Talking Tokenization: Why Bitcoin’s price isn’t affecting institutional interest

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The crypto market might be down, but projects and operators in the space still have tailwinds to ride. 

“I’m excited about the current moment,” Thomas Cowan, head of tokenization at Galaxy, told me on Token Relations’ Talking Tokenization podcast series. “I think we have kind of three key pillars that are really giving us that [tailwind.]”

Those three areas? Regulatory clarity in the US via the GENIUS Act (and hopefully, Clarity Act), tech maturity with smart contracts and blockchains being performant, and institutions entering the space. 

“For multiple years, [institutions have] been on the sidelines looking at this tech. Now without a doubt, the FOMO is real and the recognition of this technology is real in a way that's thankfully decoupling from the price of Bitcoin,” Cowan said. 

But the biggest challenge to tokenization more broadly is making sure all the counterparties are onboard, and the new system being built “makes sense” for everyone involved.  

“That is the hard part,” Cowan explained. “The easy part is the tech. So that's why we're so excited by it because we know once this is standardized, we really will be able to improve the system.”

In the near term, he thinks the dollar has a lot of potential to be one of the biggest beneficiaries or catalysts of the technology. “This tech really democratizes access to the best, highest and most available, most liquid asset on the planet.” 

Right now, that’s the US dollar, and given the demand for the dollar and its tokenization at scale, the more widely available it becomes, the more it can be used. 

“I recognize [the dollar] has the most product-market fit already with stablecoins, but I'm excited to see what it unlocks and what this technology can do in ways that we aren't even thinking about today.”

Check out the next section for more details and the full episode.

For today’s episode, I interviewed Thomas Cowan, head of tokenization at Galaxy, about how blockchain technology is upgrading decades-old financial infrastructure and why institutional commitment to tokenization remains strong, despite crypto market volatility.

Thomas explains how tokenization connects information and value the way physical cash does, why the convergence of regulatory clarity, technical maturity, and institutional presence is creating unprecedented momentum, and how Galaxy's partnership with State Street demonstrates traditional finance's long-term commitment to onchain capital markets.

He explains why understanding the "singleness of money" matters as stablecoins proliferate, how tokenization will upgrade the existing financial system, and why price action no longer dictates institutional tokenization strategies heading into 2026.

This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.

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Please note this content is for informational and educational purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.