When Larry Fank said that every stock,

every bond will be on one global ledger,

he's saying that tokenization is not a

niche innovation, it's become a

fundamental strategic pivot for the

global financial system. While the idea

of tokenizing assets isn't new, the

concept started to really pick up steam

back in 2017, much has changed in the

years since. from a broader exposure to

and understanding of the benefits that

blockchains can bring to rising interest

rates to a changing regulatory

environment.

With it all, 2025 has become the year

the world came on chain. I'm Danielle

Tamasi. I'm a product manager at

Chainlink Labs and today we're going to

be talking about interoperability in

this tokenized economy.

We're at a turning point. We're moving

from the pilot phase to seeing real

production use cases take hold. A16Z

just reported that stable coins power 46

trillion in annual transaction volume.

To put that in perspective, that's about

three times the amount that Visa does

per year and about half of the global a

network.

We've seen 75% growth of real world

assets in the last year, but investors

are hungry for more. State Street

recently did a survey that found that

60% of institutional investors plan to

increase their allocation in digital

assets in the next year. We're seeing

increased investment from launching

tokenized products to tokenization

platforms to even blockchains from

traditional financial incumbents the

Fidelity, Black Rockck, JP Morgan,

Goldman Sachses of the world as well as

from fintex like PayPal and Robin Hood

and Stripe. So why the surge? First, the

benefits are becoming increasingly

clear. Whether this is the operational

efficiency associated with shortened

settlement cycles and 247 markets, uh,

or access to new liquidity that comes

from, uh, people that have onchain

capital that they want to put to use.

Beyond that, we're starting to see the

emergence of regulatory clarity that has

eluded the space for too long. So, it's

the convergence of opportunity, of

infrastructure, and of regulation for

the first time.

And yet, we're still in the first

inning. BCG projects that we will reach

19 trillion in tokenized asset volume by

2033. So, the takeaway is clear. Firms

that don't explore tokenization risk

being left behind. But because you guys

are here, we know you're not in that

category.

So, tokenization is accelerating and

it's happening across multiple venues,

across both public and private chains. I

often hear if people are asking if

public or private chains will win out.

And I think that that's really the wrong

question. These systems will coexist

because they serve different purposes

within the financial stack. Public

chains make sense when transparency,

composability with DeFi or access to new

liquidity are of most importance. Here

we're seeing institutions like Black

Rockck and Franklin Templeton as well as

upstarts like Ono and Spyo launch

tokenized assets or funds on multiple

blockchains. These institutions chose

public chains because they want to reach

more investors. They want to be able to

tap into liquidity pools and they want

to enable composability.

Private chains, on the other hand, make

sense when privacy and governance and

control are paramount. For example,

banks managing tokenized deposits or

repo markets. Here we're seeing

individual banks launch their own chains

like JPM's Kexus or city's CDAP or

HSBC's Orion, but we're also seeing

consortia of institutions building

shared networks like Canton or Partr.

Blockchains are still early on their

adoption curve. There are scattered

deployments across different chains,

both public and private. And while at

first this seems like a simple problem.

Just connect the two chains. As you can

see in this diagram, the complexity

increases fast, with blockchains, change

is really the only constant. New

blockchains are launched and announced

what feels like daily. And ultimately,

we know there will be winners. We know

there will be some level of

consolidation, but we don't know who

they'll be yet. So, you know, you need

to plug into this new world, but you

don't know exactly what it's going to

look like. And in the meantime, you're

likely to have assets on one chain,

investors that want them on another, and

thus a need to connect the dots. You

need interoperability between a growing

number of unknown chains.

Solving interoperability problems is not

new to this industry. Interoperability

is the engine of financial progress.

Every major leap in financial

infrastructure has come from connecting

previously isolated ecosystems. I'll

take us back to the 70s when every bank

or country had its own messaging format.

Transfers were slow. They often required

manual reconciliation.

When Swift launched, created a common

language for exchanging information

between institutions. And that one layer

of interoperability made global

correspondent banking possible. Couple

decades later in the '9s, brokers,

exchanges, and buyside desks all had

their own trading systems and order

formats.

When fixed protocol launched, it

standardized how trading messages were

sent and received and suddenly

electronic trading took off.

Years later, institutions were still

using inconsistent data standards for

payments and securities and FX. The ISO

20022 standard gave the industry a

common language once again, improving

automation, data quality, and ultimately

paving the way for real-time payments

and the modern treasury management

system.

The next problem we have connecting

blockchains. The many hundreds of

blockchains that have been lo uh

launched need to be interconnected in

order to access the many benefits of

tokenization.

Connecting two chains is harder than

connecting two databases via APIs. Why

is that? Blockchains are like computers

that aren't connected to the internet.

