The Defiant - DeFi Podcast Tokenize Everything: Robert Leshner’s Vision for On-Chain Finance
Nov 18, 2025
In a riveting discussion, Robert Leshner, founder of Superstate and co-founder of Compound, shares his vision for bringing real-world assets on-chain. He highlights the growing institutional interest in tokenized T-bills and equities. Leshner argues that regulatory changes have unlocked a wave of tokenization, ensuring both canonical and wrapped stocks can thrive. The conversation delves into how DeFi can serve as the backbone of traditional finance, while exploring the evolution and future of tokenized markets. Buckle up for a journey into on-chain finance!
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DeFi Needs Real-World Assets To Scale
- Robert Leshner predicted DeFi would expand beyond crypto-native tokens to stocks, bonds, and real assets.
- He built SuperState to bring non-blockchain assets on chain so they become composable with DeFi.
Four Pillars Needed For Tokenization
- Tokenization success requires issuers, use cases, demand, and regulatory clarity working together.
- Regulatory changes shifted from a costly headwind to a more accommodative tailwind, enabling institutional engagement.
Lower Compliance Friction To Attract Institutions
- Engage institutions by reducing compliance friction and working within emerging regulatory clarity.
- Design token products so institutions see lower costs and clearer regulatory alignment before adoption.