Moving Wall Street Onchain: Inside Superstate's $700T Bet | Gate Ventures Podcast Ep.5

Описание: Welcome back to Episode 6 of The RWA Stack by Gate Ventures!

👤 Guests: Jim Hiltner, Co-Founder of Superstate | @SuperstateInc
Host: Tiffany | @gate_ventures

Gate Ventures' Tiffany goes deep with Jim Hiltner, Co-Founder of Superstate — recorded hours after DTCC announced its stock tokenization pilot — covering everything from "do institutions actually want DeFi?" to the three very different things people mean when they say tokenization, and why securities lending is the missing primitive that decides how big this gets.

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🔑 What We Actually Cover:

✅ Institutions want programmable finance, not DeFi — Jim's take on the a16z thesis, and why removing intermediaries is contrary to the business model of firms that are intermediaries
✅ Three flavors of tokenization: wrapped tokens, DTCC-style, and native issuance — and only one of them puts you on the cap table
✅ What a digital transfer agent actually does: reading the blockchain to keep a real-time, auditable shareholder registry
✅ Why Galaxy, Invesco ($2.3T AUM) and Coinbase Asset Management chose to build on Superstate
✅ The four reasons issuers tokenize: access, utility, investor engagement, and stablecoin compatibility
✅ Will companies IPO fully on-chain? Why liquidity — not issuance — is the real bottleneck (Nasdaq trades ~$200B a day)
✅ Carving out a 2–10% IPO sleeve for on-chain investors as an incremental bid, not a cannibalistic one
✅ Why there's still no live 24/7 venue for natively issued tokenized stocks — it's regulatory, not technical
✅ The GLXY × Jupiter × Wintermute RFQ pilot, and what the SEC's innovation exemption would unlock for AMMs
✅ The missing primitive: you can borrow against tokenized shares on Aave Horizon, Kamino and Morpho — but you can't lend them out
✅ Why idle Apple stock is the next stablecoin moment
✅ Jim's warning: if you're short crypto, stablecoins or smart contracts, you may not have a job in three to five years

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0:00 Intro: DTCC's Tokenization Pilot Drops Hours Before Taping
0:50 Jim's Background: CFA, Compound & Compound Treasury
3:26 The History of Institutional Adoption in Crypto
7:00 a16z: "Institutions Want Blockchain, Not DeFi" — Does Jim Agree?
9:48 Why They Left Compound: DeFi's "One-Meter Ceiling"
11:51 Three Flavors of Tokenization — Only One Puts You on the Cap Table
16:25 What a Digital Transfer Agent Actually Does
18:44 Four Reasons Issuers Tokenize
22:43 Who Opening Bell Is Built For
27:44 Will Companies Ever IPO Fully On-Chain?
30:31 IPO Sleeves & the Direct Issuance Program
32:23 Why There's Still No 24/7 Venue for Tokenized Stocks
37:52 The Missing Primitive: Securities Lending
40:57 How the Invesco Partnership Actually Happened
45:48 Which Middlemen Get Replaced by Smart Contracts?
48:01 Retail Upside: 24/7 Markets, Real-Time Dividends, IPO Access

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🔗 Links:
▶ Superstate: https://superstate.com/
▶ Superstate on X: https://x.com/SuperstateInc
▶ Gate Ventures: https://www.gate.com/ventures
▶ X: https://x.com/gate_ventures
▶ Medium:   / gate_ventures  
▶ LinkedIn:   / gateventures-vc  

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#RWA #DeFi #Superstate #GateVentures #Tokenization #OpeningBell #SecuritiesLending #RealWorldAssets #TokenizedStocks #Stablecoins #IPO #TransferAgent #Web3 #TradFi #OnChainFinance #Blockchain #CapitalMarkets

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⚠️ Disclaimer: This video is for informational purposes only and does not constitute financial advice. Tokenized securities and DeFi protocols carry smart contract, liquidity, and regulatory risks. Always do your own research (DYOR).