Theo Golden

speaker

320 appearances 1 recordings 1 series first heard Jun 2026 last heard 23 Jun

Theo Golden’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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Short Briefings on Long Term Thinking - Baillie Gifford · Tokenisation: a better way to own what you own · 23 Jun 2026 podcast

What's happened that people are suddenly going, Oh wow, this could actually work?

Well, I think there's three main things.

The first one is around rebuilding the on chain economy and this idea of around defining what cash looks like.

So in the last kind of eighteen, twenty-four months, you've seen this amazing product market fit of something called a stable coin.

And a stable coin is just a digital version of a fiat currency, for instance, a dollar

a pound sterling, a yen, or whatever it looks like.

And it's one for one backed if it's a regulated stable coin.

So an example of that is USDC by Circle, which as I said, we're an investor.

You know, if you're a Scottish Enlightenment folk like Adam Smith and you're trying to rebuild an economy or replicate an economy anew, you wouldn't start with the most complicated real estate, for instance, or private assets, although the value add for those assets might be the biggest.

you would need to define the beginning of the risk curve.

You would need to be able to define liquidity.

And that's what stable coins have done.

They have essentially created this foundational layer in the most commoditized thing, which is for the most case a digital dollar.

But what that has allowed is essentially a foundation for other assets to be built upon, which has allowed for asset tokenization.

There's a very commonly used phrase in trading, which is like liquidity begets liquidity.

And what we mean is as one part of the market gets bigger, it means that other parts of the market can then engage with it, which then begets greater liquidity and greater liquidity, and you get this flywheel effect.

And that's what's happening in this space.

The second one is regulation.

Obviously, you've seen this kind of vibe shift in the US around crypto and tokenization and digital assets, which has been a headwind and turned it into a tailwind.

Sometimes that's overplayed to an extent because for the last, you know, five, six years, there has been absolutely incredible regulatory work that has been done across the globe.

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