Animal Spirits Podcast Talk Your Book: How to Fix the Plumbing of the Financial System
Jan 26, 2026
Ryan Lovell, Director of Capital Markets at Chainlink Labs and ex-Vanguard market plumbing expert. He discusses how blockchains can replace batch-based settlement, speed up transfers, and reduce costs. He explains Chainlink’s role as neutral infrastructure connecting chains, tokenized securities’ benefits, and the timeline and regulatory hurdles for institutional adoption.
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Vanguard To Chainlink Career Shift
- Ryan Lovell described moving from Vanguard to Chainlink after understanding settlement, custody, and clearing systems.
- He shifted during COVID as institutions began seriously exploring blockchain.
From Database Era To Blockchain Foundation
- The current financial plumbing moved from paper to databases but remains end-of-day and batch-based.
- Blockchain offers a new foundational layer that enables real-time settlement and programmability.
ACH Lacks Finality And Confirmation
- ACH sends instruction files without confirmation, causing multi-day settlement delays and risk windows.
- That lack of real-time confirmation is a core plumbing inefficiency blockchains can fix.