Why Fragmentation Exists in RWA Infrastructure

Today’s episode was recorded at the Real World Asset Summit, where leaders from across capital markets and crypto came together to chart the future of tokenized assets. Jacquelyn moderated a candid panel with Kaushal Sheth (Head of US Sales, Blockdaemon), Neil Chopra (Head of Strategy & Business Development, Fireblocks), and Jenn Senhaji (Head of Growth & BD, Chronicle) on what institutional demand for tokenized money market funds and stablecoins really looks like today. The guests break down the state of RWA infrastructure, the unique compliance and regulatory hurdles being tackled, why “tokenize everything” is both a meme and a mission, and what’s finally bridging DeFi with traditional finance. Learn about emerging use cases for stablecoins, tokenized collateral, cross-border settlements, the boom in onchain private assets, and the timeline for true retail access.

This episode is sponsored by Fireblocks, the leading stablecoin infrastructure for global enterprises. Learn more at fireblocks.com.

⏱️ Timestamps

(00:00) - Intro: Stablecoins and market structure today

(01:04) - Guest intros: Chronicle, Fireblocks, Blockdaemon

(02:23) - From price oracles to tokenized assets

(03:47) - Fireblocks on custody, wallets & security

(04:51) - Blockdaemon’s path: nodes, staking & DeFi infra

(05:35) - Why fragmentation is a “necessary evil”

(06:20) - Regulation, the Clarity Act & institutional readiness

(07:52) - Institutions shifting from curiosity to execution

(09:00) - Why compliance comfort has improved

(11:00) - The business case for stablecoins

(12:01) - Stablecoins as bridges between TradFi and DeFi

(13:21) - Collateral management with money market funds

(15:07) - Onchain FX as the next opportunity

(16:12) - Stablecoins as easy-to-understand consumer rails

(17:38) - Tokenized collateral and global settlement demand

(18:44) - Private credit, private equity & tokenized funds

(20:20) - Global competition & regulatory races

(22:05) - Tokenizing equities and global access

(23:07) - Should everything be tokenized? Utility vs hype

(25:08) - Trial and error: what works and what doesn’t

(27:09) - DeFi and TradFi convergence: coexistence, not replacement

(29:10) - Younger generations & the shift to digital-native finance

(30:24) - Final thoughts and closing

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Note: This podcast is for informational purposes only. Guests may have a financial interest in discussed entities or assets. Not investment advice.