Rebank: Fintech Analysis How the World's Largest Financial Institutions Are Approaching Tokenization with Galaxy
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Dec 16, 2025 Thomas Cowan, Head of Tokenization at Galaxy, dives into the evolving world of tokenization in finance. He discusses how tokenization has transitioned from experimental technology to vital market infrastructure. Thomas identifies three key trends—technological maturity, regulatory clarity, and the influx of traditional finance capital—as crucial factors driving this shift. He outlines the benefits of on-chain structures, including real-time transparency and improved settlement. The conversation also touches on potential risks and the future of institutional adoption in areas like money market funds and CLOs.
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Tokenization Enables Structural Transformation
- Tokenization now unlocks new capabilities beyond mere digitization because blockchain maturity, regulatory clarity, and institutional demand converge.
- Thomas Cowan says these enable instant settlement, full transparency, better secondary markets, and easier use as collateral.
Design For Crypto-Native And TradFi Demand
- Build tokenized products where on-chain settlement and syndication lower crypto-native cost of capital.
- Target both crypto-native inefficiencies and TradFi partners who will gradually move on chain, says Thomas Cowan.
Four-Phase Adoption Path
- Adoption follows a sequence: stablecoins, tokenized money market funds, tokenized equities, then on-chain debt.
- Cowan expects these waves to unfold over the next 3–4 years as infrastructure and product-market fit deepen.