How Tokenization Puts Your Apple Stock to Work

Summary

Kevin March, founder of JPEG Trading, explains his firm's role in building liquidity for new crypto assets and why DeFi lending is crypto's most important long-term innovation. He discusses tokenized stocks like Apple seeing organic growth with better spreads on crypto exchanges, predicts cross-collateralization between stocks and crypto is near, and shares insights on prediction markets and agentic AI trading.

• JPEG Trading provides end-to-end market formation for new crypto assets, from first investment to liquidity and curation.
• DeFi lending is the most likely use case to make crypto useful long term, enabling productive collateral from tokenized assets.
• Tokenized stocks, especially Apple, are seeing consistent organic volume growth with tighter spreads on Binance and Hyperliquid than traditional brokerages, particularly outside market hours.
• Cross-collateralization between tokenized stocks and crypto is only weeks to months away, enabling portfolio margin and more efficient capital use.
• Prediction markets offer one of crypto's best user experiences, with binary options providing clear outcomes for expressing opinions.
• Agentic AI trading is currently unreliable for deterministic strategies, but AI is a force multiplier for research and automation, leveling the playing field for individual traders.