Dialogue with BlackRock's Head of Digital Assets: How Do Tokenized Stocks Work?

marsbitОпубликовано 2026-04-01Обновлено 2026-04-01

Введение

The article "Dialogue with BlackRock's Digital Asset Head: How Do Tokenized Stocks Work?" features a discussion with industry experts including Robert Mitchnick (BlackRock), Rob Hadick (Dragonfly), and Noah Levine (a16z). The conversation explores the evolution and mechanics of tokenized assets, particularly stocks. Key takeaways highlight that tokenization is primarily an "access" story, enabling broader investor participation in traditionally hard-to-reach asset classes, rather than just an efficiency improvement. Stablecoins are evolving from payment tools into foundational financial infrastructure, acting as an entry point for investment and asset management. Most current "tokenized stock" offerings are transitional, often representing derivative-like structures rather than true on-chain ownership, with limitations like transfer restrictions due to whitelisting and compliance requirements. The discussion covers three main structures for tokenized equities: SPV-based models, rights-based tokens (e.g., Securitize’s approach), and native on-chain issuance (e.g., Superstate). The latter is seen as the most promising for enabling true composability and functionality like collateralization. Regulatory clarity and infrastructure development are critical for advancing toward permissionless, liquid markets. Initiatives like the NYSE’s partnership with Securitize for 24/7 trading are noted, though the core demand is for improved asset utilization efficiency, not just extended ho...

Author: Payment 201

Speaker: Pet Berisha (Co-founder of Tokenized)

Guests: Rob Hadick (Dragonfly GP), Robert Mitchnick (BlackRock Head of Digital Assets), Noah Levine (Andreessen Horowitz Partner)

Timeline:

00:00 Introduction

{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is the three main structural types of tokenized equity mentioned in the article?","acceptedAnswer":{"@type":"Answer","text":"The three main structural types are: 1) SPV (Special Purpose Vehicle) structure, where an SPV buys a stock asset and tokenizes the SPV for distribution to investors; 2) 'Rights-based tokens', where the asset is issued off-chain and tokenized for wallet users to hold and gain exposure; 3) Fully on-chain issued stock, where new securities are issued natively on-chain, granting direct ownership of the underlying stock."}},{"@type":"Question","name":"According to the discussion, what is the core value proposition of tokenization, as opposed to just an efficiency story?","acceptedAnswer":{"@type":"Answer","text":"The core value proposition of tokenization is not just efficiency improvement, but rather expanding investment access ('access story'). It allows crypto-native users to access a wider range of traditional assets and enables more global investors to enter a unified market, essentially expanding the demand side rather than just optimizing the supply side."}},{"@type":"Question","name":"What is identified as the core bottleneck for the liquidity of current tokenized assets?","acceptedAnswer":{"@type":"Answer","text":"The core bottleneck for liquidity is the whitelist and compliance restrictions. As long as assets must be transferred between restricted addresses, true liquidity and DeFi composability cannot be achieved."}},{"@type":"Question","name":"How do the panelists differentiate the use cases for stablecoins versus tokenized deposits?","acceptedAnswer":{"@type":"Answer","text":"Stablecoins are seen as serving different scenarios,偏向跨境、加密市场和美元化需求 (leaning towards cross-border, crypto markets, and dollarization needs). Tokenized deposits are seen as serving different scenarios,偏向银行体系内部的资金流转和效率优化 (leaning towards internal fund flow and efficiency optimization within the banking system). They serve different user groups and will likely form a structure with multiple forms of capital coexistence."}},{"@type":"Question","name":"What long-term change in market structure is predicted if all assets are on-chain in 5-7 years?","acceptedAnswer":{"@type":"Answer","text":"The market structure is predicted to become significantly flatter. The current transaction process involves many intermediaries (brokers, exchanges, clearinghouses, custodians, etc.), and tokenization can compress these layers. The result will be lower costs for investors, expanded reach for asset management institutions, and an opportunity for crypto infrastructure to enter the mainstream financial system."}}]}

Связанные с этим вопросы

QWhat is the three main structural types of tokenized equity mentioned in the article?

AThe three main structural types are: 1) SPV (Special Purpose Vehicle) structure, where an SPV buys a stock asset and tokenizes the SPV for distribution to investors; 2) 'Rights-based tokens', where the asset is issued off-chain and tokenized for wallet users to hold and gain exposure; 3) Fully on-chain issued stock, where new securities are issued natively on-chain, granting direct ownership of the underlying stock.

