Tokenized Podcast

🚨 Ep. 107 of @TokenizedPod: Wall Street Bets Big on 24/7 Perpetual Futures @sytaylor & @PetBerisha are joined by: 👉 @CharlieYouAI, Co-Founder & CTO, @RWA_xyz 👉 @chuk_xyz, Author, Stablecoin Blueprint To discuss: 🚀 ICE and Trade[XYZ] bring regulated perpetual futures to Hyperliquid 🏛️ Why 24/7 perpetual futures trading appeals to Wall Street ❗️ Hyperliquid’s JELLYJELLY incident and readiness for institutional markets ☁️ Google Cloud plans institutional crypto custody using multiparty computation 🏦 Bank procurement, cybersecurity and cloud outages influence custody decisions 💸 SoFi launches tokenized deposits offering 4.4% yield and stablecoin conversion 🌎 How SoFi could drive mainstream consumer adoption of stablecoins 🇭🇰 HSBC launches Hong Kong dollar stablecoin Redcoin for PayMe users ⛓️ When businesses should issue their own stablecoin or use existing alternatives ✅ Solving interoperability between closed loop stablecoins and open payment networks *** Timestamps: 00:00 Introduction 03:53 ICE and Trade[XYZ] bring regulated perpetual futures to Hyperliquid 06:07 Why 24/7 perpetual futures trading appeals to Wall Street 10:04 Hyperliquid’s JELLYJELLY incident and readiness for institutional markets 12:57 Google Cloud plans institutional crypto custody using multiparty computation 18:05 Bank procurement, cybersecurity and cloud outages influence custody decisions 26:39 SoFi launches tokenized deposits offering 4.4% yield and stablecoin conversion 31:01 How SoFi could drive mainstream consumer adoption of stablecoins 37:55 HSBC launches Hong Kong dollar stablecoin Redcoin for PayMe users 46:22 When businesses should issue their own stablecoin or use existing alternatives 50:35 Solving interoperability between closed loop stablecoins and open payment networks *** 👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈

🎙️ Listen to the latest episode of Tokenized: tokenizedpod.com/episodes/wa… 📷 Watch on YouTube: youtu.be/yGr0Sy5GzjE

Partner @a16zfrontier, @nlevine19 on how stablecoins and deposit tokens interoperate:⁣ ⁣ "I look at tokenized deposits and stablecoins as sort of two isolated, but yet very complementary things."⁣ ⁣ "A tokenized deposit requires you to be a depositor of the bank, and so they don't have the same properties of stablecoins where it's permissionless and anyone can access them and you can hold them."⁣ ⁣ "If I'm a customer of JPM and I wanna access JPM products twenty four seven, their deposit token is actually very useful. But if I wanna go and send it to another bank or another entity that is not within the JPM ecosystem, you can't use their deposit token."⁣ ⁣ "The ability to actually interoperate between their deposit token and USDC or any stablecoin for that matter is very valuable."⁣ ⁣ A deposit token only moves within its issuing bank's walls, so getting value out still means converting into a stablecoin.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

Our guest for Monday's Tokenized Podcast @sytaylor and @petberisha are joined by: 👉 @CharlieYouAI , cofounder, @RWA_xyz 👉 @chuk_xyz , Founder, Stablecoin Blueprint Out on Monday at 8am PT / 11am ET / 4pm GMT Find it on 𝗔𝗽𝗽𝗹𝗲 𝗣𝗼𝗱𝗰𝗮𝘀𝘁𝘀, 𝗦𝗽𝗼𝘁𝗶𝗳𝘆 or 𝗬𝗼𝘂𝗧𝘂𝗯𝗲 by searching "Tokenized Podcast" 📷 💙

Founder, @atumhq, @petecooling, said that AI Agents Will Create a Neural Network of Payments⁣ ⁣ "I have this thesis that payments are going to follow the same exact trend as high frequency trading did."⁣ ⁣ "You used to pay $20 a trade, and you couldn't place a trade for a stock unless it was probably buying $2,000 worth of it to make it worth it for the fee."⁣ ⁣ "So we've built effectively high frequency trading for payments."⁣ ⁣ "I think agents and AI and everything that we're seeing today is what drives that."⁣ ⁣ "They're gonna be able to move your money efficiently across all of these different systems, across all different endpoints."⁣ ⁣ Every agent delegated a task becomes a new endpoint transacting on its own, so payment volume scales with automated decisions rather than human clicks.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

Founder, @atumhq, @petecooling said tokenized Iientity is finally having its moment⁣ ⁣ "The digital wallets are really the Trojan horse, and no one talks about it."⁣ ⁣ "Apple Pay comes in, and everyone thinks they're using an Apple payment product, which they are, but it's running through the card rails. It's just the card has been tokenized."⁣ ⁣ "Anyone not pushing for this future of tokenized identity is kind of left at a crossroads. We either push against this or we actually go facilitate this."⁣ ⁣ "Regulators are actually onto it as well and getting very smart and sophisticated about understanding how much data leakage there is if we don't tokenize identity credentials."⁣ ⁣ The card never left the rail, it just stopped being visible, and that shift is now pulling regulators into the plumbing.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

Founder & CEO, @Atumhq, @PeteCooling said that payments are becoming high frequency trading⁣ ⁣ "I have this thesis that payments are going to follow the same exact trend as high frequency trading did."⁣ ⁣ "You used to pay $20 a trade, and you couldn't place a trade for a stock unless it was probably buying $2,000 worth of it to make it worth it for the fee. And now you see payment for order flow and free stock trading."⁣ ⁣ "I think the same exact thing is coming for payments. And so we've built effectively high frequency trading for payments."⁣ ⁣ "The number of payments is going to accelerate meaningfully and really change the economics of the entire industry."⁣ ⁣ Streamed, high velocity, agent-initiated payments shift the unit economics from per-transaction fees to volume.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

. @Tempo's @liamihorne On private deposits plugged into Ethereum liquidity⁣ ⁣ "Ethereum is not private. I think it should be eventually one day, but right now, it's not."⁣ ⁣ "You can have your assets held on a private chain where the holders are private, all the transfers in and out can be private, and you can still have all the compliance objectives that you have in mind, but you still benefit from all of the liquidity and integrations that are on the public blockchain."⁣ ⁣ "My take is probably this lands in something that looks like a tempo zone over time where it's something that a bank will run maybe in their own system so that they have data on premise and so on."⁣ ⁣ "They're gonna wanna integrate with everything on Ethereum and other public blockchains."⁣ ⁣ The bank keeps custody and compliance on its own chain, but settlement still clears through Ethereum's liquidity.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

. @tempo's @liamihorne says companies don’t need to commit to one rewards strategy from day one as one integration lets them evolve as their customers’ needs change.⁣ ⁣ "They are still kind of experimenting the different ways of giving rewards" ⁣ ⁣ "Some of them are just looking for a headline number."⁣ ⁣ "Some of them are very specifically trying to offer, like, a very, very sort of safe product, and maybe they're a little bit more adverse to using crypto backed collateralized lending protocols."⁣ ⁣ "That's one of the reasons why we built Tempo Earn is that because customer needs are still kind of evolving and they're figuring out what their overall strategy is, you can just kind of have one integration."⁣ ⁣ "Over time, as you figure out what you wanna offer or maybe you wanna offer a suite of options to your customers, you can just kind of pick and choose."⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

Chief Product & Operations Office, @SPDJIndices, Cameron drinkwater said tokenized stocks create a price formation problem⁣ ⁣ "The TSVs have to publish their trades, but they don't consolidate into the market consolidated tape. There is no look through trade protection, and the automated market makers on chain can drift quite considerably from the let market price until or unless a trader arbs the price back."⁣ ⁣ "A benchmark is only as good as its integrity in measuring the market that it monitors or that it seeks to represent."⁣ ⁣ "Today, we use the consolidated tape as the gold standard. But as you see this on chain tokenized stock trading grow, there's an open question of how do those trades then feature back into a consolidated tape or not."⁣ ⁣ "What does that mean about the representation of the consolidated tape as representative of the market as a whole."⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod.com

Investment Partner, @a16z Frontier, @nlevine19 explains why banks' stablecoin deposit-flight fear is overblown⁣ ⁣ "The concern from banks is that if you can just passively hold USDC on Coinbase and get yield, do we start seeing a significant amount of deposit flight."⁣ ⁣ "We've seen examples historically where there are yield products in the market, things like money market funds, which banks similarly were worried about leading to deposit flight."⁣ ⁣ "Despite things like money market funds existing, deposits have increased."⁣ ⁣ "A lot of the use cases where you're holding stablecoins are related to trading and crypto capital markets, doesn't really align with the core customers of, say, community banks."⁣ ⁣ "I don't think banks should be as worried as maybe they're initially setting out to be, and ultimately it'll blow over over time."⁣ ⁣ Money market funds raised the same fear decades ago, and bank deposits kept climbing regardless.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

Congrats to @TokenizedPod pod regular @HadickM!