Why Tokenize? Fidelity on Onchain Assets and the Next Phase of Adoption

What does it actually mean to bring assets onchain — and why should investors care?

In this episode, Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity Investments, breaks down Fidelity’s roadmap for digital market adoption — from Bitcoin ETPs to tokenized money market funds — and explains why tokenization is about far more than just putting assets on a blockchain.

We cover:

• The three phases of digital asset adoption: Hold, Use, Build
• Why tokenizing an asset must start with utility
• How tokenized money market funds bridge payments and yield
• The rapid rise of real-world assets (RWAs) onchain
• The impact of the regional bank crisis and stablecoin depegging
• Staking yield inside traditional wrappers
• Institutional adoption of DeFi infrastructure
• Build vs. partner decisions inside a major asset manager

Cynthia also shares insight into Fidelity’s early Bitcoin mining experiments, how they evaluate crypto founders, and why authenticity is the smallest hill she’ll always die on.

If you're interested in tokenization, real-world assets, crypto ETFs, DeFi infrastructure, or the future of asset management — this conversation is for you.

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