EXCLUSIVE: @_TalkingTokens sat down with Max Stein, a director on @BlackRock's digital assets team for his first podcast interview. We get an inside look at BlackRock's digital asset strategy, why tokenized cash will be the next huge opportunity, investor appetite for the industry and more. TIMESTAMPS 00:00 – Intro 01:18 – How Max defines tokenization and his role at BlackRock 01:40 – How BlackRock goes from idea to product in digital assets 03:16 – Regulatory environment and how it affects the pace of product development 05:21 – Stablecoins at BlackRock: reserve management and internal use 06:17 – Why BlackRock chose @Securitize and how BUIDL was designed 07:54 – How the FTX collapse actually accelerated BlackRock's tokenization work 08:54 – Why tokenized cash is still the biggest opportunity 14:09 – The shift from private chains to public networks and the hybrid model 22:17 – Stablecoins as utility: programmable money, flash loans, and same-rail settlement 27:36 – His thoughts on DeFi exploits, contagion, and what it means for tokenized asset design 33:13 – How AI agents may prefer onchain rails and accelerate crypto adoption 38:50 – Final advice: small decisions shape whether a product scales or sits on a shelf Full episode below: