How Do Tokenized Equities Work? Ft. BlackRock’s Head of Digital Assets

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Mar 30, 2026

Guest

Noah Levine

Noah Levine, partner at Andreessen Horowitz, maps three tokenized equity types. Robert Mitchnick, Head of Digital Assets at BlackRock, explains institutional tokenized funds and regulatory tradeoffs. Rob Hadick, GP at Dragonfly, explores stablecoins as rails and infrastructure. They discuss market structure, transferability limits, bank tokenized deposits, 24/7 trading, and privacy onchain.

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INSIGHT

Tokenization Expands Investor Access

Tokenization is as much an access story as an efficiency story for investors.
Robert Mitchnick emphasizes reaching crypto-native wallet users who are underallocated to traditional assets to broaden global investor inclusion.

INSIGHT

Three Models Of Tokenized Equities

There are three distinct tokenized equity structures in the market right now.
Noah Levine outlines SPV tokenizations, tokenized entitlements (DTCC/NYSE style), and fully on-chain native stocks from Figure and SuperState.

ADVICE

Avoid Whitelist Friction For True Liquidity

Reduce friction from whitelisting to unlock token utility and liquidity.
Robert Mitchnick warns that whitelist transferability for token shares undermines DeFi composability and usable liquidity today.

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On Ep. 76 of Tokenized, Pet Berisha, Co-Creator @ Tokenized is joined by Rob Hadick, GP @ Dragonfly, Robert Mitchnick, Head of Digital Assets @ BlackRock and Noah Levine, Partner @ Andreessen Horowitz to discuss stablecoins evolving into new financial infrastructure, US regional banks building a tokenized deposit network and more!

Timestamps:

00:00 Introduction
02:17 Tokenization as an access story for investors
05:51 Three categories of tokenized equity structures
08:41 Transferability limits of whitelisted tokenized assets
11:21 NYSE and Securitize partner for 24/7 trading
15:00 Stablecoins evolving into new financial infrastructure
18:58 US regional banks build tokenized deposit network
24:21 Stablecoins vs tokenized deposits serve different users
25:42 Privacy demand grows for capital markets onchain
31:06 Future market structure with fewer intermediaries

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 presented by M0

Stablecoins are becoming global financial infrastructure. It's time for that infrastructure to mature. If you're a brand, you should have your own stablecoin set to the behavior of financial flows moving through your product. If you're an issuer, you want to be the stablecoin partner for the most valuable brands. M0 is the only platform where issuers and brands get together to build digital money products for the world. Learn more at m0.org

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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