最新报道：This is a snippet from the Forward Guidance newsletter. To read the full version, please subscribe. A major topic at the Permissionless conference was stablecoins and tokenization more broadly. In fact, it was also one of the main themes of the panel I moderated yesterday, “Rebooting the Global Financial System.” “Rebooting” could be replaced with “Rebuilding,” and several panelists agreed. But first, from an off-stage chat with Christopher Perkins, president of CoinFund: He told me that the “Summer of Stablecoins” will unlock the “Autumn of DeFi.” “Tokenization is the new ETF,” he explained. “It’s a new package with superpowers — instant settlement… and a 24/7 access to capital formation.” Those using stablecoins will want yield, and will seek it through on-chain money market funds, alternative investments, and more. “So you’re going to see those dollars coming [on-chain], translating into second- and third-order effects on DeFi,” he said. Tokenized public equities are particularly exciting, Perkins added, because it unlocks ongoing access to these companies for anyone with internet access. This view was articulated by Inversion founder (and Empire podcast host) Santiago Santos, who took the main stage on day three alongside Blockworks founders Jason Yanowitz and Michael Ippolito. Crypto, he argued, has historically tapped into “trapped pools of capital” around the world, in part due to a lack of access to the U.S. stock market. For example, a Chinese investor with such restrictions might choose to hold ETH to express a long-term stance on tech stocks. “What happens when you now have tokenized shares on-chain?” Santos asked. Capital that previously flowed into Layer 1 or memecoins could be diverted, he noted. While we were on the subject of tokenized shares, Dinari said yesterday that its Dinari Securities subsidiary received approval as a broker-dealer from the Financial Industry Regulatory Authority (FINRA). Why is this important? Dinari believes it was the first company to tokenize publicly traded shares outside the U.S., and its affiliates are now licensed to do the same for U.S. clients, Chief Business Officer Anna Wroblewska told me. Dinari Securities expects to begin offering tokenized shares to U.S. users in the third quarter. As that process begins, Dinari plans to test a blockchain ledger system for brokerage clients as it continues discussions with the SEC about a tokenization framework, Wroblewska explained. During the aforementioned panel, Ondo Finance CEO Nathan Allman noted that the company plans to launch a tokenization platform next month that will offer investment in U.S. public stocks, bonds, and ETFs. (He called these highly liquid securities “low-hanging fruit” in my recent interview with him.) Sitting alongside Allman, Christine Moy of Apollo Global Management pointed to efforts to tokenize less liquid private markets (the firm launched its diversified credit fund in January). In terms of the evolution of segment growth, a report released this week by S&P Global explores the expansion of tokenization use cases in three phases. The first phase (from 2025 to 2028) is centered around cross-border payments and collateral operations. The ability to instantly exchange assets for cash payments offers tangible business benefits to institutions involved in repo transactions and intraday liquidity management, the report notes. The second phase (2027 to 2033) will include credit expansion as tokenization connects borrowers to lenders. Companies using tokenization for cross-border payments will also seek on-chain lending, the analysts wrote. In the third phase (2031 to 2035), blockchains could support transactions between wallets controlled by AI agents, for example. “If tokenization adoption increases as expected, it will intersect with other megatrends, such as the growth of private credit and AI, to significantly disrupt the future of capital markets over the next 5 to 10 years,” S&P Global analysts concluded. Gradually, then suddenly. Get news in your inbox. Explore Blockworks newsletters: The Breakdown: Decoding crypto and markets. Daily. Empire: Crypto news and analysis to kickstart your day. Forward Guidance: The intersection of crypto, macro, and policy. 0xResearch: Get Alpha straight to your inbox. Lightspeed: All about Solana. The Drop: Apps, games, memes, and more. Supply Shock: Bitcoin, bitcoin, bitcoin.