When I began my career in ETFs more than 15 years ago, they were still something of an outsider in finance. Mutual funds were the established norm, and many institutions and advisors looked at ETFs with skepticism. But across my career, from BlackRock to Invesco, and most recently, Goldman Sachs, I have had the privilege of watching and helping ETFs move from niche to mainstream. What started as an innovation for a small group of investors became the default mechanism for global investing, changing the way portfolios were built and how markets functioned.
That experience has shaped how I look at tokenization today. Stablecoins have already proven blockchain’s utility: real-time settlement, lower costs, and global reach. But they were just the warm-up. The real transformation will come with tokenized funds and portfolios. While not every asset can or should move onchain right away, regulated funds are a natural starting point.
They already operate within well-defined frameworks, with established custodians and disclosure standards, and can integrate blockchain without reinventing the legal foundation. That’s why we’re seeing early traction there first, it’s where technology and regulation are already speaking to each other, even if the conversation is still ongoing.
In many ways, I feel like I am standing in the same place I was with ETFs 15 years ago, seeing the promise of a more efficient structure before the rest of the market fully catches on.
Proof Points in Motion
I recently sat with an allocator who was absolutely excited about the journey to subscribe to our tokenized treasury fund directly with his stablecoin holdings. Watching them grasp the ease of onboarding, the fast settlement, the transparency, reminded me of the first time an advisor realized they could build an entire model portfolio using ETFs instead of higher-cost funds that were difficult to trade. Once you’ve experienced that simplicity, it is hard to go back.
The Real Driver of Change
Offshore pilots are proving the concept, but the real inflection point will come when US and EU regulators allow 40-Act and UCITS funds to be tokenized. At that moment, the shift will not be incremental; it will be structural. Just as ETFs displaced mutual funds in less than a generation, tokenized funds can become the default mechanism for global investing.
And here is the human truth I learned from the ETF journey: adoption does not happen just because the technology exists. It happens because people: advisors, allocators, and investors, personally experience the benefits and decide there is no reason to go back. With tokenized funds, I am already seeing those early “aha” moments.
The puzzle pieces are now in place.
Stablecoins showed us what was possible. Tokenized RWAs will show us what is inevitable. This time, I have the chance to carry forward the lessons I learned from ETFs into a new frontier, helping the market move into a more efficient and accessible future.