Thomas Sy, an executive at NYLIM, the asset management platform under New York Life, stated that the next important use case for tokenization will be personalized portfolios, rather than just faster settlement or 24/7 trading. He believes that blockchain can help asset management companies build customized portfolios for individual investors at scale, while optimizing back-office processes such as transfer agency and settlement. Sy also noted that stablecoins are becoming an on-ramp for traditional financial institutions to enter the blockchain, and may in the future drive demand for institutional-grade tokenized investment products. However, institutional participation in decentralized finance (DeFi) still requires further maturation of infrastructure such as tokenized collateral, central clearing, and prime brokerage.