Eli Cohen: Tokenization in 2025 — Navigating the New Frontier of Real-World Assets

BlackRock, JP Morgan, Franklin Templeton, Janus Henderson — when institutions at that scale converge on the same thesis, the market is past the speculation phase. In this piece for The Defiant, Centrifuge General Counsel Eli Cohen maps what 2025 actually looks like for tokenized assets: where regulatory frameworks like MiCA create real market structure, where the US is still catching up, and why the harder problem isn't getting TradFi into DeFi — it's getting DeFi to adopt TradFi-grade risk management.

The argument cuts both ways deliberately. Tokenization doesn't succeed by TradFi players making bets on blockchain. It succeeds when DeFi operators start running their infrastructure with the discipline of a regional bank.

Read the full piece on The Defiant →

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