Jim Hiltner
Jim Hiltner, CFA, is the Co-Founder and Head of Business Development at Superstate, a U.S. Securities and Exchange Commission (SEC) registered investment adviser focused on developing regulated financial products on the blockchain. Hiltner is a prominent advocate for the tokenization of real-world assets (RWAs), viewing blockchain as a superior infrastructure for modernizing capital markets. [1] [2]
Education
Hiltner earned a Bachelor of Business Administration from the University of Miami, where he pursued studies in Finance, Management, and Mathematics between 2009 and 2013. [3] [4] He furthered his professional qualifications by becoming a Chartered Financial Analyst (CFA) Charterholder, a globally recognized designation in the investment management profession. He was awarded the charter by the CFA Institute in August 2017. [3] [2]
Career
Hiltner's career has been characterized by a focus on institutional sales and go-to-market strategy, beginning in traditional fintech before transitioning into the blockchain and digital asset industry. His work has consistently involved connecting institutional capital with new financial technologies. [2]
Early Career in FinTech
Before entering the crypto industry, Hiltner held several senior institutional sales and client-facing roles at financial technology firms. His early career included positions at FactSet Research Systems, Markit, and Eze Software Group. [2] He later became the first commercial team member at Visible Alpha, a company that provides an investment research and analytics platform built on equity research models for institutional investors. Following his time at Visible Alpha, Hiltner joined Pagaya as Vice President. At Pagaya, an asset management firm that uses artificial intelligence for consumer credit underwriting, his work centered on securing and developing partnerships with banks, fintech companies, and card networks. [3] [4]
Compound Treasury
From January 2022 to August 2023, Hiltner served as Director of Sales and later Head of Sales & Go-To-Market at Compound Treasury. This marked a significant pivot in his career, moving directly into the DeFi space. Compound Treasury was the institutional arm of Compound Labs, designed to provide a compliant on-ramp for non-crypto native institutions to access the high-yield opportunities of the Compound DeFi protocol. [3] [2] During his tenure, Compound Treasury became the first DeFi-native company to receive a credit rating from S&P Global Ratings, a milestone in the institutional acceptance of decentralized finance. [4]
Hiltner has described this experience as foundational to his subsequent work, noting the rapid evolution in institutional understanding and adoption of DeFi protocols. He stated that this period was the "genesis" of Superstate, observing how conversations with institutions matured from basic education on stablecoins to strategic investments in DeFi protocols. [1]
Superstate
In June 2023, Hiltner co-founded Superstate alongside Robert Leshner, the founder of Compound, and Dean Swennumson. [2] As Head of Business Development, Hiltner leads the company's institutional sales, go-to-market strategy, partnerships, and marketing efforts. Superstate operates as an SEC-registered investment adviser with a mission to modernize financial markets by building regulated, on-chain investment products that connect traditional assets with crypto capital markets. [5] [2]
Under Hiltner's business development leadership, Superstate has launched several key initiatives aimed at building the infrastructure for tokenized securities:
- Tokenized Treasury Funds: Superstate developed and manages tokenized funds holding U.S. Treasury bills. These funds, such as the one represented by the USTB ticker, are designed to serve as a native yielding asset and on-chain cash management tool for institutional investors, crypto-native firms, and DAOs. Hiltner has referred to these Treasury-backed funds as the "proving ground for tokenization," establishing a model with the "safest asset on the planet" before moving to other asset classes. [6] [4]
- On-Chain Capital Formation: Superstate has worked to enable SEC-registered public companies to conduct capital raises directly on-chain. In May 2025, the firm launched its "Opening Bell" platform, which allows companies to issue and tokenize their equity on public blockchains like Ethereum and Solana. Hiltner noted this was a significant step in bringing capital formation capabilities to registered issuers on-chain. [7] [6]
- Registered Transfer Agent: To support the on-chain administration of securities, Superstate registered its own transfer agent, Superstate Services, with the SEC in March 2025. This subsidiary is critical infrastructure that allows the firm to digitally track the ownership of tokenized securities on-chain, effectively digitizing the transfer agent role. [6]
- Alternative Trading System (ATS): In pursuit of creating a complete ecosystem for on-chain equities, Superstate established a subsidiary, Superstate Markets LLC, and applied for an Alternative Trading System (ATS) license. This would allow the firm to facilitate secondary market trading for tokenized securities. [1]
- Galaxy Digital Partnership: In September 2025, Superstate partnered with Galaxy Digital to tokenize shares of the Nasdaq-listed company on the Solana blockchain. This was the first instance of a major U.S.-listed company's equity being tokenized on a public blockchain, demonstrating the practical application of Superstate's "Opening Bell" platform and transfer agent services. [6]
Views on Tokenization and Finance
Hiltner is a frequent public commentator on the benefits of tokenization and the future of finance. Through public speaking and media interviews, he articulates a clear vision for how blockchain technology can fundamentally improve financial market infrastructure.
