Tokenized Podcast
@TokenizedPod
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Agent traffic is starting to outpace human traffic on the internet, and that breaks the old ad model for publishers.
@cuysheffield on the latest episode of Tokenized with cohost @sytaylor and guests @natalyathakur and @TuongvyLe12 said:
Cloudflare's answer is a payment gate for bots. Block them, or let them crawl for a fee.
“Yeah sure you can crawl my site but I'm gonna charge you one cent or 2 cents you know for doing that.”
The harder problem sits on the buy side. Give an agent its own wallet, spun up from a parent account, so it can pay its way across the web when it hits a paywall.
🎙️ Listen to the latest on tokenizedpod(dot)com
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Wells Fargo is tokenizing deposits but it’s not trying to turn them into stablecoins.
@natalyathakur, Founder & CEO of @KnovaFinance, explained on Tokenized with @sytaylor and @cuysheffield:
“This is a defensive position. It's how do I defend my deposit base, and how do I do it with better plumbing.”
The key difference: tokenized deposits stay within the bank’s ecosystem, preserving deposit protections, while stablecoins are built to move freely across wallets, borders, and networks.
🎙️ Listen to the latest episode on Tokenizedpod(dot)com
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🚨 Ep. 95 of @TokenizedPod: The Era of 24/7 Money
@sytaylor & @cuysheffield are joined by:
👉 @natalyathakur, Founder & CEO, @KnovaFinance
👉 @TuongvyLe12, General Counsel, @veda_labs
To discuss:
🚀 Western Union and Rain launch Stablecard in 37 markets
🪙 Idle stablecoin balances and yield earning potential
💳 Self custodial model attractiveness for internationalization
🏦 Western Union business model shift with wallet plus card
👀 Stablecoins as opportunity not threat for banks
🏛️ Wells Fargo tokenized deposits for corporate clients
❗️ Interoperability risks of bank permissioned blockchain networks
🤔 Safety and soundness concerns with 24/7 programmable deposits
🤖 Cloudflare programmable wallets for AI agent payments
💰 BlackRock tokenized money market funds for stablecoin reserves
***
Timestamps:
00:00 Introduction
2:04 Western Union and Rain launch Stablecard in 37 markets
3:46 Idle stablecoin balances and yield earning potential
5:44 Self custodial model attractiveness for internationalization
6:23 Western Union business model shift with wallet plus card
10:00 Stablecoins as opportunity not threat for banks
15:06 Wells Fargo tokenized deposits for corporate clients
19:54 Interoperability risks of bank permissioned blockchain networks
26:41 Safety and soundness concerns with 24/7 programmable deposits
33:57 Cloudflare programmable wallets for AI agent payments
44:02 BlackRock tokenized money market funds for stablecoin reserves
***
👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈
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🚨 Ep. 95 of @TokenizedPod: The Era of 24/7 Money
@sytaylor & @cuysheffield are joined by:
👉 @natalyathakur, Founder & CEO, @KnovaFinance
👉 @TuongvyLe12, General Counsel, @veda_labs
To discuss:
🚀 Western Union and Rain launch Stablecard in 37 markets
🪙 Idle stablecoin balances and yield earning potential
💳 Self custodial model attractiveness for internationalization
🏦 Western Union business model shift with wallet plus card
👀 Stablecoins as opportunity not threat for banks
🏛️ Wells Fargo tokenized deposits for corporate clients
❗️ Interoperability risks of bank permissioned blockchain networks
🤔 Safety and soundness concerns with 24/7 programmable deposits
🤖 Cloudflare programmable wallets for AI agent payments
💰 BlackRock tokenized money market funds for stablecoin reserves
***
Timestamps:
00:00 Introduction
2:04 Western Union and Rain launch Stablecard in 37 markets
3:46 Idle stablecoin balances and yield earning potential
5:44 Self custodial model attractiveness for internationalization
6:23 Western Union business model shift with wallet plus card
10:00 Stablecoins as opportunity not threat for banks
15:06 Wells Fargo tokenized deposits for corporate clients
19:54 Interoperability risks of bank permissioned blockchain networks
26:41 Safety and soundness concerns with 24/7 programmable deposits
33:57 Cloudflare programmable wallets for AI agent payments
44:02 BlackRock tokenized money market funds for stablecoin reserves
***
👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈
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AI agents can now hold wallets. But what would happen if they go off script?
