Crypto for Advisors: It’s time for tokenization to get to work

Happy Thursday, advisors!

In today’s newsletter, Jason Barraza explores why the conversation at TokenizeThis 2026 shifted from "if" to "how" as asset managers prioritize real-world utility over hype. He also highlights the remaining infrastructure gaps that must be solved to unlock the next phase of institutional adoption.

Then, in “Ask an Expert,” Joshua de Vos from CoinDesk Research answers questions about tokenized investment products and current market trends.

Happy reading.

Tokenization grew up in 2026, now it has to get to work

Key takeaways from TokenizeThis 2026, where the debate shifted from whether real-world assets belong on-chain to whether anyone is actually using them.

Bitcoin sat around $60,000 for most of the TokenizeThis 2026 conference, and almost nobody on stage seemed to care. The crypto and tokenization narratives have diverged. Tokenized real-world assets (RWAs) have pushed past $30 billion, roughly six times where they sat at the start of 2025. During their keynote, RedStone’s founders cited an EY and Coinbase Institutional survey which found 64% of asset managers now want to tokenize, up from 40% a year earlier. As the keynote put it, the argument about demand for tokenization is over.

Regulation is why the mood changed from last year. The $GENIUS Act gave payment stablecoins legitimacy, and speakers repeatedly pointed to the CLARITY Act, still working through the Senate, as the bigger unlock. RedStone co-founder Marcin Kazmierczak framed it bluntly: CLARITY could be a 10x or even 100x moment relative to $GENIUS, because it opens the door to the full range of asset classes.

Where’s the traction? Cash and collateral are the beachheads

Collateral is where tokenization earns its keep first. On the repo panel, Broadridge's Robert Krugman said his firm now moves around $370 billion of tokenized repo a day on the Canton network. That is a sliver of the $12 trillion US repo market, but a real one, and the programmability pitch is simple.

"If you want to borrow for five minutes, you pay for five minutes [instead of a full day]. It's a no-brainer," said Ami Ben-David, CEO at Ownera.

Asset managers echoed utility over novelty. A recurring principle was that if you tokenize a product, it has to be a net better product than the one it replaces. Apollo's Christine Moy said the firm's tokenized private credit fund has confirmed what she calls the "superpowers" of onchain assets: secondary liquidity for otherwise illiquid products, and the ability to post private credit as collateral in DeFi protocols like Aave and Morpho.

- Joshua de Vos, head of research, CoinDesk

Keep Reading

• Clarity Act update: A new version of the Digital Asset Market Clarity Act is circulating as the U.S. Senate sets up for what could be its last major push to get the crypto industry’s long-awaited market structure bill into law.
• Russia's State Duma passes its cryptocurrency regulation bill, legalizing crypto for cross-border trade while keeping domestic payments banned, with the main provisions taking effect September 1 pending Putin's signature.
• Japan reclassifies crypto as a financial asset, as lawmakers state crypto has outgrown its role as a payment method and requires rules designed for investment products.

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