How T. Rowe Price Is Preparing for Tokenized Markets

<p>In this episode of Crypto in America, Eleanor Terrett and Jacquelyn Melinek sit down with Blue Macellari, Head of Digital Assets at T. Rowe Price, to discuss how one of Wall Street’s major asset managers is approaching crypto, tokenization, and the future of financial markets.</p><p><br></p><p>Blue Macellari explains why tokenization has become a major focus for financial institutions, what it would actually take to move U.S. markets onchain, and why Wall Street still needs a clearer playbook before committing significant capital to new blockchain infrastructure. She also discusses growing board-level interest in tokenization and why she believes programmable assets and funds could automate significant parts of financial services.</p><p><br></p><p>The conversation also explores T. Rowe Price’s actively managed crypto ETF, the challenge of tokenized financial products developing offshore, why institutional adoption doesn’t necessarily depend on the Clarity Act, how AI and blockchain could work together, and what the collapse of FTX revealed about combining crypto trading and custody under one roof.</p><p><br></p><p>Timestamps </p><p>00:00 Blue Macellari Joins Crypto in America</p><p>01:35 What Crypto in America Means to Blue Macellari</p><p>02:43 How T. Rowe Price Started Experimenting With Crypto</p><p>05:16 How Bitcoin Brought Macellari Into Crypto</p><p>08:10 Building T. Rowe Price’s Digital Asset Strategy</p><p>11:53 What FTX Taught Traditional Finance About Crypto</p><p>15:19 How T. Rowe Price Tests New Crypto Products</p><p>17:25 Building an Actively Managed Crypto ETF</p><p>19:30 Active vs. Passive Crypto ETFs</p><p>22:56 Why Tokenization Is Wall Street’s Next Big Focus</p><p>25:25 What It Takes to Move U.S. Markets Onchain</p><p>28:24 Does Wall Street Know How to Move Onchain?</p><p>30:38 Why Crypto Markets Are Already Global</p><p>32:29 Is the U.S. Winning the Digital Asset Race?</p><p>33:38 Why U.S. Tokenization Is Moving Offshore</p><p>35:39 Can the U.S. Bring Crypto Innovation Back Onshore?</p><p>38:11 Does Wall Street Need the Clarity Act?</p><p>40:45 Why Institutional Interest in Tokenization Is Growing</p><p>41:56 Could Tokenization Automate Wall Street?</p><p>44:00 How T. Rowe Price Is Using AI</p><p>46:01 What FTX Taught Crypto About Market Structure</p><p>46:10 Why Crypto Should Separate Custody and Trading</p><p>47:18 Who Protects Retail Crypto Investors?</p><p>47:21 What Blue Macellari Is Watching Next</p><p><br></p><p>🔹 Follow Us </