@TuongvyLe12, General Counsel, @veda_labs on Tokenized with @sytaylor and @cuysheffield said:
“The constraints are enforced by the actual infrastructure, the agent can act freely within that mandate, but structurally it can't act outside of it.”
When something goes wrong, a court will ask what permissions the AI had and who was watching. Just because it's an AI doesn't mean its actions can't be traced back to a human decision.
🎙️ Listen to the latest episode on Tokenizedpod(dot)com
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Investment firm @BaillieGifford recently launched the Baillie Gifford Enhanced Yield Fund aka BAGEY: an onchain, regulated tokenized bond fund natively on Ethereum and Solana.
"That is where we are headed."
@TuongvyLe12 on @TokenizedPod:
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Stablecoin settlement never sleeps. Bank liquidity rules do.
Tuongvy Le, General Counsel at @veda_labs and a former GC at a federally regulated bank, walked through what 24/7 programmable money does to safety and soundness on the latest episode of Tokenized with hosts @sytaylor and @cuysheffield.
Wholesale deposits are hot money. Consumer deposits are sticky. Silicon Valley Bank showed what happens once the hot money can move instantly.
One bank modelled the hit to its liquidity coverage ratio from offering weekend stablecoin settlement to institutional clients. The result was some deposit flight and a real balance sheet cost.
"You can offset that by charging fees for people to make payments over a weekend that they couldn't before."
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🚨 Ep. 95 of @TokenizedPod: The Era of 24/7 Money
@sytaylor & @cuysheffield are joined by:
👉 @natalyathakur, Founder & CEO, @KnovaFinance
👉 @TuongvyLe12, General Counsel, @veda_labs
To discuss:
🚀 Western Union and Rain launch Stablecard in 37 markets
🪙 Idle stablecoin balances and yield earning potential
💳 Self custodial model attractiveness for internationalization
🏦 Western Union business model shift with wallet plus card
👀 Stablecoins as opportunity not threat for banks
🏛️ Wells Fargo tokenized deposits for corporate clients
❗️ Interoperability risks of bank permissioned blockchain networks
🤔 Safety and soundness concerns with 24/7 programmable deposits
🤖 Cloudflare programmable wallets for AI agent payments
💰 BlackRock tokenized money market funds for stablecoin reserves
***
Timestamps:
00:00 Introduction
2:04 Western Union and Rain launch Stablecard in 37 markets
3:46 Idle stablecoin balances and yield earning potential
5:44 Self custodial model attractiveness for internationalization
6:23 Western Union business model shift with wallet plus card
10:00 Stablecoins as opportunity not threat for banks
15:06 Wells Fargo tokenized deposits for corporate clients
19:54 Interoperability risks of bank permissioned blockchain networks
26:41 Safety and soundness concerns with 24/7 programmable deposits
33:57 Cloudflare programmable wallets for AI agent payments
44:02 BlackRock tokenized money market funds for stablecoin reserves
***
👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈
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Tokenizing bonds or equities means little if the cash side still settles on old rails.
@RyanRRugg , Global Head of Digital Assets at @Citi on Tokenized with @sytaylor and @rangoldi said:
"If you can't tokenize cash, how are you gonna tokenize other assets?"
Without cash on ledger, delivery-versus-payment isn't truly atomic, so the settlement latency banks are trying to remove never actually goes away.
🎙 Listen to the latest episode on Tokenizedpod(dot)com
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A token can carry its whole transaction history, and that is the problem for banks, not the solution.
@RyanRRugg, Head of Digital Assets @Citi on the latest episode of Tokenized with hosts @sytaylor and @rangoldi
"If one of our large clients wants to deposit it into the bank, but it was used five hops ago in illicit behavior, who's responsible?"
Citi says it won't take that risk without explicit regulatory guidance on how many hops back a token's history counts.
🎙 Listen to the latest episode on Tokenizedpod(dot)com
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Trade-finance blockchain consortia kept failing not because of lack of technology.
