Why Onchain Vaults Are Following Stablecoins Everywhere | Hunter Horsley
In this episode of Talking Tokens, Jacquelyn Melinek speaks with Hunter Horsley, co-founder and CEO of Bitwise Asset Management, about the firm’s launch of onchain vault strategies wiith Morpho and latest Q4 2025 corporate adoption report of bitcoin and ethereum as well as his outlook on digital asset treasuries. Hunter explains what vaults are, why they're following the adoption curve of stablecoins, and how they enable 4-6% yields, while investors maintain custody. He walks through Bitwise's expansion beyond ETFs into staking, options strategies, and DeFi vault curation, why institutions are going from "0 to 500 miles per hour" on crypto, and what the corporate bitcoin adoption numbers reveal. The conversation covers the “honeymoon phase” wearing off for treasury companies, the investor relations role DATs play in the ecosystem, why two-thirds of financial institutions will be in crypto within 6 months, and the shift from the "tell me era" to the "show me era" in institutional adoption.
TIMESTAMPS
(00:00) Intro (01:05) What are onchain vaults and why is everyone talking about them (02:04) Bitwise x Morpho vault announcement (02:32) Why people care about vaults: stablecoins parking and earning yield (03:00) Vaults following stablecoin adoption and doubled in assets last year (03:20) How institutional investors should think about vault risk vs traditional fixed income (05:10) Real world assets hitting $20 billion and stablecoins reaching $300 billion (05:35) Onchain lending rates differ from traditional bank rates (05:50) Why Bitwise is expanding beyond ETFs into onchain yield strategies (06:48) Major banks approving Bitwise ETFs in last 6 months (07:52) Bitwise staking several billion dollars for clients and running bitcoin options strategies (08:49) Building a team that managed $2 billion of DeFi strategies (09:42) Where vault opportunities are going as traditional firms enter the space (11:10) Massive fintechs integrating stablecoins and vaults by end of year (11:50) Q4 2025 corporate bitcoin adoption report key findings (13:00) 19 new public companies bought Bitcoin in Q4 (14:05) Figma put 4% of balance sheet into bitcoin through Bitwise ETF (15:30) His 9-minute call with an AI company that put bitcoin on the balance sheet (16:20) Ethereum holdings: Bitmain, SharpLink, and EtherMachine (16:50) Treasury companies post-honeymoon phase will look very different by year-end (18:05) Why the world doesn't need a million treasury companies (18:32) DATs and investor relations roles that crypto protocols lack (20:43) How many treasury companies can exist per major asset (22:07) Institutions buying more crypto AND becoming more crypto native (23:00) Moving from "tell me era" to "show me era" for crypto (24:50) Banks going from 0 to 500 miles per hour on crypto (26:23) Two-thirds of financial institutions will be in crypto within 6 months (26:49) January 2026 is the most bullish moment in Bitwise's 8 years
ESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.
Why Onchain Vaults Are Following Stablecoins Everywhere | Hunter Horsley
Subscribe & Listen
More from Talking Tokens
Why Zama Says Blockchain Privacy Could Unlock Trillions
In today's episode of Talking Tokens, Jacquelyn sits down with c, founder and CEO of Zama, to explore why blockchain privacy could be the missing piece for institutional crypto adoption and the future of onchain finance. Rand explains how fully homomorphic encryption (FHE) makes it possible to process encrypted data without revealing sensitive information, allowing transactions, balances, and financial strategies to remain confidential on public blockchains like Ethereum and Solana. They discuss why blockchain transparency could be holding back trillions in institutional capital, how Zama is building confidential DeFi infrastructure, and why privacy matters for everything from tokenized stocks and stablecoin payments to lending and investment vaults. Rand shares Zama's growth in confidential vaults, its work with Morpho, and his prediction that $5 trillion to $10 trillion in assets could move onchain within four years. He also warns about growing AI-driven cybersecurity threats, explains how encrypted