Former BNY exec launches NUVA, bets tokenization will remake Wall Street
NUVA launched this week with nearly $19 billion in tokenized real-world assets from Figure Technologies, aiming to bring regulated U.S. yield products into DeFi.
Latest developments: NUVA is positioning itself as a chain-agnostic marketplace for tokenized financial assets.
— NUVA launched with nearly $19 billion in tokenized home equity lines of credit ad Treasuries from Figure Technologies, according to CEO Anthony Moro.
— Moro joined CoinDesk’s Jennifer Sanasie on Public Keys.
— Moro, a former BNY Mellon executive, said the company believes «every single financial asset in the entire world is going to be tokenized over the next decade.»
— The Ethereum-based platform is designed to connect issuers and investors seeking yield-bearing tokenized assets.
— NUVA ‘s partners include Animoca Brands, which Moro said will help distribute products globally through its crypto network.
Why it matters: NUVA is betting regulated tokenized securities can bridge traditional finance and decentralized finance.
— Moro said NUVA embraces regulation instead of trying to «break things first and then ask permission later.»
— One of the platform’s flagship products is a yield-bearing stablecoin structure registered with the SEC under the Investment Company Act of 1940.
— Moro said the product avoids some of the ongoing legal uncertainty surrounding stablecoin yield debates in Congress because it is structured as a registered security.
— The platform also enables permissioned real-world assets to be packaged into blockchain-based tokens that can trade more freely on Ethereum.
The context: Moro sees his decades in traditional finance as a precursor to crypto tokenization.
— Moro spent 22 years at BNY Mellon, primarily in the American Depositary Receipt business, which allows foreign shares to trade in U.S. markets.
— He compared ADRs to crypto vault structures, saying both transform one type of financial asset into another tradable format.
— Moro said blockchain infrastructure simplifies functions like custody, clearing and trading that have historically required layers of financial intermediaries.
— «We’re at that moment today with NUVA,» Moro said, comparing crypto’s current stage to the early days of the New York Stock Exchange.
Broader view: NUVA is targeting global demand for U.S. dollar-denominated yield products.
— Moro said many investors outside the U.S. lack access to high-quality U.S. income-generating assets.
— He argued tokenized products backed by U.S. real estate loans could appeal to users in underbanked regions who only need a crypto wallet for access.
— NUVA plans to operate continuously on-chain, allowing users to access products «24/7, 365» rather than during traditional market hours.
— Moro said the company’s global ambitions reduce its dependence on U.S. regulatory outcomes alone.
Worth watching: NUVA plans to introduce a token tied to platform ownership and future fee generation.
— Moro said more than 50% of the platform will ultimately be owned by users through a future token.
— Users currently accumulate points for using the platform, which Moro said will later convert into NUVA tokens.
— Moro acknowledged skepticism around crypto token launches after many poorly received token generation events in recent years.
— He argued NUVA’s token would differ because it is tied to ownership in a platform that generates transaction fees from real-world asset activity.