How the World’s Largest Financial Institutions Are Approaching Tokenization with Galaxy
“Five or ten years from now, we won't be talking about tokenized assets – because on the backend, everything will be tokenized. It will be a more efficient way to move and store capital going forward.”
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Thomas Cowan is the Head of Tokenization at Galaxy, a crypto-focused merchant bank bridging traditional finance and on-chain markets. Based in New York, he leads tokenization within Galaxy’s investment banking arm, where his team focuses on structuring and placing tokenized products — from money market funds to on-chain debt and securitized credit.
At Galaxy, Thomas works at the intersection of institutional capital and blockchain infrastructure, helping traditional financial institutions explore how blockchain can deliver faster settlement, greater transparency, and more efficient secondary markets for complex products like CLOs and other structured debt. His perspective spans both TradFi and crypto-native markets, giving him a front-row seat to how tokenization is evolving from technology experiment to core market infrastructure.
Please enjoy the following insights from Thomas Cowan of Galaxy.
The Next Step in Asset Tokenization
Tokenizing funds and SPVs was only the starting point. The next evolution is bringing the entire pipeline on-chain — from loan waterfalls to facility-level mechanics.
When the full lifecycle of assets lives natively on-chain, efficiency becomes undeniable.
🎬 Watch: Why Fully On-Chain Fund Structures Are the Real Breakthrough
youtube.com/shorts/QIxEjBbSjt8
Galaxy’s On-Chain Stock Tokenization
Galaxy tokenized its equity with Superstate. Direct on-chain shares, held in-wallet, open the door to more efficient issuance, transfer, and eventually compliant secondary trading in permissioned environments.
🎬 Watch: How Galaxy Put Its Own Class A Shares On-Chain
youtube.com/shorts/8TN0uNySO9A
Tokenization: Beyond the Tech
Past cycles focused on the novelty of tokenizing SPVs and funds. The next cycle is different.
The real unlock is what tokenization enables: new market structures, better distribution, and fundamentally more efficient financial products — not just digital wrappers.
🎬 Watch: Why Tokenization Is Finally About Utility, Not Hype
youtube.com/shorts/amu86wxzF1Y
Recent Crypto Price Action
The market is taking a step back after a blockbuster 2025. October 10th showed that the tech is advancing, but the market isn't fully mature. Will the Clarity Act be the next market unlock?
🎬 Watch: How to Interpret Recent Crypto Price Action
youtube.com/shorts/vWskWD326b4?feature=share
🎬 Watch the Full Episode
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