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Custody Challenges and Opportunities: Preparing Banks for the Digital Asset Revolution

Market Movers: The Opening Bell

November 4, 2025

Video Transcript

Mm.

While digital asset adoption is growing among the average person, credit card companies are offering crypto rewards on purchases, and it's never been easier to trade crypto.

More banks are also closer to offering crypto custody because of the Genius Act.

Institutions are looking into staple coins, and they're also eager to see the Clarity Act pass.

City is planning to offer crypto to clients next year.

It does plan to hold Bitcoin and E for investors.

Well, joining me to weigh in on this space here at the New York Stock Exchange is Jack Bocheng, CEO of Halborn.

Jack, great to have you here.

Thank you so much for joining me.

Great to be here.

Thanks for having me.

Well, 2025 has been quite the year when it comes to digital asset adoption, not just in the US, but around the world.

So what's behind the growth we're seeing?

Yeah, for sure, the change in regulation is playing a fantastic role.

It's really unlocking the potential of those assets, and I also believe that the entire economy is now geared towards that type of investment and that type of assets.

So yeah, I'm very positive the momentum will continue and the next thing to come, which is the Clarity Act, will And put a new acceleration to that momentum, and while I have you here and we're talking about regulation here in the US, we may look to nations like Switzerland or Singapore when it comes to a framework for digital asset regulation.

So give us your understanding of what you think should happen here in the US.

Honestly, I believe that what is planned, so what has been done with the Genius Act, what has been done also by eliminating the SA-121 at the beginning of the year.

And what is planned with the Clarity Act will pave the way for an incredible growth, and in the US you are creating a framework that is second to none with regards to freedom and accessibility and also mobility in assets.

I think it's one of the benefits of the Clarity Act.

And with some challenges come opportunities as well and we're here at the New York Stock Exchange and when we take a look at the products that are offered in terms of funds here, there are a lot of moving parts, but when it comes to innovation, what are you paying attention to and what type of growth do you expect to see moving forward?

So recently State Street has published a very interesting study in October about the adoption by asset manager of digital assets.

So currently, if you look at institutional institutions, in fact they are having something like 6% of the entire asset under management in crypto, all sorts of crypto, everything which is digital assets, and in 3 years they are planning to triple that amount, so it's already giving us a strong direction.

And as far as tokenization of assets is concerned, we believe, I believe that private equity will be the first to be tokenized, then followed by bonds, then followed by equity which will be issued on chains.

That's an incredible tectonic shift which is happening right now.

Yeah, so you highlighted some of the Trends that we are seeing across digital assets and this year has been the year where it's not just retail investors but obviously institutional investors as well.

So as we move forward, what do you expect to see not just in the US but also overseas and what are the implications moving forward for the industry?

Yes, so I believe that the volume of transactions that will happen in stablecoin, to name one example, will continue to grow.

So adjusted, it was close to $9 trillion for the last trailing 12 months, which is half of what Visa has been transacted.

So it gives us really a good feeling of that growth.

So and stablecoin and digital assets each issued on chain, it creates an incredible liquidity of the market.

24 x 7, it also creates the accessibility of that market to retail investors back to them to access new kinds of securities.

So I think that's really the big thing that will happen in the coming months, and we're here in November, and that means it's the time of year we're looking at price targets as well as outlook.

For the upcoming year and you just mentioned liquidity, and we saw a liquidity event that did happen in the beginning of October.

So now that a lot of the moving parts have shifted, what were some of the key lessons that you learned from that October 10th, 11th event and what are the implications as we move forward into a new year?

Yeah, I think one of the One of the key learnings I am taking in general is the following.

The banks are not yet ready for that big move.

There is a lot of words, but for instance, challenging challenges like custody are not yet completely under control.

Because when you custody digital assets, it's a totally different discipline than making the traditional custody.

Traditional custody, it's a pointer to a CSD basically it's legal and processed, whereas custody of a digital assets, it's a clear technical.

That is a big challenge for the banks, especially as they need to do that custody themselves because it's a primary contact touch point with their customers.

So that's an interesting evolution.

So we have about 60 seconds here.

What do you think needs to be done when it comes to custody?

I believe that standards needs to be established.

I believe that big banks need to start to do best practice sharing.

We are in an early phase, so everybody is watching each other and they don't want to give their chip, put their chip on the table so that their competitors copy paste what they are doing.

And I believe that they should rely on companies like ours to help them assess their custody strategy.

OK, Jack, well, we will have to leave it there, but thank you so much for joining me and thank you so much for offering your insights as well as perspective.

Thanks for having me.

Thank you.

“In the US, you are creating a framework that is second to none with regards to freedom and accessibility and also mobility in assets.” – 00:01:44

Jacques Boschung, the CEO of Halborn, joins Remy Blaire to discuss the burgeoning landscape of digital asset adoption. The conversation takes place at the New York Stock Exchange, where they explore the significant developments in the crypto space and the factors driving this growth.

Remy begins by highlighting the increasing acceptance of digital assets among the general public, noting that credit card companies are now offering crypto rewards and that trading crypto has become more accessible than ever. Jacques emphasizes that regulatory changes, particularly the Genius Act and the anticipated Clarity Act, are playing a crucial role in unlocking the potential of digital assets. He expresses optimism about the future, suggesting that these regulations will foster incredible growth and create a robust framework for investment in the U.S.

The discussion shifts to the global regulatory landscape, where Remy asks Jacques for his insights on how the U.S. can learn from countries like Switzerland and Singapore. Jacques believes that the U.S. is on the right path with its current regulatory framework, which he argues is designed to provide freedom, accessibility, and mobility in asset management.

As they delve deeper into the topic of innovation, Jacques references a recent study by State Street that reveals institutional investors currently hold about 6% of their assets in digital assets, with plans to triple that amount in the next three years. He predicts that private equity will be the first asset class to undergo tokenization, followed by bonds and equities, marking a significant shift in asset management.

Remy and Jacques also discuss the growing transaction volume in stablecoins, which reached nearly $9 trillion over the past year. Jacques highlights the implications of this growth for retail investors, who will gain access to new types of securities and benefit from increased market liquidity.

As the conversation progresses, they reflect on recent liquidity events, particularly one that occurred in early October. Jacques shares key lessons learned from this event, particularly regarding the readiness of banks to handle the complexities of digital asset custody. He points out that traditional custody methods are inadequate for digital assets, which require a different technical approach.

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