Viewpoint: The next stage of tokenization will be "personalized investment portfolio", rather than just improving settlement efficiency According to BlockBeats, on July 5th, Thomas Sy, the head of multi asset solutions at New York Life Investment Management (NYLIM), stated that the next core application of tokenization will be to achieve "personalized portfolio building", rather than just improving settlement efficiency or extending trading time. NYLIM has a management scale of approximately $807 billion, of which approximately $11 billion is managed by Sy's team. He pointed out that blockchain technology is expected to enable asset management institutions to customize complex portfolio strategies for different investors at a large scale, which is currently difficult for traditional financial systems to achieve. Sy stated that the core of future asset management will shift towards' highly customized ', and blockchain is the only technological path that can achieve this goal under scale conditions. He believes that tokenization is not only about putting ETFs, bonds, or private credit on the chain, but also about restructuring the way investment portfolios are constructed. He also pointed out that current asset portfolios typically involve a mixed allocation of ETFs, bonds, and private equity assets, but due to operational complexity, personalized strategies are difficult to scale, and tokenization is expected to embed "customized logic into the assets themselves," reducing operational costs and improving efficiency. In addition, Sy stated that stablecoins have become a key entry point for traditional finance to enter the blockchain. Currently, the scale of stablecoins has exceeded $300 billion and is being used for cross-border payments and fund management. He believes that this trend will gradually drive the growth of demand for on chain income assets among institutions. In terms of decentralized finance (DeFi), NYLIM is still researching related applications, but Sy emphasizes that institutional level participation still requires more mature infrastructure, including tokenized collateral, clearing mechanisms, and the improvement of the main brokerage service system. [Original link]