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Viewpoint: The next stage of tokenization will be "personalized portfolios," rather than just improving settlement efficiency

According to CoinDesk, Thomas Sy, head of multi-asset solutions at New York Life Investment Management (NYLIM), stated that the core application of the next phase of tokenization will be to achieve "personalized portfolio construction," rather than merely enhancing settlement efficiency or extending trading hours.NYLIM manages approximately $807 billion, with about $11 billion overseen by Sy's team. He pointed out that blockchain technology is expected to enable asset management institutions to customize complex portfolio strategies for different investors on a large scale, a capability that is currently difficult to achieve within the traditional financial system.Sy indicated that the core of asset management will shift towards "highly customized" solutions in the future, and blockchain is the only technological path that can achieve this goal at scale. He believes that tokenization is not just about putting ETFs, bonds, or private credit on-chain, but more importantly, about reconstructing the way portfolios are built.He also noted that current asset portfolios typically involve a mixed allocation of ETFs, bonds, and private assets, but due to operational complexities, personalized strategies are difficult to scale. Tokenization is expected to "embed customization logic into the assets themselves," reducing operational costs and enhancing efficiency.In addition, Sy stated that stablecoins have become a key entry point for traditional finance to enter the blockchain space, with the current scale of stablecoins exceeding $300 billion, being used for cross-border payments and fund management. He believes this trend will gradually drive institutional demand for on-chain income-generating assets.In the area of decentralized finance (DeFi), NYLIM is still researching related applications, but Sy emphasized that institutional participation still requires more mature infrastructure, including the improvement of tokenized collateral, clearing mechanisms, and the prime brokerage service system.

Fed Chair frontrunner Rick Rieder has stated that Bitcoin will replace gold and suggested that investors hold Bitcoin in their portfolios

According to CoinDesk, Rick Rieder, the Chief Investment Officer of Global Fixed Income at BlackRock and a popular candidate for the Federal Reserve Chair, has stated that Bitcoin will replace gold and has suggested that investors hold Bitcoin in their portfolios. In the prediction market, Rieder's chances of being elected have quickly risen to the top, and he has publicly supported cryptocurrencies multiple times.As early as 2020, when digital assets were still in their infancy, he stated in an interview with CNBC that Bitcoin would replace gold as a store of value, "because it is much easier to transfer than a gold bar." Recently, he mentioned in the same media that Bitcoin should be part of a smart portfolio, calling both Bitcoin and gold "assets that can provide a certain stability to a portfolio." At that time, Bitcoin was still above $112,000, and he predicted that "it will continue to rise." Currently, the price of Bitcoin is around $88,000, having recently dropped due to potential tariff measures and other geopolitical turmoil.Rick Rieder has publicly expressed dissatisfaction with the Federal Reserve's slow pace of interest rate cuts, similar to Trump. In a recent interview during Trump's time in Davos, Trump praised him as "very outstanding." Currently, the probability of betting on Rick Rieder becoming the next Federal Reserve Chair on Polymarket is 46%.
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