US Brokers and Asset Managers "Tokenization Expert Call Highlights Bette..."

Research evidence excerpt

US Brokers and Asset Managers "Tokenization Expert Call Highlights Bette..."

Global Research

18 May 2026ab

US Brokers and Asset Managers Equities

AmericasTokenization Expert Call Highlights Better, Faster,

Cheaper Financial

Michael Brown

Analyst

mike.brown@ubs.com

We hosted an expert to discuss the tokenization of cash, deposits, and custody +1-212-713 1387

On Friday we hosted a call with an expert. Here is a summary of top 10 takeaways from Mary Mahrer

the expert call, which are unpacked in more detail below. The replay will be live Analyst

through May 29 and can be found by following this link, Tokenization Call mary.mahrer@ubs.com

Replay. +1-212-713 9014

Vijeth Mudalegundi

Top 10 Tokenization Takeaways Analyst

1) Tokenization primarily improves existing financial infrastructure (better, faster, vijeth.mudalegundi@ubs.com

cheaper) via 24/7 availability, ease of settlement, and reduced intermediaries; 2) the +1-212-649 8172

Clarity Act is a major potential catalyst (~30–60% probability of passing) that could Daniel Lehmann

unlock rapid TradFi adoption by resolving regulatory ambiguity; 3) even partial clarity (vs Associate Analyst

today’s “no rules”) is sufficient to bring large incumbents off the sidelines; 4) key policy daniel-j.lehmann@ubs.com

debate centers on yield—issuers cannot directly pay interest, but third-party structures +1-212-713 2391

effectively enable yield-bearing products; 5) “ability to pay yield” in practice means Cory Johnson

either traditional yield (T-bills/MMFs) or crypto-native yield (DeFi lending/staking), with Associate Analyst

different risk/return profiles; 6) the biggest advantage is not yield itself but functionality; cory.johnson@ubs.com

programmability, collateral use, and composability of cash; 7) tokenized cash is +1-212-882 0078