Kara Kennedy, Global Head of Market Development of J.P. Morgan (left), Nadine Chakar, Global Head of Digital Assets of DTCC (center) and Evan Auyang, Group President of Animoca Brands speak at Consensus 2026 in Miami (CoinDesk)
What to know:
Major Wall Street institutions, including Citigroup, JPMorgan and DTCC, say blockchain-based tokenization is quietly moving into production, handling real volumes for real clients rather than remaining a pilot technology.
Banks are integrating blockchain rails into existing market infrastructure to enable 24/7, real-time movement of money and securities, reshaping corporate treasury, collateral management and cross-border payments.
Executives stress that tokenization will evolve the financial system rather than replace it outright, preserving key intermediaries even as traditional finance and decentralized systems steadily converge.
A year ago, Citi’s tokenized deposit system was handling millions. “Now we’re moving billions,” said Ryan Rugg, who leads digital assets for the bank’s treasury and trade solutions unit.
The demand, she said, is coming from clients who want to move money around the clock, not just during banking hours.
JPMorgan is seeing a similar pattern. Its blockchain platform, Kinexys, has processed more than $1 trillion in transactions, said Kara Kennedy, who leads market development for the bank’s digital assets unit.
The focus is less on building parallel systems and more on stitching blockchain rails into existing infrastructure to enable faster settlement and continuous operations, she said.
DTCC, which sits at the center of U.S. market plumbing, is taking a longer view. The firm is working to bring parts of its $150 trillion securities infrastructure onto a shared digital layer, with initial rollout plans already underway.
“You can’t just replace what exists,” said Nadine Chakar, who heads digital assets at DTCC. “This is an evolution.”
That approach reflects a broader shift in the market. Early tokenization efforts often looked for problems to solve. Now, firms are targeting specific pain points, especially in areas such as collateral, cross-border payments, and liquidity management.
For large corporations, the ability to move funds in real time — across time zones and holidays — is changing how treasury functions operate. Instead of pre-positioning cash days in advance, firms can react instantly to margin calls or investment opportunities.
Still, the panelists pushed back on the idea that blockchain will remove intermediaries altogether. Core functions like risk management, compliance and settlement guarantees remain hard to replicate in fully decentralized systems.
“We will always need some level of intermediation,” Chakar said.
Crypto-native players, however, see a longer arc. Evan Auyang, president at Animoca Brands, said the industry is still in a transition phase, with blockchain gradually proving its efficiency before a bigger structural change.
“The nature of blockchain is that it’s transformative,” Auyang said, pointing to faster processes like loan approvals that can shrink from weeks to days. But he added that fully native onchain markets are “not ready yet,” given the scale of existing systems and regulatory constraints.
At the same time, he argued, the direction is hard to ignore. “If there’s efficiency and cost savings, it will be adopted,” he said, adding that traditional finance and decentralized systems are now “converging.”
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