Theo Golden

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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 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

Now, in that circumstance, UK funds were having to sell down.

government bonds, guilts, because they needed to meet essentially something called a margin call.

So they needed some post cash to meet demands from banks, et cetera.

They had the ability to post funds, but they didn't because it's very hard to do and in the cases that you can do it, it's very expensive, and there's a lot of intermediaries and extraction taking place.

Now

In a world of tokenization where you're literally just saying this is a line of code which can move to somewhere else or interact with another line of code, you have the ability to make these fund units much more transferable.

And so what could have happened is that these, you know, particularly money market funds could be posted as collateral to meet these margin calls, which could have helped protect these pension funds, etc., and not force them to sell.

sell guilts in a falling market.

Yeah, of course.

And the fancy technical term that we give here is something called interoperability and composability.

What they basically mean is that assets can talk to each other for interoperability because they're essentially have the same foundational language and they're composable, which means that they can be built on top of each other.

The mental model there is essentially assets as Lego bricks.

You can build your Lego tower with them.

What that means exactly, as you say, is that you can build hooks in a way that that

Archaic infrastructure that we use today can't.

Some of the major banks in the world are still using COBOL, which is a coding language from the 90s.

And you know, the answer is that that financial system isn't built for what the next ten years could look like.

And an example of that is the agentic economy.

I think it's a very, very underappreciated use case for blockchain is that when you put two agents together in a room, one of the first things they will do is come up with their own language.

English is not a very efficient language for communication.

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