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I’m thrilled to announce I’ll be serving as Executive Director of the Tokenized Asset Coalition (TAC) for 2025. With 44 member organizations (and growing) with a combined market cap exceeding $100 billion, TAC is the world’s leading industry group dedicated to asset tokenization. I’m honored to guide such a prestigious coalition—and determined to make 2025 a defining year for the TAC in this rapidly evolving space. My goal with this post is to introduce myself and my high level plan for the TAC in 2025.
I’ll start with my strongly held view that not every asset should be tokenized. Headlines would have you believe trillions of dollars are migrating on-chain via tokenization but they rarely address which assets truly benefit from it. In reality, oftentimes tokenizing an asset just adds complexity, cost or risk without any upside.
My equally strong belief is that, for the right assets at the right time, tokenization represents a profound upgrade to the global financial system—one that promises near-instant settlement, drastic cost reductions and new possibilities with programmability. Think fewer middlemen, radically improved accessibility, more efficient markets operating 24/7 and beyond. This isn’t just an incremental improvement; it’s a reimagining of how we move value, settle trades, and share ownership.
The tension between these two ideas—not everything should be tokenized and its obvious benefits—begs the most important question: when does tokenization make sense? Understanding the answer to this basic question is important because without an answer it’s impossible to estimate the upper bound of tokenization’s total addressable market. Industry reports and consulting firms cite figures like $16T in 5-15 years or $4-5T by 2030. We could get carried away by setting the theoretical limit at $5 Quadrillion by tokenizing planet earth (I wonder what the DeFi borrow rate would be?). I want to identify the actual upper bound though so we at the TAC can reliably chart the progress bar of asset tokenization in real time.
Over the next year, my focus is to help everyone differentiate the truly transformative applications of tokenization and hopefully discover tokenization’s true TAM. We’ll do this by:
Through regular news updates, we’ll keep you up to speed on new asset classes, emerging technologies, and evolving regulations relevant to tokenized assets. As each frontier advances, we’ll highlight what genuinely moves the needle for issuers and investors. Think of it like a higher frequency State of Tokenization.
We’ll detail, in clear, straightforward language, why and how various tokenization solutions or tokenized products work—and why you’d choose them over traditional or off-chain options. Our goal is to equip the next wave of builders with tangible knowledge, not just buzzwords or editorials. Inspiration for this approach comes from seminal TAC publications like The Spectrum of Asset Tokenization. But more of them and more often.
The TAC will also experiment with ways to promote education and engagement to support the previous two points. The audience we’re trying to reach is anyone needing to understand tokenized assets on behalf of their customers or stakeholders—whether its the wealth manager advising their clients, the technologist building the next neobank, or the policymaker crafting regulations. Knowing out the gate how we’ll do that in the best way would simply be hubris! The TAC will experiment along the way and double down on what works best.
Lastly, a bit of semantics — when we say “tokenized assets,” we’re talking about real-world value digitized or represented on a blockchain. Easy examples include stablecoins representing off-chain fiat currencies, tokenized strategies like treasuries and private credit where the token represents a fractional interest in an underlying off-chain instrument’s principal and interest and the like. I’d stretch our coverage to include representations of more esoteric off-chain assets, such as intellectual property or even memecoins—essentially tokenized vibes / culture. The areas out of scope for our coverage include digitally native tokens or cryptocurrencies like BTC, ETH, etc. (though a tokenized crypto strategy would still count). I clarify this not to discount the value of those things but frankly in a desperate attempt to limit the scope of our coverage.
If I’ve done my job right, this year the TAC will become the market’s source for why tokenizing makes sense, what the state of the art is, and what the best practices are. I look forward to collaborating with our members, sharing high value content demonstrating tokenization’s potential, and showing how it can legitimately reshape the way we trade, invest, and manage value. Let’s make 2025 the year we bring real clarity—and lasting change—to finance!
