At this point, we’re well aware that capital markets are shifting from testing blockchain to deploying it in production.
At the September Stable Gathering in New York City, hosted by Stable Summit in partnership with Microsoft and the Enterprise Ethereum Alliance, leaders from TradFi and DeFi came together to discuss how blockchain is reshaping capital markets through tokenization, collateral management, and real-world assets (RWAs).
The conversation, moderated by Redwan Meslem, featured Otto Nino (DTCC), Alexandra Prager (J.P. Morgan / Kinexys Labs), Colin Cunningham (Chainlink Labs), and Teddy Pornprinya (Plume Network). Each speaker shared how their institutions are turning blockchain concepts into measurable business outcomes.
Institutional-Grade Tokenization
DTCC’s Otto Nino explained how the global clearing and settlement backbone is modernizing through programmable settlement.
The objective is clear: move from T+1 toward T+0 while embedding risk controls and margin management directly into assets. This shift reduces operational friction, improves capital efficiency, and preserves the same regulatory discipline markets rely on today.
As Otto noted, success depends on dual-format optionality, allowing assets to move between traditional and tokenized formats without breaking compliance.
From Pilots to Production
J.P. Morgan’s Alexandra Prager described how tokenization is leaving the proof-of-concept stage and entering full production.Blockchain workflows must deliver on the same benchmarks as existing systems – speed, security, and reliability – and they must feel familiar to users.
“Everyone needs to do it at the same rate. You could have some organizations that are very future-forward, but if half the market is still on legacy systems, you can’t achieve the transition,” she explained, emphasizing that true adoption depends on coordination across market participants.
Her takeaway – institutional adoption hinges as much on human design and collective progress as it does on technical performance.
Infrastructure and Coordination
Colin Cunningham from Chainlink Labs pointed to growing momentum in tokenized deposits, stablecoins, and money market funds – the first real use cases gaining institutional traction.
He highlighted Ethereum’s Layer 2s as a natural bridge for institutional capital, combining liquidity, established standards, and compliance-ready infrastructure.
“My metric has always been net new capital on-chain. What I’m more interested in is when new assets are issued on-chain, we have net new actors with net new capital that was traditionally off-chain coming on-chain,” he shared, noting that sustainable success depends on fresh inflows and real utility rather than temporary incentives.
Compliance and Distribution
Teddy Pornprinya from Plume Network showcased how compliance and distribution are converging. Plume integrates AML and KYC mechanisms directly at the protocol level, creating a safe environment for traditional participants.
“The idea that DeFi is the Wild West is entirely false. You can build ecosystems where traditional players can still feel safe on open blockchains with compliance built in from day one,” he said, challenging lingering misconceptions about DeFi’s risk profile.
In Teddy’s opinion, adoption depends on access instead of pure speculation. Partnerships with custodians, exchanges, and platforms like OKX Earn and Alibaba’s Web3 wallet are turning tokenized assets into investable products for mainstream audiences.
Outlook
Yorke Rhodes from Microsoft and the EEA closed by noting that AI is accelerating blockchain development cycles, pushing innovation to arrive “five times faster” than before.
The session made one point unmistakable: Ethereum’s maturing infrastructure, its L2 scalability, compliance frameworks, and interoperability continue to anchor institutional-grade tokenization.
The next collateral layer of global finance is being built, piece by piece, on open rails.
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