Financial Infrastructure Toward Zero🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Yuval Roozhttps://x.com/YuvalRoozhttps://www.linkedin.com/in/yuvalroozThis episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io #CantonNetwork #Tokenization #OnchainFinance #CapitalMarkets #RWA