Stablecoins have led the charge of crypto into the mainstream in 2025. Right behind it is tokenization. Some have called to tokenize everything from gold, to real estate and art. Ronak Daya, head of product at Paxos, believes that getting tokenized dollars right is the most important goal developers should be focusing on. 

In an interview with TheStreet Roundtable's Jackson Hinkle, Daya explained how Paxos has been working toward that goal for years before the current wave of interest in stablecoins. It first launched it's own stablecoin, the Pax Dollar, all the way back in 2018. It has since then also launched other tokenized products such as Pax Gold, a tokenized form of the precious metal.

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“We built a tokenized gold product in 2019,” Daya said. “It showed that commodities can move and settle digitally at scale. The same idea now applies to money and to every other financial asset.”

Now the company sees stablecoins and dollar-based assets as the true infrastructure for modern finance. Stablecoins, he said, are not just another crypto trend. They are the building blocks for the next generation of markets.

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“Stablecoins will continue to lead the way,” Daya said. “We are seeing large scale adoption of tokenized money market funds. Tokenized deposits and securities are next, maybe outside the United States first, but they will come here too.”

Still, Daya does not believe in tokenizing just for show.

“Maybe is the answer,” he said when asked if everything should be tokenized. “You should do it only if it expands access, increases liquidity, or speeds up settlement. If it does not make things better, then it is just tokenization for its own sake.”

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He also emphasized that the real work in tokenization is making them relevant and useful for businesses and consumers.

“The fun part is not minting the token,” he said. “The fun part is building the marketplace around it and driving adoption.”

He sees a future where every major asset moves seamlessly on digital networks. But that future begins, he said, with something simple and universal. tokenized dollars that can travel anywhere and work for everyone.

This story was originally reported by TheStreet on Nov 17, 2025, where it first appeared in the Innovation section. Add TheStreet as a Preferred Source by clicking here.