identity and programmable compliance could work, and shares what he believes will drive the next wave of private onchain finance. Timestamps:00:25 Why Blockchain Transparency Is a Problem01:34 What Is Fully Homomorphic Encryption (FHE)?02:12 FHE vs. Zero-Knowledge Proofs and Other Privacy Technologies04:04 Why Zama Wants to Be HTTPS for Public Blockchains05:30 Why Liquidity Matters More Than New Blockchains06:44 AI, Hackers, and Crypto Cybersecurity Risks08:21 How Crypto Protocols Can Protect Themselves11:21 Why Public Wallet Balances Create Security Risks12:31 How Shielded Bitcoin and Stablecoins Work13:14 Financial Privacy vs. Surveillance15:01 Zama's Confidential Vault Growth16:01 Why Institutions Need Private DeFi18:28 Is Privacy Holding Back Onchain Finance?21:02 Rand's $5–10 Trillion Onchain Prediction22:05 What's Holding Back Confidential Finance?23:16 Zama's Wallet and DeFi Integrations24:53 Why DeFi Vaults Could Be the Next Big Opportunity27:43 The Future of Onchain Investment Yields29:19 Tokenized Stocks and New DeFi Strategies31:26 Identity, KYC, and Compliance Onchain33:58 When Do Financial Protocols Need KYC?36:23 AI Agents, Privacy, and Regulation38:38 Tornado Cash and Financial Privacy39:48 Why Everyday Crypto Payments Need Privacy43:06 Zama's Growth Beyond Institutions44:07 How Big Is the Onchain Privacy Market?45:28 What Could Unlock Confidential DeFi Adoption?46:58 The Future of Private Identity and AI49:30 Rand's Advice for Crypto Founders52:00 Closing Thoughts 🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 🌐 Follow Jacquelyn Melinek https://x.com/jacqmelinek?lang=en https://www.linkedin.com/in/jacquelynmelinek ➡️ Follow Rand Hindi https://www.linkedin.com/in/randhindi Check out Zama’s Shielded report here: www.zama.org/shielded Read StrataMedia’s Report on Why Institutions Need Confidentiality feat. Zama here: https://stratamedia.co/token-relations/article?slug=why-institutions-need-confidentiality-feat-zama This episode is sponsored by Forgd, visit its Market Maker Leaderboard on Token Relations here: www.stratamedia.co/token-relations/leaderboard Today’s episode is sponsored by Anchorage Digital, America's first federally chartered digital asset bank and provider of regulated stablecoin issuance. To find out more, visit anchorage.com This episode is sponsored by Binance, the world’s number-one crypto exchange, trusted by over 300 million people. Discover more at: https://binance.onelink.me/y874/talkingtokens . NOTE: Binance is not available in certain countries, including the U.S.; check its Terms for more information: https://www.binance.com/en/terms #Zama #BlockchainPrivacy #DeFi #FHE #TalkingTokens
How Hedge Funds and Family Offices Are Investing in Crypto
In today's episode of Talking Tokens, Jacquelyn sits down with Catherine Chen, Head of VIP & Institutional at Binance, to explore how hedge funds, family offices, asset managers, and sophisticated investors are approaching cryptocurrency and digital assets. Drawing on her 16 years in traditional finance, including at Morgan Stanley, Catherine explains how institutional crypto investing is evolving, why Bitcoin ETFs have helped investors become more comfortable with digital assets, and how Binance is expanding its institutional offerings. They discuss institutional crypto adoption, portfolio allocation, Binance Capital Connect, hedge fund strategies, and the convergence of traditional finance and digital assets. Catherine explains why verified performance data, transparency, and due diligence matter for institutional investors, how Binance is evolving beyond crypto trading into a broader financial ecosystem, and why tokenized stocks and other real-world assets could unlock new opportunities for collateral, lending, and investing.Timestamps00:00 — Introduction: Catherine Chen, Binance00:52 — From Morgan Stanley to Binance03:02 — Bridging Traditional Finance and Crypto04:42 — Binance's Institutional Investor Business05:39 — How Binance's VIP Program Works06:46 — Hedge Funds, Market Makers, and Family Offices07:35 — How Institutional Crypto Investing Is Changing09:27 — How Much Are Institutions Allocating to Crypto?10:16 — What's Holding Back Larger Crypto Allocations?10:59 — Why Institutional Investors Need