Crypto Leaders See Stablecoins, Tokenized ETFs as Next Wave

Executives from WisdomTree, Galaxy Digital and Helix discuss the future of crypto markets and tokenization of real-world assets at Bank of New York Mellon conference.

Published on Feb. 17, 2026

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Executives from leading crypto firms discussed the current state of the crypto market, the evolving regulatory landscape, and the growing trend of tokenizing real-world assets like ETFs and stablecoins during a panel at Bank of America's annual financial services conference. The panelists highlighted factors behind the recent crypto downturn, the increasing institutional adoption of crypto infrastructure, and their outlook on the future of tokenized financial products.

Why it matters

The panel provided insights into how major players in the crypto industry see the market evolving, with a focus on the rise of stablecoins and tokenized ETFs as the next wave of innovation. This reflects the growing institutional interest and integration of crypto assets into traditional finance, as well as the regulatory shifts that are shaping the industry's development.

The details

The panelists, including representatives from WisdomTree, Galaxy Digital, and Helix, discussed several key trends shaping the crypto market. They attributed the recent crypto price correction to macro factors like a 'mini credit correction' and a shift in investor attention, while noting that the industry's infrastructure has become stronger. The panelists also highlighted the impact of regulatory changes, with the proposed Clarity Act and the SEC's more collaborative approach seen as positive developments. Looking ahead, the executives predicted that stablecoins and the tokenization of real-world assets, such as ETFs, will be the next major growth areas in crypto.

  • In October 2025, a 'mini credit correction' led to '$19 billion of leverage unwinding', which weighed on retail and crypto-native participation.
  • In February 2026, Galaxy Digital met with the SEC's crypto task force and explored tokenizing its own equity.

The players

Steve Kurz

Head of Asset Management at Galaxy Digital, a leading cryptocurrency investment firm.

David Post

Founder of Helix, a blockchain infrastructure company.

Jonathan Steinberg

Founder and CEO of WisdomTree, a global asset management firm that has invested in blockchain technology and tokenized financial products.

Craig Siegenthaler

Bank of America's North American head of diversified financials, who moderated the panel discussion.

Bank of New York Mellon

A global financial services company that hosted the annual conference where the panel discussion took place.

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What they’re saying

“Stablecoin growth is the breakout app and stablecoins will expand the on-chain economy over the next three to five years, creating demand for yielding options and diversified portfolios.”

— Steve Kurz, Head of Asset Management, Galaxy Digital

“Tokenized ETFs are 'definitely going to happen,' but regulatory and operational issues remain.”

— Jonathan Steinberg, Founder and CEO, WisdomTree

“On-chain distribution is a 'small but growing' channel and that first movers could benefit because 'on-chain distribution is effectively brand,' while clients may be able to move more fluidly than in traditional finance.”

— Steve Kurz, Head of Asset Management, Galaxy Digital

What’s next

The SEC is expected to make a decision on WisdomTree's application to launch a tokenized money market fund by the end of February 2026.

The takeaway

The panel discussion highlights the growing institutional interest and integration of crypto assets into traditional finance, with stablecoins and tokenized ETFs emerging as the next frontier of innovation. The evolving regulatory landscape, both through legislation and agency guidance, is seen as a key factor in shaping the future development of the crypto industry.