GSR MD: The Easiest Tokenization Use Case Is Collateral | Andy Baehr

Summary

Andy Baehr of GSR discussed crypto market conditions and tokenization at the Wyoming Blockchain Symposium 2026. He sees Bitcoin's low-volume, low-volatility standoff as pressure that could release in an accelerated upside move. He identifies tokenized short-term Treasury collateral as the easiest tokenization use case, sees tokenized equities as an enabling 24/7 trading opportunity, and argues tokenization supports Ether and Solana as financial infrastructure. He also described prime brokerage and lending as fragmented, firm-by-firm businesses with a long runway.

• Andy Baehr notes Bitcoin liquidity, leverage, volumes, funding and implied volatility have been declining since October.
• He argues the stalled market is building pressure that could spring to the upside.
• He calls tokenized short-term fixed income collateral the easiest tokenization use case and institutional plumbing.
• He says mass tokenization of equities could open 24/7 trading and same-platform digital asset flow, though adoption remains uncertain.
• He says tokenization is another signal that Ether and Solana may become financial services infrastructure.
• He describes crypto prime brokerage as firm-by-firm with uncoordinated liquidity pools.
• He says crypto lending is critical but still expensive and lacks a term structure, so development will take time.