This is Clearing Spotlight — where markets meet clarity, and institutions navigate liquidity, risk, and infrastructure.
In this episode, we welcome Emma Pecenicic, Head of Digital Assets Distribution at Fidelity International, for an in-depth discussion on how institutional asset managers are navigating the next phase of digital finance.
As digital assets become increasingly integrated into mainstream financial markets, the conversation is shifting beyond cryptocurrency itself toward the infrastructure powering the next generation of investment products. From crypto ETFs and tokenized funds to programmable finance and 24/7 settlement, Emma shares how one of the world's leading asset managers is preparing for a future where traditional finance and blockchain infrastructure increasingly converge.
Drawing on Fidelity International's experience in digital assets, the discussion explores the evolution of institutional investment products, the regulatory landscape across major financial markets, and why tokenization could fundamentally reshape how funds are distributed, settled, and managed.
Key topics include:
Fidelity International's global digital assets strategy
Spot vs. futures-based crypto ETFs
Institutional adoption and investor demand for digital asset products
Tokenized funds and digital-native investment structures
The role of stablecoins in enabling on-chain settlement
Why 24/7 markets require new financial infrastructure
Regulatory developments across the US, Europe and Asia
The operational and legal challenges of fund tokenization
Whether tokenized funds could eventually complement—or replace—traditional ETFs
How asset managers can remain competitive in an increasingly on-chain financial system
Why This Matters
The institutional digital asset market is entering a new phase.
While crypto ETFs have accelerated institutional access to digital assets, tokenization is expanding the conversation beyond investment products toward the modernization of financial market infrastructure. As settlement becomes programmable, fund shares move on-chain, and blockchain-based distribution channels continue to mature, asset managers face new opportunities—and new strategic decisions.
This episode explores how institutions are thinking beyond today's products to build the infrastructure for tomorrow's capital markets, highlighting the intersection of regulation, technology, and institutional trust that will shape the next generation of finance.
Listen to the Full Episode
🎧 Spotify: https://open.spotify.com/episode/54DUUzGMP5MltRP7E3616T?si=kNKPn5VnSHS8n2YKznGN5A
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Episode Timeline
00:00 — Introduction
01:20 — Meet Emma Pecenicic & Fidelity International
05:00 — Fidelity's Digital Assets Strategy
09:30 — Spot vs. Futures Crypto ETFs
16:00 — Institutional Demand for Crypto ETFs
22:30 — Global Regulatory Landscape
29:50 — Tokenized Funds Explained
37:00 — 24/7 Settlement & Stablecoins
43:30 — Regulatory Challenges for Tokenized Funds
49:30 — Distribution: The Biggest Opportunity
55:30 — Institutional Adoption of Tokenization
01:01:00 — Educating Traditional Finance
01:06:30 — Will Tokenized Funds Replace ETFs?
01:11:30 — The Future of Asset Management
01:16:00 — Closing Remarks
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