Rebank: Fintech Analysis

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.

Tanner Taddeo is the Co-Founder and CEO of Stable Sea, a company building the infrastructure layer for stablecoin-powered cross-border payments. Stable Sea connects U.S. and emerging market businesses through stablecoin rails, enabling faster, cheaper, and more transparent international transactions. Before founding Stable Sea, Tanner led product and strategy initiatives at Plaid and Block, where he helped build core financial infrastructure powering next-generation fintech applications. His experience spans financial inclusion, enterprise payments, and Web3 infrastructure — positioning him at the intersection of traditional finance and on-chain innovation. Please enjoy the following insights from Tanner Taddeo.

Nikhil Raghuveera is the Co-Founder and CEO of Predicate, a company building on-chain policy infrastructure that enables organizations to set programmable, enforceable rules for transactions within blockchain-based financial systems. Predicate's technology underpins compliance and policy enforcement for next-generation stablecoins, privacy protocols, and real-world asset tokenization platforms. Before founding Predicate, Nikhil was Head of Strategy and Innovation at Celo, where he led many of the blockchain's early Web3 deployments and helped shape its evolution from a Layer 1 to Layer 2 network. He has also been a Senior Fellow at the Atlantic Council, focused on digital asset policy and the future of global financial systems. Earlier in his career, Nikhil worked in economic and management consulting, including at BCG, advising on securities, antitrust, and financial innovation. Bridging deep technical expertise with a sophisticated understanding of regulation and markets, Nikhil is helping define how institutions and fintechs operate on-chain as blockchain becomes a global financial settlement layer. Please enjoy the following insights from Nikhil Raghuveera.

In this discussion, Matt Homer, founder of The Venture Dept. and former regulator at FDIC and NYDFS, shares his journey from public service to fintech investing. He highlights the shifting dynamics of stablecoins, emphasizing institutional momentum and key players like BlackRock and GENIUS. Matt dives into the importance of regulatory clarity for mainstream adoption and the dual-charter model's implications. He also explores how competitive state regulations shape the stablecoin market, offering insights into the future of digital assets.

Will Peck is the Head of Digital Assets at WisdomTree, a $130 billion asset manager and ETF sponsor and a pioneer in tokenized assets. Over his 11-year tenure at WisdomTree, Will has helped the firm navigate the evolution from ETFs to tokenized assets, stablecoins, and on-chain investment infrastructure. WisdomTree is at the forefront of innovation, applying lessons from ETFs—transparency, liquidity, tax efficiency, and standardization—to build scalable, accessible tokenized products for both institutional and retail investors. With ongoing regulatory developments and growing adoption of digital assets, WisdomTree is well positioned to expand its tokenized ecosystem.

Raghu Yarlagadda is the Co-founder and CEO of FalconX, the leading institutional digital asset prime brokerage. In the last year, FalconX has done $1 trillion in trading volume across spot and derivatives. FalconX is an incredible success story, starting early and growing alongside broader institutional adoption of crypto and digital assets. With current regulatory tailwinds, the company is extremely well positioned to accelerate growth even further. FalconX has raised nearly $500m, most recently at an $8 billion valuation, from investors including Accel, GIC, B Capital, Altimeter, Thoma Bravo, Tiger Global, Lightspeed, Wellington and many more. Please enjoy today's conversation with Raghu Yarlagadda.

Today we're joined by Bhaji Illuminati and Jürgen Blumberg. Bhaji is CEO of Centrifuge, one of the original players in the RWA space. Jürgen is a former Goldman ETF exec and, as of recently, COO of Centrifuge and CIO of Anemoy, it's asset management arm. In this conversation, Bhaji, Jürgen and Will Beeson dive into the evolution of investment management toward an on-chain markets future. We discuss the early growth of the tokenized financial asset market, similarities with the early days of ETFs, current on-chain investment capital pools and investor demands, the interplay between stablecoin growth and tokenized assets, use cases and distribution strategies for assets across the risk curve, the relationship between DeFi and TradFi, future market expectations, and much more.

Chris Yin is the co-founder and CEO of Plume, a crypto-native RWA blockchain. Real-world assets, RWAs for short, are financial assets implemented in token form. Alongside stablecoins, these assets are at the heart of the transition of financial markets onto upgraded settlement rails in the form of blockchains. Chris brings an interesting perspective to the RWA conversation. Whereas some firms, including BlackRock and Franklin Templeton, are focused on building institutional-grade offerings that mirror traditional financial products, Plume takes a different approach. Pointing to the success of crypto-native markets, Plume's ecosystem bridges speculative retail users and experiences with yield from traditional financial assets, on the premise that crypto energy is the source of the demand that will pull finance on-chain. In this conversation, Chris and Will Beeson discuss the state of the RWA market, what's real and what's hype, the importance of crypto-native users, why there are multiple successful approaches to bringing finance on-chain, and what it takes to build and scale a thriving RWA ecosystem.

Sandy Kaul, Executive Vice President at Franklin Templeton and a pioneer in digital assets, discusses the implications of the GENIUS Act on stablecoins and the banking sector. She shares insights on the launch of BENJI, a tokenized money market fund, long before the trend gained traction. Kaul emphasizes the transformative potential of stablecoins in creating a more transparent and efficient financial system. The conversation also touches on the competitive landscape for traditional banks and the promising future of tokenized investments in cash management.

Kirill Gertman is the founder and CEO of Conduit, a leading B2B cross-border payments platform powered by stablecoins. Conduit leverages stablecoins to allow businesses to move money faster, cheaper and more transparently than legacy platforms such as SWIFT. In 2024, Conduit grew transaction volumes 16x year-on-year, surpassing $10 billion in total volume. In May 2025, Conduit raised a $36 million Series A, co-led by Dragonfly and Altos. In this conversation, Kirill and Will Beeson discuss the true economics of stablecoin versus traditional payments, when stablecoin payments make sense, and when they don't, how corporates use stablecoin payments alongside traditional payments in practice, what needs to change for stablecoin payments companies to win more use cases, how the stablecoin issuance market will evolve post GENIUS, and much more.