Jamie Dimon Loves Crypto Now Ft. Haonan Li & Stone Atwine

Nov 10, 2025

Haonan Li, CEO of Codex, is a key player in stablecoin innovations across Asia-Pacific, while Stone Atwine, CEO of Eversend, focuses on liquidity in emerging markets. Together, they dive into Jamie Dimon and Larry Fink's recent acknowledgment of stablecoins and tokenization. The discussion covers how financial institutions are transitioning from strategy to execution regarding stablecoins. They also explore the potential of tokenized assets, the evolution of custody services, and the significance of stablecoins for cross-border payments.

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INSIGHT

Institutional Capitulation On Crypto

Jamie Dimon and Larry Fink publicly accepting tokenization and stablecoins marks institutional capitulation.
Big incumbents now view tokenized rails as a business opportunity, not just a threat.

INSIGHT

Three Ways Tokens And Stablecoins Interact

Tokenized assets and stablecoins form three synergies: reserves backing, 24/7 trading rails, and collateral for credit markets.
The most interesting payoff is using tokenized assets as smart-contract collateral to enable new credit.

ADVICE

Balance Streaming And Net Settlement

Evaluate where streaming settlement adds value versus when net settlement and batching are cheaper.
Balance streaming innovation with practical netting efficiencies to avoid unnecessary costs.

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On Ep. 56 of Tokenized, Simon Taylor, GTM @ Tempo, and Cuy Sheffield, Head of Crypto @ Visa, are joined by Haonan Li, CEO & Co-Founder @ Codex and Stone Atwine, CEO @ Co-Founder @ Eversend to discuss Jamie Dimon on stablecoins, financial institutions shifting from strategy to execution on stablecoins and more!

Timestamps:

00:00 Introduction
03:10 Ripple's acquisition strategy and expansion into custody services
06:26 Evolution of custody services and embedded wallet solutions
11:27 Ripple's equity valuation versus XRP token dynamics
13:44 Jamie Dimon and Larry Fink on tokenization and stablecoins
17:54 Interplay between tokenized assets and stable coins as collateral
20:30 Streaming money versus net settlement in payment systems
25:23 Stablecoins for unidirectional cross-border payment collections
29:28 Securitize going public as a tokenization-focused company
34:44 Financial institutions shifting from strategy to execution on stablecoins

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Centrifuge

With over $1 billion in total value locked, Centrifuge works with major institutional partners to tokenize and distribute their funds — and with capital allocators onchain to invest and manage yield. Through every crypto cycle, Centrifuge has been building — and today, it’s the market leader in tokenizing real-world assets. Learn more at centrifuge.io

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean