Why Every Asset Manager Is Racing to Tokenize Funds Now

Episode notes

Most asset managers still can't accept stablecoin payments, yet over $300 billion in regulated capital is already sitting on-chain. Jim Hiltner, Co-Founder of Superstate, explains how the tokenization of capital markets is reshaping the rails now powering Invesco, Bitwise, and Coinbase Asset Management, with the first fully on-chain IPO targeted for H2 2026. Building tokenization rails for Wall Street is a credibility game, and few operators have stacked credentials as deliberately as Jim Hiltner, who moved from Citibank to Compound Treasury before co-founding Superstate in 2023. Superstate now manages over $1.2 billion across two tokenized funds and powers Opening Bell, the platform letting SEC-registered companies issue native tokenized equity on Ethereum and Solana with the same CUSIP, voting rights, and dividend rights as traditional shares. In conversation with un# host Sri Misra, Jim explains why Superstate handed its $1 billion USTB fund to Invesco in Q2 2026, why Circle's IPO mispricing exposes a structural flaw in capital formation, and why the first on-chain IPO is coming in H2 2026.

• Jake Brukhman (CoinFund) on Anthropic Fable 5, Agents & Asymmetry in AI 79 / 100
• Steven Goldfeder(Arbitrum) on Why the World's Biggest Institutions Are Coming On-Chain76 / 100
• Inside the Centralized Database Holding Trillions of Dollars48 / 100
• Why AI Agents Aren't Ready to Manage Your Crypto Portfolio Yet
• Why Spark Wraps Yield Around Every Stablecoin Instead of Fighting Them