Iggy Ioppe, chief investment officer at Theo, joined J.D. Durkin on Taking Stock to discuss where tokenized markets are headed and why the next phase of financial innovation may arrive sooner than many expect. The conversation centered on the New York Stock Exchange’s ambitions to build a 24/7 tokenized trading ecosystem and what that could mean for investors, liquidity, and the structure of global markets.
Ioppe described the NYSE’s vision as a decisive break from incremental modernization. Rather than simply upgrading legacy systems, the exchange is exploring an on-chain, decentralized trading environment designed to support atomic settlement. That means transactions could settle instantly, without intermediaries or delays, across blockchain networks. In contrast, Ioppe noted that other exchanges appear focused on improving existing infrastructure without fully embracing blockchain-native architecture.
The move toward continuous trading is one of the most consequential shifts under discussion. A 24/7 market would give investors flexibility well beyond traditional trading hours, while tokenized stocks would allow fractional ownership based on dollar amounts rather than whole shares. Together, these features could dramatically lower barriers to entry, opening markets to a broader global audience and increasing overall participation.
At Theo, Ioppe outlined plans to bring tokenized equities to market, starting with gold. With gold recently trading above $5,000, he described it as a logical foundation for tokenization. Gold has functioned as a store of value and medium of exchange for thousands of years, yet historically it has carried costs tied to storage, insurance, and security. Theo’s approach aims to remove those frictions while introducing yield-generating mechanisms, transforming gold from a static asset into a productive one.
Looking ahead, Ioppe highlighted regulation and liquidity as the two defining challenges for tokenized markets. Regulatory frameworks around tokenized assets continue to evolve, and while approval processes may take time, he argued that institutional involvement, particularly from exchanges like the NYSE, will accelerate acceptance and legitimacy. Clear rules, in his view, are essential to scaling decentralized trading safely.
Liquidity is the other critical piece. For 24/7 markets to function effectively, deep and reliable liquidity must exist beyond traditional trading windows. Ioppe stressed that building these mechanisms is central to Theo’s mission and to the broader success of tokenized markets worldwide.
Beyond efficiency and access, Ioppe framed tokenization as part of a broader shift toward responsible and sustainable investing. Blockchain-based systems can increase transparency, reduce operational waste, and support financial structures aligned with long-term economic and societal goals. In that sense, tokenization is not just a technical upgrade, but a rethinking of how capital markets operate.
Ioppe’s perspective reflects a financial system in transition. As institutions like the NYSE explore decentralized, always-on markets and firms like Theo develop tokenized assets with real-world utility, the boundaries between traditional finance and blockchain continue to dissolve. The result may be a faster, more inclusive, and more resilient global trading ecosystem, reshaping how investors engage with markets in the years ahead.