big shift in how Wall Street thinks about tokenization nowadays: tokenization isn't just a back-office experiment anymore, cutting costs & upgrading to 24/7 systems. it's the new front-office opportunity ($$$): net-new customers, AUM growth, global distribution, product creation. I got to dive into this in our latest episode of Stateful with Sandy Kaul, Head of Innovation at @FTI_US, and @iandebode, President at @OndoFinance. Trailblazers at the frontier of tokenized assets, who have partnered to bring Franklin Templeton ETFs onchain via Ondo. in this conversation, we discussed how capital markets are coming onchain: - 100% of Franklin Templeton’s digital asset AUM comes from net new crypto-native customers. - Ondo’s tokenized ETFs: permissionless, 24/7, usable as #DeFi# collateral, like stablecoins for stocks - AI agents will need blockchain rails to execute 183 trillion in machine-to-machine transactions - a crypto whale bought $50M of Google stock in a single trade - smart wrappers vs. dumb wrappers: the future of assets is software first and #AI-native# - the headline for "Mission Accomplished": net new inflows to on-chain tokenized products exceed off-chain flows - the "rookie mistakes" at the start of their tokenization journeys - what’s next for both: equities perps, on-chain portfolio construction, and Franklin Crypto’s multi-manager platform