Cristian Gil

This was an incredible conversation. 57 minutes of why Morgan Stanley is all in on crypto.

At GSR, we're bullish on RWAs.

Morgan Stanley is turning on its dark pool Trajectory Cross to support tokenized equities by end of 2026. Just one example of the shift from tokenization infancy to maturation we’re seeing at GSR. As I said with @KevinWSHPod: ~$300T global securities market Even 5 to 10% onchain = $15T to $30T opportunity

E164 - @GSR_io - $30 trillion is coming on-chain @xinsong86 is CEO of @GSR_io - 12 years in, bootstrapped with $20K, still standing after FTX - and he thinks in decades, not quarters. A masterclass in market structure, what's actually broken about token launches, and why the $30 trillion tokenization opportunity still needs a demand side. Timestamps: 0:00 Introduction 2:02 Sleep & Age Banter 3:15 Advantage Of Age & Maturity 7:33 Who Is Xin Song? 9:23 What Did You Learn From Your Parents 12:47 Partnerships: @JupiterExchange @KASTxyz 13:27 What’s Happening With Crypto Right Now Considering The Market 16:12 What Broken Market Structure Means 19:18 Why Crypto Companies Shouldn’t Be Competing With Each Other 21:27 What Shocks You That People Don’t Understand With Crypto vs TradFi 26:42 What’s The Incentive To Make These Changes 28:41 GSR Explained To Your Mom 32:51 Partnerships: @Ethena @sumsub 33:53 Why Do Market Makers In Crypto Have Bad Reputations 36:48 How To Fix The Crypto Market Makers Reputation 40:09 What Does It Mean That GSR Wants To Become The Goldman Sachs Of Crypto 42:05 Example: Goldman Sachs Worked With Coca Cola & How GSR Reflects That In The Web 3 World 44:50 Why Is It Necessary For GSR To Become The Goldman Sachs Of Web 3 48:34 You Made 2 Major Acquisitions, Why? 51:49 Partnerships: @Trezor @Bitwise @SuiNetwork 52:45 Why Is Now The Best Moment For Focusing On Tokenization 56:24 What Must Happen For 10% Of $300 Trillion To Be On Chain 59:20 @katana Explained Simply 1:12:18 Closing Thoughts

@ag_dwf @DWFLabs Please tell us what this “MM” pattern is called then.

. @GSR_io wants to be the Goldman Sachs of crypto Hold a token issuer's hand from inception to maturity - primary markets, liquidity, balance sheet management Full stack Web3 investment banking is the play says @xinsong86 Podcast out this week!

Launching in the depths of a bear market takes conviction. Katana did it anyway. It is building an everything platform combining spot trading, lending, perps, a yield-bearing bridge, and a T-bill-backed stablecoin. Now it is already generating more revenue than venture-backed L2s that raised billions.

We are very excited about GSR’s acquisition of Autonomous and Architech. To me, it reflects where crypto is going: toward a more mature capital markets model with greater integration, specialization, and institutional depth.

Nobody is saying what this actually means. GSR just built the Goldman Sachs of crypto. In one $57 million move. On the exact day the old financial system is showing its cracks. Think about the timing. Private credit defaulting at 5.8%. Traditional banks exposed to $257B in hidden risk. TradFi investment banks flying blind into the worst macro environment in decades. And GSR just quietly assembled: Institutional liquidity provision. White glove advisory. Fundraising infrastructure. Governance expertise. Long term capital planning. Everything Goldman does. For the asset class Goldman spent 10 years dismissing, then quietly accumulating. Here's what the market is missing: The next 500 crypto startups that need Series A to Series C capital - don't need Morgan Stanley anymore. They have a crypto-native investment bank that understands their cap table, speaks their language, and doesn't need 6 weeks to understand what a token unlock schedule is. That's not a $57M acquisition. That's the infrastructure bet on crypto becoming the dominant capital markets system of the next decade. While TradFi is busy explaining its private credit exposure- GSR just built the pipes for what comes after.

Today we’re announcing the $57M acquisitions of Autonomous and Architech. Advisory, liquidity, and capital markets infrastructure are disconnected services that operate in silos. Through our acquisition of Autonomous and Architech, we're changing that. gsr.io/insights/gsr-a…

🇺🇸 Trump : Support us and coordinate with us in war against Iran 🇪🇸 Spain : "We won't" 🔥 🇺🇸 Trump : We will cut all ties and suspend trade deals if you don't give us bases to attack Iran 🇪🇸 Spain : "Go Fúck yourself" 🔥 🇺🇸 White House : Spain has agreed to cooperate with US military 🇪🇸 Spain : "No we didn't" 🔥 Trump : 00 || Sánchez : 03 There's someone who isn't holding back at all. Massive respect 🫡

This market in 2025 wasn't defined by a speculative melt up. Instead stablecoin infrastructure was normalized. Institutions built more and bought more. Crypto transitioned from speculation to structure. Here’s what we expect in 2026.

@GSR_io @Bybit_Official It's an honor to be recognized with the Outstanding Institutional Contribution award by @Bybit_Official. Proud of the team @GSR_io in building relationships based on trust & transparency, beyond just transactions. Thank you @benbybit @YoyeeInMotion Helen! tradingview.com/news/invezz:e4…

We'll see you next week in Abu Dhabi where @KunzAlain will discuss GSR's role in the institutional bitcoin economy.

Transparency has always been central to how we operate, GSR One represents the evolution of that philosophy. coindesk.com/business/2025/…

We're excited to launch GSR One. This platform reflects our full-stack approach to trading services, including market insights, treasury services, enhanced market making, and a secure trading experience. gsr.io/insights/gsr-u…

It's a big week in Buenos Aires!

We're excited to co-host this event at Devcon 2025 for crypto's top builders and LPs with an open bar, DJ set, and more as we discuss the future of onchain liquidity. Interested? Click to RSVP: luma.com/bxi5venm

We've come a long way in 17 years. Happy Whitepaper Day to everyone