Tokenized Securities: Why Cash on-Chain Matters [EN]

In this episode of Insights Digital Assets, Lidia Kurt sits down with Markus Fehn, head of strategy and innovation at Chartered Investment. They discuss how investment products are moving from traditional rails to tokenized capital markets and how to do so in a regulated, scalable way. Markus explains Chartered Investment’s platform approach of helping professional clients structure and issue investment products across three core areas: actively managed products, real-world asset products, and classic structured notes. He also discusses why tokenization is becoming a major growth driver. The conversation explores two key motivations: improving the efficiency of the entire product lifecycle (issuance, operations, accounting, and settlement) and expanding accessibility globally through new distribution channels. Concrete real-world examples are provided, including a physically backed tokenized gold product ("Green Gold"), tokenized real estate debt issuances, and rising demand from asset managers to bring investment funds on-chain, extending beyond money market strategies. A central theme is the importance of cash on-chain and how regulated stablecoins (e.g., EMTs) can enable programmable payment flows across the product lifecycle. Finally, Lydia and Markus discuss the biggest obstacles to broader adoption: legal fragmentation across jurisdictions and the need for shared technical and legal standards to scale tokenized securities and market infrastructure. If you’re curious about what the capital markets of tomorrow could look like when tokenization becomes "invisible" infrastructure rather than a buzzword, then this episode is for you.