Better Data11:57 — The Challenge of Verifying Crypto Fund Performance13:15 — How Binance Is Addressing Institutional Due Diligence14:58 — Binance Capital Connect Explained15:42 — Why Smaller Hedge Funds Can Be Attractive17:32 — Trust, Transparency, and Performance Verification19:21 — Portfolio Accounts and Institutional Infrastructure21:42 — What Data Do Institutional Investors Look For?22:24 — Growth of Capital Connect Strategies23:48 — How Crypto Trading Firms Are Evolving24:38 — Binance's Vision for a Financial Super App25:48 — Expanding Into Traditional Financial Products26:13 — Wealth Management and Investment Strategies28:02 — Diversifying Beyond Crypto Assets29:42 — The Next 12–24 Months of Institutional Crypto31:21 — The Growth of Tokenized Assets32:07 — Using Tokenized Assets as Collateral33:08 — The Need for Tokenization Standards34:05 — What a Mature Digital Asset Ecosystem Looks Like34:48 — Making Stablecoins and Tokenization Invisible to Users36:56 — Catherine's Advice for Investors🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZhttps://podcasts.apple.com/us/podcast/talking-tokens/id1743669141🌐 Follow Jacquelyn Melinekhttps://x.com/jacqmelinek?lang=enhttps://www.linkedin.com/in/jacquelynmelinek➡️ Follow Catherine Chenhttps://ae.linkedin.com/in/catherine-c-binanceThis episode is sponsored by Forgd, visit its Market Maker Leaderboard on Token Relations here: www.stratamedia.co/token-relations/leaderboard Today’s episode is sponsored by Anchorage Digital, America's first federally chartered digital asset bank and provider of regulated stablecoin issuance. To find out more, visit anchorage.com This episode is sponsored by Binance, the world’s number-one crypto exchange, trusted by over 300 million people. Discover more at: https://binance.onelink.me/y874/talkingtokens . NOTE: Binance is not available in certain countries, including the U.S.; check its Terms for more information: https://www.binance.com/en/terms #TalkingTokens #Binance #InstitutionalCrypto #DigitalAssets #Tokenization
Why Grayscale Thinks the Crypto ETF Boom Isn't Over
In today's episode of Talking Tokens, Jacquelyn sits down with Krista Lynch, Managing Director, Head of Trading and Capital Markets at Grayscale, to discuss the evolution of crypto ETFs, the growth of digital asset investing, and Grayscale's plans for tokenization. Drawing on her experience at Goldman Sachs, BlackRock, and Grayscale, Krista shares the behind-the-scenes story of the US spot Bitcoin ETF approval process and explains how the crypto ETF market is expanding beyond Bitcoin and Ethereum. They explore why crypto native investors are moving assets into regulated ETF structures, how Grayscale evaluates new investment products such as Zcash, and how ETF shares can potentially be used as collateral. Krista also discusses the future of tokenized investment funds, the growing demand for 24/7 trading, and why the convergence of traditional finance and crypto could reshape global capital markets. Timestamps 00:42 — From Traditional Finance to Crypto ETFs 02:42 — Grayscale's Battle for Spot Bitcoin ETFs 03:48 — Inside Grayscale's ETF War Room 06:27 — How Crypto ETFs Differ From Traditional ETFs 07:13 — Why Crypto Investors Are Moving Assets Into ETFs 08:25 — Using Bitcoin ETF Shares as Collateral 10:23 — What Makes a Successful Crypto ETF? 11:23 — Bitcoin ETF Demand and Market Growth 12:28 — Zcash and Grayscale's New Crypto Products 13:13 — How Grayscale Selects Assets for ETFs 15:12 — Why Crypto ETF Momentum Could Continue 16:34 — Grayscale's Tokenization Plans 17:57 — Tokenization and 24/7 Trading 20:46 — Staking and Yield in Crypto ETFs 22:26 — How Crypto and Traditional Finance Are Converging 25:59 — Crypto Trading Trends and Market Structure 28:01 — Tokenization and Global Market Access 30:02 — The Future of Tokenized Finance 30:39 — Krista Advice for Investors 🔔 New episodes every week https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 🌐 Follow Jacquelyn Melinek https://x.com/jacqmelinek?lang=en https://www.linkedin.com/in/jacquelynmelinek ➡️ Follow Krista Lynch https://www.linkedin.com/in/krista-lynch-836a453a This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io #TalkingTokens #Grayscale #CryptoETFs #BitcoinETF #Tokenization