BlackRock Want to Tokenize Everything Ft. Stani Kulechov

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Sep 22, 2025

Stani Kulechov, Founder & CEO of Aave Labs and a leading figure in DeFi, dives into the game-changing world of tokenization. He elaborates on BlackRock's ambitious plans to tokenize its ETFs, revealing the potential for innovative financial products. The discussion also covers the impact of the Bank of England's proposed limits on stablecoin holdings and the necessity of stablecoins for a resilient economy. Additionally, Kulechov highlights new developments in cross-border payments and stablecoin integration with neobanks.

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INSIGHT

Caps On Stablecoins Risk Capital Freedom

Limiting on-chain stablecoin holdings risks undermining capital freedom and financial access.
Stani argues on-chain stablecoins do not pose greater risks than traditional e-money systems.

ADVICE

Regulate To Preserve A Viable Market

Balance regulation to allow viable business models rather than only focusing on risks.
Cuy warns that rules like 100% reserves at the central bank and caps would kill domestic stablecoin ecosystems.

INSIGHT

GENIUS Act Creates A Tailwind

The GENIUS Act provides regulatory clarity that reduces headwinds for stablecoin innovation.
Stani sees clearer US policy as a tailwind that enables fintechs to build stablecoin products and programmable finance.

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On Ep. 49 of Tokenized, Simon Taylor, GTM @ Tempo, and Cuy Sheffield, Head of Crypto @ Visa, are joined by Stani Kulechov, Founder & CEO @ Aave Labs to discuss BlackRock's intention to tokenize all of its ETFs over time, and more!

Timestamps:

00:00 Introduction
02:19 Bank of England plan to limit stablecoin holdings in the UK
06:04 Implications of not having GBP stablecoins for the UK economy
11:00 The Genius Act providing new regulatory clarity for stablecoins
18:17 BlackRock's intention to tokenize all of its ETFs over time
23:41 Using smart contracts to create novel programmable financial products
27:59 Tether launching a new US-based stablecoin called USAT
35:50 MoneyGram launching instant cross-border stablecoin remittance services
40:24 Remittance companies expanding into neobank capabilities using stablecoins
44:24 Nubank and LATAM neobanks testing stablecoin-linked cards and yield

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Fireblocks

With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters and banks to issue, move, hold, and manage stablecoins. And it’s all done securely, at scale, and with built-in compliance. Learn more at fireblocks.com

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean