In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Max Stein, a director on the digital assets team at BlackRock, about how the firm translates crypto and tokenization ideas into actual products, and why tokenized cash still has a long way to run. Max, who previously spent four years at ConsenSys and invested at Sino Global Capital before joining BlackRock, explains how the firm's tokenization work actually accelerated after the FTX collapse, and why its BUIDL fund was designed to prove that tokenization could be commercial rather than just a proof of concept.

He walks through how BlackRock chose Securitize over other tokenization platforms, why stablecoins and tokenized money market funds are complementary as the payment and savings assets of crypto, and why the real growth driver for stablecoins will be non-crypto use cases. The conversation covers why DeFi exploits shook $15 billion out of lending markets and what that means for tokenized asset design, how AI agents may prefer onchain rails over traditional ones, and why privacy solutions will eventually be necessary for institutional scale. This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.

TIMESTAMPS

(00:00) Intro
(01:18) How Max defines tokenization and his role at BlackRock
(01:40) How BlackRock goes from idea to product in digital assets
(03:16) Regulatory environment and how it affects the pace of product development
(05:21) Stablecoins at BlackRock: reserve management and internal use
(06:17) Why BlackRock chose Securitize and how BUIDL was designed
(07:54) How the FTX collapse actually accelerated BlackRock's tokenization work
(08:54) Why tokenized cash is still the biggest opportunity
(14:09) The shift from private chains to public networks and the hybrid model
(22:17) Stablecoins as utility: programmable money, flash loans, and same-rail settlement
(27:36) His thoughts on DeFi exploits, contagion, and what it means for tokenized asset design
(33:13) How AI agents may prefer onchain rails and accelerate crypto adoption
(38:50) Final advice: small decisions shape whether a product scales or sits on a shelf

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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

Talking Tokenization EXCLUSIVE: BlackRock Digital Assets Director Shares Strategy for Tokenization, Bitcoin Stablecoins, and More | Max Stein