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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe<\/a>.<\/em><\/em><\/p>\n Felix noted he came out of the Digital Asset Summit \u201cincredibly bullish\u201d<\/a> on stablecoins. He\u2019s not the only one expecting big things around that sector and the broader tokenization category.<\/p>\n After Galaxy CEO Mike Novogratz addressed the firm\u2019s $200 million settlement<\/a> with the New York Attorney General during this morning\u2019s earnings call, he answered a question on where the firm would focus most of its resources in 2025.<\/p>\n \u201cThe first obvious answer is stablecoins, both here and abroad,\u201d he said \u2014 for payments, cross-border transactions and beyond.<\/p>\n Stablecoins are \u201cthe first real-world asset that\u2019s been tokenized,\u201d he added. And the tokenization of mortgages, collectibles, equities, etc. is coming.<\/p>\n \u201cI keep saying it\u2019s going to be like bankruptcy \u2014 it happens real slow, then real fast,\u201d Novogratz said. \u201cIt hasn\u2019t happened real fast, but every single TradFi participant is gearing up for that [tokenization stage], and I think the crypto world is working on that.\u201d<\/p>\n The promise of crypto boosting efficiency and transparency has been held back by a lack of regulatory clarity. That\u2019s changing.<\/p>\n Galaxy said it\u2019s \u201cclose\u201d to the euro-denominated stablecoin it plotted to bring<\/a> with DWS and Flow Traders. Galaxy\u2019s investment in GK8<\/a> is a way for the firm to serve as \u201can infrastructure technology provider\u201d in this category as adoption picks up, firm executives added.\u00a0<\/p>\n Those comments came after NYSE parent Intercontinental Exchange said it plans to explore using Circle\u2019s stablecoin (and Hashnote\u2019s tokenized money fund USYC) within its derivatives exchanges, clearinghouses and data services.<\/p>\n \u201cWe believe Circle\u2019s stablecoins and tokenized digital currencies can play a larger role in capital markets as digital currencies become more trusted by market participants as an acceptable equivalent to the US dollar,\u201d NYSE president Lynn Martin said in a statement.<\/p>\n Fidelity is reportedly exploring a stablecoin launch. And we won\u2019t rehash World Liberty Financial\u2019s USD1<\/a> here, but the point is there\u2019ve been ample developments with US stablecoin legislation expected as soon as this summer.<\/p>\n There was plenty of talk around stablecoins and RWAs at DAS, too.<\/p>\n I was on stage with Securitize chief operating officer Michael Sonnenshein last week. It happened to be the one-year anniversary of BlackRock (with help from Securitize) launching its tokenized money market fund, BUIDL. <\/p>\n
\nA focus at DAS<\/h2>\n