Funds in 15 Minutes | This time with Stephen Dreyer

Tokenised fund units promise faster issuance, broader
distribution, and new rails for ownership—but only if the market
can still answer a basic question: what exactly is this
instrument? In this episode, Stephan Dreyer (ANNA) explains why
identifiers like ISINs are far more than regulatory box-ticking.
They are the backbone of distribution, reporting, risk systems,
and operational controls across the entire fund value chain. We
unpack how ISINs, DTIs, and concepts such as XT-ISINs can work
together in tokenised scenarios, where the ISIN should remain the
“anchor of identity,” and where additional identifiers become
essential, especially in multi-chain and wrapped-token setups.
Finally, we look ahead to 2026: what signal would show tokenised
funds have moved from pilots to business-as-usual, and why
standards and governance are the quiet enablers of scale.