On July 5, Thomas Sy, head of multi-asset solutions at New York Life Investment Management (NYLIM), stated that the core application of the next phase of tokenization will be to achieve 'personalized portfolio construction', rather than merely enhancing settlement efficiency or extending trading times. NYLIM manages approximately $807 billion, with around $11 billion overseen by Sy's team. He pointed out that blockchain technology is expected to enable asset management firms to customize complex portfolio strategies for different investors on a large scale, a capability that is currently difficult to achieve within the traditional financial system. Sy indicated that the future of asset management will shift towards 'highly customized' solutions, and blockchain is the only technological pathway capable of achieving this at scale. He believes that tokenization is not just about bringing ETFs, bonds, or private credit onto the blockchain, but more critically about reconstructing the way portfolios are built. He also noted that current asset portfolios typically involve a mixed allocation of ETFs, bonds, and private assets, but due to operational complexities, personalized strategies are hard to scale. Tokenization is expected to 'embed customization logic into the assets themselves', reducing operational costs and enhancing efficiency. Furthermore, Sy mentioned that stablecoins have become a key entry point for traditional finance into the blockchain, with the current stablecoin market exceeding $300 billion, being used for cross-border payments and fund management. He believes this trend will gradually drive institutional demand for on-chain yield-bearing assets. Regarding decentralized finance (DeFi), NYLIM is still researching related applications, but Sy emphasized that institutional participation requires more mature infrastructure, including the improvement of tokenized collateral, clearing mechanisms, and prime brokerage service systems.

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Opinion: The Next Phase of Tokenization Will Be 'Personalized Portfolios', Not Just Enhanced Settlement Efficiency

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