Most of the conversation around tokenization focuses on getting stocks and funds on-chain. Andrew McCormick, head of institutional at Chainlink Labs, thinks the bigger prize is what happens a
Most of the conversation around tokenization focuses on getting stocks and funds on-chain. Andrew McCormick, head of institutional at Chainlink Labs, thinks the bigger prize is what happens after that.
“Now we have an asset that’s been tokenized, check, we can do that. Now let’s give it life,” McCormick told TheStreet Roundtable at Money20/20 in Las Vegas.
McCormick joined Chainlink Labs from eToro, where he was head of eToro US, overseeing its broker-dealer, its New York Bitlicensed entity and its money services businesses.
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McCormick pointed to the Depository Trust & Clearing Corp. (DTCC), the clearinghouse at the center of US securities settlement.
In May, the company said its Collateral AppChain would use the Chainlink Runtime Environment and Chainlink’s data standard for orchestration, data, and automation. DTCC expects the platform to go live in Q4 of 2026.
“If you have your asset in there, you can take loans against it,” McCormick said.
Chainlink showed how that works at Sibos 2026, where it demonstrated its new Fulcrum platform alongside DTCC. Fulcrum supports cross-chain repurchase agreements and lets collateral move around the clock.
McCormick said people at DTCC describe collateral as a $50 trillion opportunity. DTCC data shows about $300 trillion in high-quality liquid assets globally, with only 10%-11% being used as collateral today.
DTCC’s Nadine Chakar made a similar point back in April, predicting that tokenized Treasuries will dominate partly because of their value as collateral.
McCormick puts the tokenized market, excluding stablecoins, at about $50 billion. One tally counts roughly $47.6 billion in non-stablecoin tokenized assets. He also cited bank forecasts of up to $10 trillion by 2030. McKinsey estimates about $2 trillion by 2030, with a bullish case near $4 trillion.
There are three products he expects to gain traction over the next several years.
The first is tokenized equities, which he argues can break down access barriers for investors outside of the US. Platforms like Ondo have already brought tokenized stocks to DeFi using Chainlink data feeds. And the number of tokenized equity holders globally has grown by more than 1,000% since 2025.
BREAKING: There are now a record 1.9 million onchain tokenized equity holders, up +134% month-over-month.The total number of holders is up +1,360% year-to-date.Amid a record IPO market, driven by SpaceX, OpenAI, and Anthropic, and increased demand for 24/7 markets,… pic.twitter.com/9mZnDwwlzr
— The Kobeissi Letter (@KobeissiLetter) September 2, 2026
The second is tokenized deposits, aimed at institutions who want to move cash faster and with less risks.
“We have tons of money sitting here. How can we move it around more quickly, efficiently, (with) lower risk?” McCormick said.
The last is collateral. Holders of any tokenized assets can borrow against them on a variety of platforms, decentralized and centralized.
Wall Street is watching ever closer every day. Standard Chartered expects Chainlink’s fee generation to grow about 25 times by the end of 2030 as tokenization and other digital assets scale.