QAccording to the discussion, what is the core value proposition of tokenization, as opposed to just an efficiency story?

AThe core value proposition of tokenization is not just efficiency improvement, but rather expanding investment access ('access story'). It allows crypto-native users to access a wider range of traditional assets and enables more global investors to enter a unified market, essentially expanding the demand side rather than just optimizing the supply side.

QWhat is identified as the core bottleneck for the liquidity of current tokenized assets?

AThe core bottleneck for liquidity is the whitelist and compliance restrictions. As long as assets must be transferred between restricted addresses, true liquidity and DeFi composability cannot be achieved.

QHow do the panelists differentiate the use cases for stablecoins versus tokenized deposits?

AStablecoins are seen as serving different scenarios,偏向跨境、加密市场和美元化需求 (leaning towards cross-border, crypto markets, and dollarization needs). Tokenized deposits are seen as serving different scenarios,偏向银行体系内部的资金流转和效率优化 (leaning towards internal fund flow and efficiency optimization within the banking system). They serve different user groups and will likely form a structure with multiple forms of capital coexistence.

QWhat long-term change in market structure is predicted if all assets are on-chain in 5-7 years?

AThe market structure is predicted to become significantly flatter. The current transaction process involves many intermediaries (brokers, exchanges, clearinghouses, custodians, etc.), and tokenization can compress these layers. The result will be lower costs for investors, expanded reach for asset management institutions, and an opportunity for crypto infrastructure to enter the mainstream financial system.

Похожее

BREAKING – Michael Saylor Tries To Cool Bitcoin’s Internal Rivalries — But Can He?
In a new paper, Michael Saylor addresses internal tensions within the Bitcoin community by identifying four primary camps: Maximalists, who view it as sound money; Capitalists, focused on institutional integration; Technologists, pushing protocol upgrades; and Fundamentalists, prioritizing decentralization and self-custody. Saylor argues these divisions reflect Bitcoin's maturation into a broader financial system, reaching individuals, companies, and governments, rather than signaling collapse. He suggests Bitcoin can maintain its core protocol while supporting growth in surrounding financial markets and products. This analysis comes amid market pressure on his company, MicroStrategy, following its first Bitcoin sale since 2022. The central question remains whether Saylor can mediate these rivalries rooted in money, politics, and principle.
bitcoinist1 ч. назад
bitcoinist1 ч. назад

Hoskinson Denies Cardano Exit Rumors: ‘I’m Not Leaving’
Cardano founder Charles Hoskinson dismissed rumors of his departure, clarifying in a June 4 livestream that he is only stepping back from public communication, not resigning from the project. This followed community concern after his "taking a break" post on X. Hoskinson cited an unsustainable level of online toxicity, with nearly one-third of replies to his posts being hostile or abusive, making meaningful engagement nearly impossible. While acknowledging X's role in crypto information flow, he stated the psychological cost is too high. He emphasized his focus remains on technological development like RealFi, Midnight, and research, not on ADA's price. Hoskinson described a "tale of two Cardanos": significant protocol advancements versus poor market performance leading critics to label it a failure. He called for the community to resolve this dissonance by moving discussions away from X, rethinking incentives, and developing a new shared roadmap. He was critical of the Cardano Foundation's lack of accountability. Hoskinson announced he will take time away from public videos and social media to reflect, but will continue working on Midnight. He stated he will only engage in channels where he is treated with respect and dignity.
bitcoinist2 ч. назад
bitcoinist2 ч. назад

There’s An FOMC Meeting Scheduled This Month, But Will The Fed Decision Affect Bitcoin?
The Federal Open Market Committee (FOMC) is scheduled to meet on June 16-17, with markets widely expecting the Fed to maintain interest rates at their current level of 3.5-3.75%. According to the CME FedWatch Tool, there is a 99.4% probability of rates remaining unchanged. The outcome of this meeting is anticipated to impact Bitcoin's price. If rates are held steady, Bitcoin's current market trajectory is likely to continue unchanged. Conversely, an unexpected rate hike could trigger bearish sentiment by reducing investor risk appetite and market liquidity, potentially leading to sell-offs. A rate cut, though currently considered improbable, would be the most bullish scenario, encouraging investment in risk assets like Bitcoin and potentially driving its price higher.
bitcoinist4 ч. назад
bitcoinist4 ч. назад

Anthropic's IPO Launch: Commercial Miracle or Valuation Bubble?
Anthropic has confidentially filed for an IPO, led by Morgan Stanley and Goldman Sachs, potentially going public by October. Following its latest $650 billion funding round, its pre-IPO valuation stands at $965 billion, with projections reaching up to $2 trillion at listing, which would make it the highest-valued private company ever. The article, written by Fu Sheng, addresses skepticism that this represents an AI bubble akin to the 2000 dot-com crash. It argues the current situation differs fundamentally. Unlike the internet bubble era, which relied on speculative narratives with little revenue, Anthropic's valuation is backed by unprecedented, measurable financial performance. Key data points include: * **Revenue Growth:** ARR skyrocketed from $10 billion in early 2025 to $470 billion by May 2026, targeting $100 billion by year-end—a growth curve unmatched in business history. * **Profitability:** It achieved operating profitability in Q2 2026 with an estimated $5.6 billion profit. * **Efficiency:** With ~3,000 employees and ~$470 billion ARR, its revenue per employee exceeds $10 million. Products like Claude Code, launched less than a year ago, already generate $25 billion in annualized revenue. * **Enterprise Adoption:** It boasts a strong enterprise client base, with 8 of the Fortune 10 and over 1,000 large firms spending over $1 million annually on Claude. The valuation is framed using a traditional SaaS model (e.g., a 10x Price-to-Sales multiple on $100 billion revenue). The author contends the core question for analysts has shifted from "How big could this be?" to "How much is it earning and will earn next quarter?" The discussion extends beyond Anthropic to a broader paradigm shift: the transition from a "carbon-based" to a "silicon-based" economy. Companies are increasingly prioritizing investment in compute and AI capabilities over human resources, as these directly scale productivity and competitive advantage. Anthropic's IPO is thus positioned not just as a corporate milestone, but as a price anchor for this new economic era.
链捕手4 ч. назад
链捕手4 ч. назад

US Senators Press Bank Regulators For ‘Fair’ Crypto Capital Rules
A group of U.S. Senate Republicans, led by Senator Cynthia Lummis, is urging federal bank regulators to establish clear and fair capital rules for banks involved with crypto assets. In a letter to the Federal Reserve, FDIC, and OCC, the lawmakers criticized the international Basel Committee's standards, which impose a punitive 1,250% risk weight on crypto assets, calling it a de facto ban not based on actual risk. They applauded recent interagency guidance that granted tokenized securities the same capital treatment as traditional ones, arguing this risk-based principle should apply consistently to all digital assets. The senators called on the agencies to develop a new capital framework, aligning with recent legislative progress on crypto market structure. Their push coincides with testimonies from top regulators, who emphasized a shift toward more risk-based supervision and responsible innovation, while also addressing stablecoin oversight under new proposals.
bitcoinist4 ч. назад
bitcoinist4 ч. назад

Торговля

Спот

Фьючерсы

Обсуждения

Добро пожаловать в Сообщество HTX. Здесь вы сможете быть в курсе последних новостей о развитии платформы и получить доступ к профессиональной аналитической информации о рынке. Мнения пользователей о цене на S (S) представлены ниже.

Топ вопросы
Протокол GHOSTDAG на Kaspa - это модифицированная версия протокола GHOST (Greedy Heaviest Observed S10/13 01:55
Что такое жидкий стейкинг на Stride?10/13 01:55
Как можно проанализировать производительность STBL?09/26 01:48
Какова текущая цена AiShiba (SHIBAI)?09/26 01:48
Существуют ли какие-либо риски, связанные с AiShiba (SHIBAI)?09/26 01:48

Популярные категории
Project Updates1,641 новостей

Популярные теги
Price1,024 новостей
ADA91 новостей
Cardano127 новостей
Hoskinson28 новостей
Roadmap73 новостей

Dialogue with BlackRock's Head of Digital Assets: How Do Tokenized Stocks Work?

Введение

Связанные с этим вопросы

Похожее

BREAKING – Michael Saylor Tries To Cool Bitcoin’s Internal Rivalries — But Can He?

Hoskinson Denies Cardano Exit Rumors: ‘I’m Not Leaving’

There’s An FOMC Meeting Scheduled This Month, But Will The Fed Decision Affect Bitcoin?

Anthropic's IPO Launch: Commercial Miracle or Valuation Bubble?

US Senators Press Bank Regulators For ‘Fair’ Crypto Capital Rules

Торговля

Популярные статьи

Как купить S

Sonic: Обновления под руководством Андре Кронье – новая звезда Layer-1 на фоне спада рынка

HTX Learn: Пройдите обучение по "Sonic" и разделите 1000 USDT

Обсуждения

Топ вопросы

Популярные категории

Популярные теги