In the latest episode of The Macro, Lewis Jackson describes a confluence of events that together mark a structural turning point for programmable finance. Tokenized assets reached new all-time highs. Stablecoins advanced into regions historically underserved by banking infrastructure. And global institutions expanded their blockchain footprints with a level of conviction that suggests the technology is no longer experimental — it is now infrastructure.
Jackson links these developments to a broader shift toward a multi-rail financial system, one that blends public chains like Ethereum and XRPL with institutional private ledgers, stablecoin rails, CBDC pilots, and interoperable settlement frameworks.
The episode opens with a milestone: $35 billion in tokenized real-world assets now exist on-chain, distributed across more than 540,000 wallets. These range from tokenized treasuries and bonds to private credit pools and digital securities.
Jackson describes this acceleration as entering the “banana zone” — the point in an adoption curve where regulation, infrastructure, and institutional interest converge.
This surge reinforces the investment theses surrounding:
It also strengthens narratives around Securitize, CBDC pilots, and institutional stablecoin rails — key pillars of the emerging global settlement architecture.
One of the week’s major developments was Tether’s investment in Parfin, a Brazilian tokenization and custody provider building next-generation settlement rails in Latin America.
Jackson emphasises that this partnership represents more than a business deal — it signals a geopolitical shift.
For Jackson, this illustrates the multipolar nature of future settlement: no single asset dominates, but each plays a role depending on jurisdiction and counterparties.
Jackson highlights a significant convergence of Web3 and traditional finance with the announcement of Nuva, a chain-agnostic marketplace built by Animoca Brands and Hang Feng Technologies. Nuva is designed for institutional clients in Hong Kong seeking exposure to tokenized assets.
This development strengthens the roles of Chainlink, OriginTrail (TRAC), and Quant — all central themes in Jackson’s “Inevitable Portfolio.”
Another major development came from Securitize, which deployed tokenized private equity onto Plume, an RWA-focused L2 with over 280,000 users. Plume is becoming one of the first functional hubs for institutional tokenized assets.
The move solidifies the foundational roles of Ethereum (EVM settlement + ZK rollups), Chainlink CCIP, and ONDO’s treasury-based liquidity models.
One of the most important stories of the week is HSBC’s deployment of tokenized deposits across two major jurisdictions. Tokenized deposits represent a regulated form of commercial-bank digital cash — programmable, auditable, and capable of real-time settlement.
This development marks one of the clearest signals yet that global settlement architecture is shifting from batch-based systems to programmable, continuous settlement.
For retail investors, Robinhood’s decision to tokenize more than 800 U.S. stocks on Arbitrum may be the most visible story — but Jackson highlights its institutional consequences.
This move places Robinhood directly onto Jackson’s “Inevitable Portfolio” watchlist.
Jackson confirms that Episode 011 resulted in the largest watchlist expansion in Macro history. Based on his evidence-threshold framework, the following entities were added:
Jackson argues that as tokenization accelerates and settlement rails proliferate across public and private chains, diversified exposure across oracle networks, interoperability layers, tokenized treasuries, and AI-driven settlement systems is no longer optional — it’s required.
Lewis Jackson Ventures will continue tracking every key development as global finance shifts toward tokenized markets, neutral FX routing, on-chain liquidity management, and AI-enhanced settlement infrastructure.
To see Jackson’s full analysis — and the evidence behind this week’s portfolio additions — watch the complete episode of The Macro.
