Bell Curve What TradFi’s Crypto Integration Actually Looks Like | Sid Powell & Theo Golden
Mar 10, 2026
Sid Powell, founder/operator at Maple Finance focused on on-chain lending and tokenized credit. Theo Golden, portfolio manager and tokenization lead at Baillie Gifford bringing TradFi asset management to on-chain products. They discuss how TradFi is integrating crypto rails, practical tokenization structures and SPV vs native issuance, on-chain RWAs and liquidity dynamics, and who will adopt tokenized funds.
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TradFi Crypto Integration Is Early And Uneven
- Integration between TradFi and crypto is early; Sid rates it 3–4 out of 10 based on custody, stablecoins, and tokenized funds progress.
- Stablecoins, tokenized funds, and bank interest in crypto-backed lending are visible wins, but pensions and endowments remain largely absent.
Tokenization As Unitization On Steroids
- Tokenization is described as unitization on steroids: same goals as TradFi but with operational simplicity and fewer counterparties.
- Theo says tokenization enables better collateral management and reduces manual post-trade frictions using native on-chain assets.
Give Onchain Clients Institutional-Grade Structuring
- Treat on-chain clients with the same diligence as large TradFi clients and keep institutional structuring quality high.
- Don't rely solely on distribution; ensure tokenized products match incumbent structuring and compliance standards.