Required listening if you care about tokenisation

The reason I keep saying this is not hype. Tokenisation is where the plumbing of financial markets gets rebuilt, and the hard part is never the token. It is what stands behind it: who clears the trade, who manages the risk, what happens on a default. Most of what gets launched has nothing behind it, which is why the honest read on the space is that a large majority of tokens are worthless. The ones that matter will be the ones wired into real clearing and settlement infrastructure. That is the lens I listen to this stuff through, and why I think anyone in financial services has to as well.

Required listening if you care about tokenisation. If you don’t care about tokenisation then you don’t work in financial services at all.

This first appeared on LinkedIn on 9 April 2026. If you want to comment or discuss, that’s the place.