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Felix said he came out of Stablecoins’ digital asset summit “incredibly bullish.” He’s not the only one who expects big things around that sector and the broader tokenization category.
After Galaxy CEO Mike Novogratz dealt with a $200 million settlement with the New York Attorney General during a revenue call this morning, he answered questions in 2025 about where the company focuses on most of its resources.
“The first obvious answer is stubcoins both here and abroad,” he said — about payments, cross-border transactions, and more.
Stablecoins, he added, “the first real-world asset tokenized.” And now, tokenization of mortgages, collectibles, stocks, and more is coming.
“I keep saying it’s going to be like bankruptcy. It happens really slow and really fast,” Novograts said. “It’s not happening very quickly, but all TRADFI participants are preparing for it (tokenization stage). I think the crypto world is working on that.”
The promise of increased efficiency and transparency in crypto is suppressed by a lack of clarity in regulations. That’s changing.
Galaxy said it was “close” to the euro-denominated stubcoins plotted to bring along with DWS and Floating Traders. Galaxy’s investment in GK8 is a way to act as an “infrastructure technology provider” in this category as adoption recovers.
These comments came after the NYSE parent Intercontinental Exchange said it would be exploring it using Circle’s Stablecoin (and Hashnote’s tokenized money fund USYC) within derivative exchanges, clearing houses and data services.
“We believe that circle stubcoins and tokenized digital currencies can play a greater role in the capital market as digital currencies are more trusted by market participants on par with the US dollar,” NYSE President Lynn Martin said in a statement.
Fidelity is reportedly investigating the launch of Stablecoin. And we won’t rehash the USD1 of the world’s Liberty Financial here, but the point is that there was sufficient development with the US stubcoin law expected this summer.
Focusing on Das
There was also a lot of talk about Stablecoins and Rwas in Das.
I was on a security stage last week with Chief Operating Officer Michael Sonnenshain. It happened to be launched by Buidl, a tokenized money market fund for BlackRock (with the help of securitization).
https://www.youtube.com/watch?v=d_e0uhwm_qi
Buidl recently hit the billion-dollar Aum Mark and launched a new share class this week at Solana. Sonnenshein said Stablecoins “has made the cryptosystem a ’round’,” but it has turned on assets that offer stable value and have yields. People are awake to it.
“The conversation is going well and we are beginning to see all sorts of participants from OTC desks, market makers and Crypto starting to think about these assets in new ways.
Ian de Bode from Ondo Finance pointed out that Buidl and Ondo Ousg showcased the benefits of Onchain Assets: 24/7 movement, programmability and more to legacy institutions who want to follow suit to their products.
Rather than trusting tokenized MMFS/Treasurys (around $5 billion market), it replaces Stablecoins (a market capitalization of $200 billion), and industry executives are focusing on two powerful combos. The circle hints at the demand for a move between collateral and cash that will cover the yield when it acquires Hasnote in January.
“Tokenization can’t exist without stubcoins,” Staci Warden, CEO of the Arogrand Foundation, told me on the DAS main stage. “If you have turned the asset into tokens, but the money side has not turned into tokens, that’s not going to work.”
Combining yields with rapid transferability is “incredibly powerful,” she added. And all TRADFI players say, “No more tolerating their money just sitting there and doing nothing.”
