Jun 22, 2026, 8:53 p.m.

2 min read

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What she's saying: Former 21Shares co-founder Ophelia Snyder argues that crypto and traditional finance are talking past each other when it comes to tokenization.

  • Tokenization solves real problems around settlement rails and moving assets, Snyder said.
  • The larger challenge is integrating blockchain-based assets with the systems banks, brokerages and asset managers already use.
  • Existing discussions often overlook the operational processes that occur after a trade is executed and before assets are fully settled.
  • Snyder joined CoinDesk's Jennifer Sanasie on Public Keys.

The gap: Snyder said blockchain firms have largely addressed transaction throughput but not the broader operational requirements of financial institutions.

  • Questions remain about how tokenized assets fit into books and records systems, compliance workflows and regulatory reporting.
  • Financial institutions also must rethink risk management frameworks if tokenized assets can trade around the clock.
  • Many firms rely on third-party software providers that have not yet adapted their systems for blockchain-native transactions.

Why it matters: Snyder believes the industry's biggest challenge is scale, not functionality.

  • A tokenization project can work at a limited scale and still struggle to support the volume of U.S. capital markets.
  • "A billion dollars is nothing when it comes to traditional financial flows," Snyder said.
  • Moving large amounts of digital bearer assets on behalf of clients requires significantly more oversight and controls than existing book-entry systems.

How the industry could respond: Snyder sees two primary paths forward.

  • Financial institutions could develop entirely new software designed to integrate blockchain infrastructure with existing controls.
  • Alternatively, existing software providers could adapt their products to support new transaction methods.
  • Both approaches would require lengthy implementation timelines, particularly as many institutions are still completing cloud migration efforts.

What comes next: Snyder expects the industry's toughest challenges to emerge as institutions move beyond pilot programs.

  • The next phase will involve testing whether tokenized infrastructure can operate in the critical path of major financial firms.
  • She said the timeline depends largely on how aggressively institutions pursue adoption.
  • If current momentum continues, Snyder expects more meaningful implementation efforts over the next several years.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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