They have no access to external data and

systems. They're not built to work

together. They often have their own

logic. They could even be built in

different languages. On top of that,

you're not just moving data. You're

moving value and with it ownership. This

introduces three key challenges. The

first is security. Bad interop, usually

from weak verification or centralized

systems can lead to hacks. In fact, in

DeFi, over $3 billion has been lost to

hacks when using poorly built

interoperability platforms. The second

is compliance. Moving assets requires

maintaining controls over who has access

to hold a given asset and carrying that

through to multiple different ecosystems

while retaining clear audit trails.

The third is privacy. Public blockchains

are fully transparent by design. Privacy

mechanisms, however, are required to

protect the sensitive data that moves

across chains, whether it's client data,

trading strategies, or proprietary

business logic. And of course on top of

all of that is resilience. We think

about this as table stakes but

decentralized systems play a big role in

ensuring continuity in cases like a few

weeks ago when AWS uh US East1 region

went down for 15 hours taking with it

many crosschain providers.

So what's clear is interoperability is

important but it's hard. You need an

interoperability layer that is suited to

the many complexities and nuances

required for an institution.

And this complexity continues to grow

with a number of blockchains.

This is why we built CCIP, the

cross-chain interoperability protocol,

the standard for secure, compliant,

reliable transfers of data and value

between blockchains, whether they're

public or private.

We abstract away the complexity. We

allow institutions to connect tokenized

assets to the onchain economy through a

single secure integration. One

transaction can trigger an entire

cross-chain workflow and with it all of

the nuances of the underlying chains are

taken care of. CCIP was built to solve

those three key challenges. Security,

compliance, and privacy. CCIB is the

only interoperability protocol that is

both ISO 2701 and SOCK 2 compliant,

demonstrating our commitment to

institutional grade infrastructure

management and data security. We're

already live on over 70 blockchains

across multiple chain families and we're

expanding rapidly and billions of value

has already been transferred on CCIP

that is itself built on top of chain

links decentralized oracle network

infrastructure that has enabled $26

trillion of value in DeFi. I'll share

some examples to highlight how CCIP can

enable compliance and privacy.

Spyico's money market funds are

regulated by the French Financial Market

Authority. Their use case is a great

demonstration of how regulated financial

products can move securely across chains

without having to sacrifice on

compliance. Leveraging CCIP, Spyo

enforces compliance policies to ensure

that every crosschain transaction

adheres to its regulatory and investor

eligibility requirements. How they do

it? Well, this diagram is a bit

complicated, but you can see that their

implementation relies on allow lists and

a contract called a defensive sender

receiver that makes it impossible to

send a money market fund to a receiving

address that's not eligible to hold it.

In cases where an attempt is made to

send to an ineligible receiver, the

system will reject the transfer and

facilitate a secure return to the

sender.

In this example, A&Z and ADDX, an

institutional tokenization platform

based in Singapore, wanted to enable

Australian investors to purchase and

redeem uh tokenized commercial paper

across two private permission

blockchains

to meet regulatory requirements. All of

the transaction data, so the

counterparties, the amounts, the

balances needed to remain completely

confidential.

CCIP private transactions enabled DVP

settlement between these two chains in a

completely private manner, ensuring that

none of the key transaction data was

visible to the node operators that

participated in facilitating this

transfer or any other third party.

The example I just gave involves two

private chains, but our newlyannounced

confidential compute capability, you

should have heard a bit about this

yesterday in Sergey and impervis

keynotes, will enable private

transactions across any public or

private blockchain. Privacy of course is

one of the major inhibitors to

institutions operating at any level of

real scale on public blockchains. So,

we're very excited to bring the suite of

com uh suite of capabilities from

private transactions to confidential

data distribution to privacy preserving

and uh identity data to the market.

There'll be a bunch more opportunities

uh to learn more on this one, but we're

super excited about it.

So today we focused on chain-to-chain

oper interoperability but connecting

sort of off-chain systems and

infrastructure to blockchains is another

key requirement to operating in the

tokenized economy. Chainlink is the only

platform that can offer endtoend

interoperability solutions. We don't

have time to get into them all here, but

there are a number of other exciting

talks, all actually in this room today,

that I encourage you to attend to learn

more about the chain link runtime

environment, the automated compliance

engine, and confidential compute.

To close us off, tokenization has

reached its tipping point moment. We're

starting to see real acceleration, uh,

but there's still a bright future ahead.

Uh we're seeing growth across many

blockchains which is a lot of

opportunity but also creates

fragmentation inhibiting our ability to

capture the benefits of tokenization

which means that interoperability is the

critical unlock to capturing the

liquidity available. Chainlink CCIP is

the standard for crosschain

interoperability. So if you are ready to

go crosschain with your asset or your

use case, we would love to talk to you

and I'll leave my contact information on

the slide. Thanks.