@RyanRRugg , Head of Digital Assets @Citi on the latest episode of Tokenized with host @sytaylor and @rangoldi said:
"Regardless how innovative this technology is and programmable and solving, paying multiple different entities at once, if it still requires you to go back to a wet signature, not really adding that much efficiency"
🎙 Listen to the latest episode on Tokenizedpod(dot)com
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🚨 Ep. 9 of Stablecoin Stories: Why Every Bank Needs 24/7 Cash Settlement Now
With hosts:
💳 @sytaylor, Head of Market Development, @tempo
🔥 @rangoldi, SVP Payments, @FireblocksHQ
With guest:
🏦 @RyanRRugg, Global Head of Digital Assets, @Citi Token Services
In this episode, Sy, Ran and Ryan discuss:
🧠 Lessons on client pain points from IBM blockchain practice
🌊 Citi Token Services liquidity management as first use case
📃 Programmable smart contracts for shipping canal payments
🏦 Need for multi bank interoperability and industry owned networks
📈 Tokenized deposits projected to exceed stablecoin transaction volume
❗️ Compliance challenges with stablecoin transaction history auditing
⚛️ Tokenized cash as foundation for atomic settlement of assets
***
Timestamps:
00:00 Introduction
5:26 Lessons on client pain points from IBM blockchain practice
8:25 Citi Token Services liquidity management as first use case
14:33 Programmable smart contracts for shipping canal payments
18:39 Need for multi bank interoperability and industry owned networks
26:02 Tokenized deposits projected to exceed stablecoin transaction volume
28:28 Compliance challenges with stablecoin transaction history auditing
30:38 Tokenized cash as foundation for atomic settlement of assets
***
👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈
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17 of America's biggest banks just put deposits onchain and skipped stablecoins.
The reason is a 50-year-old trick, and stablecoins are about to steal it back
"Financial Networks have to be built for the industry by the industry"
@RyanRRugg, Head of Digital Assets @Citi on the latest episode of Tokenized with hosts @sytaylor and @rangoldi said:
She points to R3's Corda rollout as the cautionary case, where banks couldn't coordinate outages to update at once, versions split, and backward compatibility broke down.
🎙 Listen to the latest episode on Tokenizedpod(dot)com
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Citi does not see tokenized deposits and stablecoins as rivals, but as two routes to the same goal.
@RyanRRugg, Head of Digital Assets @Citi , on the latest episode of Tokenized with @sytaylor and @rangoldi said:
"Imagine being able to bring tokenized deposits and stablecoins together to be able to have that fungibility between cash and tokens instantly."
Citi is live with tokenized deposits in five branches globally and has grown volumes from millions to billions in a year.
🎙 Listen to the latest episode on Tokenizedpod(dot)com
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The latest Tokenized Newsletter is live!
𝗪𝗲𝗹𝗹𝘀 𝗙𝗮𝗿𝗴𝗼 𝗣𝗿𝗼𝘃𝗲𝘀 𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝗗𝗲𝗽𝗼𝘀𝗶𝘁𝘀 𝗔𝗿𝗲 𝗡𝗼𝘄 𝗧𝗮𝗯𝗹𝗲 𝗦𝘁𝗮𝗸𝗲𝘀 penned by @shwetabhsameer & @sytaylor
𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗲𝗱:
🏦 Why Wells Fargo entering tokenized deposits late is actually the signal that this is inevitable
📊 Tokenized stocks evolving from price exposure to real ownership (with voting rights)
🪙 Top-down (banks) vs bottom-up (crypto) tokenization and where they collide
💳 Western Union ships stablecoin cards before scale, exposing infra dependencies
📈BlackRock turns a one off collateral trade into a permanent onchain product
Read the full piece at newsletter(dot)tokenizedpod(dot)com
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Citi built its tokenized deposits as programmable smart contracts, so payment triggers on delivery instantly.
@RyanRugg, Head of Digital Assets @Citi on the latest episode of Tokenized with @sytalor and @rangoldi said:
"If the ship received fuel, automatically release the funds"
A canal shipper no longer needs banking hours to move a ship through on credit.
🎙 Listen to the latest episode on Tokenizedpod(dot)com
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"I think there's a world in which stablecoins and Tokenized deposits are synonymous. What we're solving for is the 24/7 movement of cash"
@Citi's Ryan Rugg 👇
Citi built its tokenized deposit product so clients never have to open a new account or think about blockchain at all.
@RyanRRugg, on the latest episode of Tokenized
"I believe this technology will be successful when we're not sitting here talking about the technology, just how we don't talk about cloud."
Citi Token Service runs through clients' existing agreements, moving money globally via an API or drop-down box rather than a new onboarding process.
🎙 Listen to the latest episode on
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Citi does not see tokenized deposits and stablecoins as rivals, but as two routes to the same goal.
@RyanRRugg, on the latest episode of Tokenized with @sytaylor said:
"Imagine being able to bring tokenized deposits and stablecoins together to be able to have that fungibility between cash and tokens instantly."
Citi is live with tokenized deposits in five branches globally and has grown volumes from millions to billions in a year.
🎙 Listen to the latest episode on
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