Stablecoins and Tokenization Take Center Stage at Permissionless
The chatter around stablecoins and tokenization was hard to miss at Permissionless this year. It wasn’t just a side conversation—it was one of the main themes, especially during the panel I moderated on reshaping the global financial system. Some panelists even suggested “rebuilding” might’ve been a better word than “rebooting.” But semantics aside, the real discussion was about what’s coming next.
Offstage, CoinFund’s Christopher Perkins tossed around the idea of a “stablecoin summer” leading to a “DeFi fall.” His reasoning? Stablecoins are pulling more money onchain, and once those dollars are there, people will want to put them to work. Think money market funds, alternative investments, and other yield-generating options. “Tokenization is the new ETF,” he said, pointing to faster settlements and round-the-clock access as key advantages.
Tokenized Stocks: A Game Changer?
Public equities seem to be where a lot of the excitement is building. Perkins argued that tokenizing stocks could open up markets to anyone with an internet connection—no middlemen, no traditional barriers. Santiago Santos of Inversion echoed that on the main stage, pointing out how crypto has historically attracted capital from investors locked out of U.S. markets. “What happens when you now have tokenized stocks onchain?” he asked. The answer, in his view, is a shift away from speculative assets like memecoins toward more traditional investments.
Meanwhile, Dinari made waves by securing FINRA approval for its broker-dealer subsidiary. According to Anna Wroblewska, their chief business officer, this could make them the first to tokenize publicly traded shares for both international and U.S. customers. They’re aiming to roll out services stateside by Q3, with plans to test a blockchain-based ledger system while working through regulatory talks.
From Public Markets to Private Credit
Ondo Finance’s Nathan Allman dropped hints about their upcoming tokenization platform, which will offer exposure to U.S. stocks, bonds, and ETFs. He called these the “low-hanging fruit”—liquid assets that make sense to bring onchain first. But it’s not just public markets getting attention. Apollo Global’s Christine Moy highlighted efforts to tokenize private credit, a much trickier asset class. They’ve already started, bringing their Diversified Credit Fund onchain earlier this year.
A new S&P Global report laid out a possible roadmap for tokenization’s growth, breaking it into three phases. The first (2025-2028) focuses on cross-border payments and collateral—think instant settlements for institutions. Next (2027-2033) could see tokenized credit markets, where borrowers and lenders connect directly.
None of this is guaranteed, of course. But if even half of it plays out, the next few years could look very different.
