R3 Co-founder: Banks' blockchain strategies have shifted from cost reduction to revenue generation, with fixed income and alternative assets set to become new hotspots for tokenization.

BlockBeats news, October 21: Todd McDonald, co-founder of blockchain technology developer R3, said on the Talking Tokens podcast by StrataMedia that banks' attitude toward blockchain is shifting from early experimentation to practical commercial applications, beginning to use blockchain to launch new products and reach new customers, with the core goal also shifting from cost savings to revenue generation.

McDonald believes that open blockchain networks have greater development advantages, and that all markets will move on-chain in the future. R3 previously mainly provided private blockchain networks for banks, and is now collaborating with the Solana Foundation to build the next-generation Corda into a Solana-based protocol, taking the lead in deploying yield vaults, allowing investors to deposit stablecoins and receive tokens backed by real-world assets.

McDonald also said that in the coming year, fixed income and alternative assets are expected to become hot areas in tokenization, with development potential surpassing the currently more mature tokenized US dollar and money market funds. R3 says its on-chain real-world assets have exceeded $10 billion, with investors including Bank of America, HSBC, Wells Fargo, and Barclays.