Tokenized cash is emerging as one of the most tangible applications of tokenization in financial markets. While much of the attention around digital assets has focused on cryptocurrencies, a broader transformation is taking place behind the scenes as blockchain technology begins to change how cash moves, settles and operates across the financial system.

In this episode of The Bid, host Oscar Pulido speaks with Beccy Milchem, Global Head of Cash Distribution and Head of the International Cash Management business at BlackRock, about what tokenized cash actually is and why it is moving from concept toward real-world use. They break down the differences between cryptocurrencies, stablecoins, tokenized deposits and tokenized money market funds — and explore why the distinction matters as digital assets become a bigger part of the financial ecosystem.

Beccy also explains how tokenization could modernize the infrastructure underpinning capital markets, from faster settlement and around-the-clock cross-border payments to programmable transactions and potentially more efficient management of working capital. The conversation explores how digital wallets could evolve as more traditional assets become tokenized, why cash is playing an early role in this transition, and how regulation, interoperability and broader adoption could determine the pace at which tokenized finance develops.

Episode chapters:

00:00 Introduction

02:31 What Is Tokenized Cash

03:47 Crypto Stablecoins Explained

07:14 Why Now For Tech Regulation

09:15 Broken Payment Plumbing

10:54 Programmable Money And AI

13:05 Digital Wallet Adoption

15:40 Global Rollout Currencies

17:05 Mainstream Tests

19:01 Wrap Up And Disclosures

Check out our previous episode on tokenization with BlackRock COO Rob Goldstein: https://open.spotify.com/episode/3U90eOH07t94CI0fw1JCtn?si=41cae3f7090d4cb5

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Tokenized cash, tokenization, stablecoins, digital wallets, money market funds, blockchain, capital markets, digital assets

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274: How Tokenized Cash Is Modernizing Money, Markets and Investing

The Bid - An Investing Podcast from BlackRock

274: How Tokenized Cash Is Modernizing Money, Markets and Investing