Tokenization’s first wave wrapped existing assets in digital form. The next wave originates securities natively on-chain, with issuance, ownership records, compliance and servicing built into the instrument itself from day one. That shift moves value away from traditional custody and processing and toward origination, distribution and lifecycle management.

Issuers, banks, transfer agents and tokenization platforms bringing bonds and equities to market on-chain will discuss cover native issuance and its legal foundations, on-chain transfer agency and recordkeeping, and corporate actions such as coupons, dividends and redemptions executed through smart contracts. They’ll also address the controls that keep native securities compliant, including investor eligibility, transfer restrictions and identity-based allow listing. 

Panelists will also tackle the question that determines whether native issuance scales: can these instruments attract real secondary market liquidity, and what will it take to move from showcase deals to routine issuance? They will also consider:

On-chain finance is scaling, but it is scaling in pieces. Assets and liquidity are spread across public blockchains, private and permissioned networks, and the legacy market utilities that still anchor clearing and settlement. Without reliable connections between them, tokenization risks recreating the silos it promised to eliminate. The firms that can link these systems securely and at scale are becoming indispensable to how markets function.

This session brings together leaders working to connect these environments. They’ll discuss the cost of fragmented liquidity, cross-chain messaging and asset transfer, custody models across multiple networks, and integration with existing market utilities. Panelists will also confront the hardest technical and legal question: how settlement finality is established when a transaction crosses networks with different rules. Over the near term, panelists will consider whether markets will converge on common standards or a small number of dominant networks, and who will own the connectivity layer as it becomes core financial infrastructure, and other factors including:

Private credit, real estate, infrastructure and other alternatives have long been reserved for institutions and the ultra-wealthy, held back by high minimums, manual servicing and limited liquidity. Tokenization is opening these markets to a much wider base of investors through fractional ownership, digital distribution and automated lifecycle management. As access expands, asset managers will compete less on product selection and more on data, intelligence and distribution, and bank wealth franchises are the distribution channel everyone wants.

Leaders bringing private markets on-chain will discuss originating and structuring tokenized private assets, distributing them through wealth and advisory channels, and the suitability and investor-protection controls required as access widens. They’ll also address valuation transparency and reporting for assets that don’t trade daily. Panelists will tackle the defining question: is secondary liquidity in tokenized private assets real and scalable, or does it risk promising more than the underlying assets can deliver? And what about these factors:

On-chain finance is moving from pilot to production, yet many companies still face key business decisions, notably what to prioritize strategically and how to allocate capital to achieve the desired outcome. As opportunities multiply across payments, stablecoins, tokenized deposits and assets, collateral, treasury and programmable finance, institutions must decide where to invest. The challenge is determining where on-chain capabilities solve a meaningful customer or institutional problem, create measurable economic value and strengthen—or protect—a strategic position. The working group will develop a framework for evaluating competing opportunities, quantifying the business case and sequencing investment, with the goal of identifying the two or three capabilities an institution should prioritize, fund and scale over the next 12–36 months—and what it should deliberately leave to others.

Discussion points the working group will take up include:

As financial activity moves on-chain, institutions face a strategic question that goes beyond whether to build or buy technology: What must they control to protect their economics, customer relationships and competitive position? TradFi companies will operate within an increasingly interconnected ecosystem of blockchain networks, stablecoin issuers, custodians, wallet providers, fintechs, exchanges, AI platforms and infrastructure companies. The working group will map where value and strategic control are likely to accrue across the emerging financial stack and determine which capabilities institutions should own, where partnerships can accelerate scale and innovation, and where dependence on third parties could create unacceptable strategic risk.

Discussion points the working group will take up include:

Settlement cycles measured in days hold back trillions of dollars in collateral and capital. Tokenization, programmable collateral and atomic settlement are compressing those cycles to seconds. Assets and cash change hands simultaneously, collateral moves where it’s needed in real time, and counterparty risk shrinks. Capital markets are where on-chain finance’s impact on the balance sheet is most measurable.
This session will bring together dealers, banks, market infrastructure providers and tokenization platforms running collateral and repo transactions on-chain. They’ll discuss tokenized collateral mobility across counterparties and venues, intraday and overnight repo, margin efficiency, and how smart contracts automate substitution, margin calls and settlement. 

Panelists will be pressed for the numbers: how much capital has been released, how much funding cost has been cut, and how much operational risk has been removed. They will also consider what it will take to scale beyond bilateral networks to market-wide adoption, and how real-time collateral will reshape liquidity, funding and the role of traditional intermediaries and other factors including: