Tokenizing Traditional Markets: What Changes When Money Market Funds, T-Bills, and Stocks Move Onchain?
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Speakers:
Bridget Li, Co-Founder & CEO, Asseto
James Friel, Head of GTM, Plume
Nathan Paitchel, Director of Growth, OpenEden Group
Agenda:
1. To what extent does tokenization meaningfully alter settlement finality, collateral mobility, and intraday liquidity dynamics, versus simply digitizing existing custody layers without changing underlying market structure?
2. How do tokenized representations of yield-bearing instruments like money market funds and T-Bills interact with onchain composability - does this introduce systemic rehypothecation risks analogous to shadow banking, or enable more transparent collateral chains?
3. Where does economic ownership actually reside in tokenized equities: at the smart contract layer, the legal wrapper, or the off-chain custodian, and how do mismatches between these layers manifest in stress scenarios?
4. Can secondary markets for tokenized securities achieve price discovery independent of traditional venues, or will they remain parasitic to legacy exchanges due to arbitrage, regulation, and liquidity concentration constraints?
5. What regulatory perimeter becomes dominant in a fully tokenized stack: securities law, payments law, or a new hybrid, and how does this shape who captures margin across issuance, distribution, and trading?