CoinDesk
Wall Street's pivot into crypto infrastructure is no longer a pitch deck exercise — it's an execution conversation, according to executives from Ondo Finance, Robinhood-owned Bitstamp and Babylon Labs speaking on the "Is the Wall Street Herd STILL Coming?" panel at Consensus Miami 2026.
Ondo President Ian De Bode pointed to recent partnerships with Broadridge and the Depository Trust & Clearing Corporation aimed at tokenizing securities and enabling blockchain-based shareholder voting. Robinhood's Nicola White said the bank conversation has shifted dramatically in two years: "We're not having conversations anymore about what blockchain is. Now it's about, how do we help them build?" Babylon Labs' Boris Alergant argued institutions now chase capital efficiency over bitcoin price exposure, pitching native BTC-backed lending that avoids wrapped-asset custody.
Why it matters
The panel's consensus reframes the institutional thesis: tokenized treasuries already let investors mint and redeem over weekends with daily yield — "mind-blowing" versus traditional money-market mechanics, De Bode said. White added that no major TradFi firm the panel has spoken to has dismissed the build outright, though banks remain cautious pending clearer US regulatory guidance. The shift matters because it signals Wall Street has moved past the 'whether' phase that defined 2022-2024 and into a build pipeline that competes directly with offshore DeFi for institutional flows.
Market impact
Speakers split the trajectory into two tracks: regulated US finance adopting controlled blockchain rails, and permissionless offshore DeFi continuing to flourish where US rules don't reach. De Bode was blunt — "I don't see a world in which everything that happens offshore finds a home in the U.S." Both tracks are projected to converge as institutional capital deepens and crypto-native liquidity matures, with Ondo, Robinhood and Babylon positioning to capture the institutional on-ramp before the two rails fully merge.
Frequently asked questions
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What did Robinhood, Bitstamp and Ondo say about Wall Street crypto adoption at Consensus Miami 2026?
Panelists said the institutional conversation has shifted from 'what is blockchain' to 'how do we build on it,' pointing to Ondo's partnerships with Broadridge and DTCC on tokenized securities and shareholder voting as evidence Wall Street is now executing, not exploring.
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What is Ondo's tokenized treasury product and why does it matter for TradFi?
Ondo's tokenized treasuries allow investors to mint and redeem positions over weekends while earning a daily yield — mechanics Ondo President Ian De Bode called 'mind-blowing' versus traditional money-market funds, which lack weekend liquidity and daily yield.
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How is Babylon Labs approaching institutional bitcoin lending?
Babylon Labs' Boris Alergant said the firm offers native BTC-backed lending that lets investors borrow against bitcoin holdings without wrapping assets or handing custody to centralized intermediaries — a pitch aimed at institutions chasing capital efficiency over price exposure.
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Why do speakers expect crypto adoption to split between US and offshore markets?
Ondo's De Bode said permissionless DeFi innovation will continue offshore because US regulation constrains what banks can build, while regulated US institutions adopt more controlled blockchain rails domestically. He expects the two tracks to converge as institutional capital deepens.
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What is the regulatory constraint holding back US institutional crypto adoption?
Robinhood's Nicola White said banks remain cautious and are waiting for clearer US regulatory guidance before fully building crypto products, though she added that no major TradFi firm the panel has spoken to has dismissed the build entirely.
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