CNBC Digital Finance Forum: Crypto Innovators
Watch on YouTube ↗  |  February 11, 2026 at 23:09 UTC  |  16:55  |  CNBC
Speakers
Deirdre Bosa — Anchor, CNBC
Robert Leshner — CEO, Superstate
Jose Fernandez da Ponte — SVP Blockchain, PayPal

Summary

  • The migration of $700 trillion in off-chain assets to blockchain infrastructure is described as the "biggest opportunity" of this generation, with the initial wave led by crypto-native firms tokenizing their own equity.
  • A divergence in strategy exists between incumbents and disruptors: Incumbents (ICE, NASDAQ) view tokenization as a settlement efficiency tool, while disruptors view it as a way to create entirely new, 24/7 global trading venues.
  • PayPal is explicitly "doubling down" on stablecoins (PYUSD) for commerce and cross-border payments, predicting a shift away from the current trading-dominated use cases of stablecoins.
Trade Ideas
Ticker Direction Speaker Thesis Time
ONDO /GLXY /HOOD /ICE
LONG Robert Leshner
CEO/Founder of Superstate 		Leshner states that "recordkeeping and the back office of every asset is going to slowly become crypto" and notes that while incumbents (ICE, NASDAQ) want efficiency, firms like Galaxy Digital (GLXY), Robinhood (HOOD), and Ondo Finance (ONDO) are building the parallel rails for this $700 trillion migration. The "Clarity Act" and general technological maturation are triggering an inflection point where assets move on-chain. This benefits the infrastructure providers (ICE/NASDAQ for settlement) and the platforms creating the new venues (HOOD/ONDO/GLXY). Galaxy Digital is explicitly named as a partner/customer in this transition. Long the infrastructure providers facilitating the tokenization of Real World Assets (RWA). Regulatory delays from the SEC ("Project Crypto") or lack of clarity on market structure could stall adoption. 3:15
MIDCAPS /SMALL CAPS
WATCH Robert Leshner
CEO/Founder of Superstate 		When asked who is adopting tokenization, Leshner specifies that "companies that are smaller, that are in like the billion to $5 billion range, are ones that are most interested." Unlike the "Mag 7" which have infinite liquidity, smaller public companies suffer from fragmented liquidity and limited global access. They will be the first non-crypto movers to tokenize equity to access global capital markets and 24/7 trading, potentially reducing their cost of capital. Watch for small/mid-cap firms announcing tokenized equity raises as a catalyst for liquidity events. Reputational risk if early tokenized issuances face technical bugs or regulatory scrutiny. —
PYPL
LONG Jose Fernandez da Ponte
SVP Blockchain, PayPal 		PayPal is "doubling down" on integrating stablecoins (PYUSD) into their payments platform, moving beyond simple trading to "application and actual utility" in global commerce. Most stablecoin volume today is for crypto trading. PayPal's bet is that the next growth phase is "invisible" plumbing for cross-border remittances and merchant payments. If successful, this unlocks a high-margin, 24/7 operational layer for PayPal's existing massive user base. Long PYPL as a play on the commercial utility of stablecoins. Adoption is "not going to be instant" and relies on product-market fit in payments, which has historically been slower than trading speculation. 0:25