Blockchain as a Superior Ledger
A central theme in Hiltner's commentary is his view of blockchain as a "better record-keeping system." He argues that modern finance operates on a complex and inefficient web of disparate, siloed databases maintained by various intermediaries like brokers, custodians, and transfer agents. In contrast, a blockchain provides a "central source of truth" where all parties can access the same verified information, which significantly increases efficiency and reduces reconciliation costs. [1]
Market Efficiency and Instant Settlement
Hiltner sees tokenization as the catalyst that will enable the financial industry to move beyond T+1 settlement to T+0, or instant settlement. By representing assets as tokens on a blockchain, transactions can be settled in near real-time, 24/7. This eliminates settlement risk and frees up capital that is otherwise locked up in the settlement process. He often highlights the "stark contrast" between the fixed operating hours of traditional markets and the always-on nature of DeFi. [1] [4]
Institutional Adoption
Hiltner is optimistic about the growing institutional interest in tokenization and DeFi. He has pointed to the institutional search for yield outside of traditional fixed-income instruments as a primary driver for this adoption. Drawing from his experience at Compound Treasury and Superstate, he has noted that major asset managers and large hedge funds are actively exploring how to incorporate tokenized assets into their strategies. He has shared that inquiries from large financial players, such as hedge funds with over $150 billion in assets under management, are a key bullish indicator for the space. [1] [8]
On Superstate's strategy, he has said:
"If you are an asset manager or a securities issuer and you are not compatible with blockchains then you are going to be behind the curve. This is the next platform for capital markets." [6]
Democratizing Access and Capital Formation
Hiltner believes that tokenization will "democratize stock access" and expand access to a wider range of investment products for both issuers and investors. [1] By lowering the barriers to entry and streamlining the capital formation process, blockchain-based infrastructure can create more efficient and accessible global markets. In discussing Superstate's platform for on-chain capital raises, he emphasized that these new tools are being brought to registered issuers to bring their fundraising activities into the digital asset ecosystem. [2] [7]
Public Appearances
As an expert on real-world assets and the convergence of TradFi and DeFi, Hiltner is a regular speaker at major industry conferences. His engagements have included:
- Consensus by CoinDesk [9]
- STO Summit (Security Token Summit), where he has spoken on topics like "The Infrastructure of Tokenized Investing." [4]
- AIMA Digital Assets Conference, hosted by the Alternative Investment Management Association. [3]
- North American Blockchain Summit, hosted by the Texas Blockchain Council, where he spoke on on-chain cash management in February 2026. [1]
Interviews
Discussion on Real-World Assets at Messari #01
On November 1, 2024, Jim Hiltner appeared on the Messari YouTube channel in an episode titled “Jim Hiltner (Superstate) on the Future of RWA's | Unqualified Opinions.” The conversation focused on real-world assets (RWAs) and their role within blockchain-based financial infrastructure.
During the interview, Hiltner defined RWAs as traditional financial or tangible instruments, including U.S. Treasury bills, credit products, equities, and funds, that are represented on blockchain networks through tokenization. He explained that tokenization allows these instruments to be transferred and settled using blockchain systems, which operate continuously and record transactions on public ledgers. He associated the recent expansion of tokenized U.S. Treasuries with differences between yields available in traditional Treasury markets and yields offered by on-chain stablecoin lending markets during periods of rising U.S. interest rates.
Hiltner stated that the tokenized Treasury segment, estimated at approximately $2 billion at the time of the interview, represents a limited share of the broader Treasury market. He indicated that demand may be linked not only to yield considerations but also to the use of Treasuries as collateral within crypto-based trading, lending, and derivatives activity.
He outlined three categories of current or near-term RWA use cases: bilateral over-the-counter transactions between digital asset firms; integration into decentralized finance protocols that incorporate compliance controls; and potential expansion into traditional financial infrastructure, subject to regulatory treatment of tokenized instruments. He noted that regulatory recognition of tokenized securities as functionally equivalent to their traditional counterparts would influence broader participation by regulated institutions.
In addressing market competition, Hiltner stated that multiple tokenized Treasury issuers may coexist due to differences in jurisdictional access, legal structures, investor eligibility requirements, fee arrangements, and liquidity mechanisms. He referenced both primary issuance and secondary market trading as relevant components of product design.
Regarding privacy, Hiltner acknowledged that public blockchains record transaction data openly, while wallet addresses do not inherently disclose personally identifiable information. He indicated that future product deployments could include alternative network configurations where privacy features align with institutional preferences.
He also described potential areas of expansion beyond short-term Treasuries, including diversified treasury management strategies, credit instruments, and crypto-related investment strategies structured for traditional investors. He characterized the development of RWAs as a framework that may facilitate capital flows between blockchain-based markets and traditional financial systems. [10]
Superstate and Onchain Equity Discussion #02
On September 5, 2025, Jim Hiltner appeared on the DeFi Decoded podcast, produced by Ninepoint Partners and hosted by Alex Tapscott. The discussion addressed the development of tokenized real-world assets and Superstate’s activities in linking traditional financial instruments with blockchain-based systems.
Hiltner, Co-Founder and Head of Business Development at Superstate, outlined the company’s background in decentralized finance and referenced its conceptual connection to Compound. He stated that the operational structure of certain DeFi protocols, including onchain recordkeeping and automated execution, informed Superstate’s approach to issuing regulated tokenized investment products. He attributed recent expansion in tokenization initiatives to advances in blockchain infrastructure, changes in U.S. regulatory policy in 2025, and participation by institutional market participants.
The interview included references to Superstate’s tokenized funds, USTB, which holds short-duration U.S. Treasury bills, and USCC, which employs a crypto basis trading strategy. According to Hiltner, both funds are structured within existing securities regulations and are designed for compatibility with stablecoins and selected DeFi protocols. He described stablecoins as an initial use case for blockchain-based financial activity and indicated that tokenized investment products represent an extension of that framework.
The conversation also covered Superstate’s “Opening Bell” platform, which facilitates the issuance of equity shares directly onchain. Hiltner cited Galaxy Digital and its GLXY shares as an example, noting that the shares were issued on the Solana network. He stated that the structure is intended to reflect the legal characteristics of traditional equity, including voting and dividend rights, while enabling blockchain-based settlement and transfer.
Hiltner further explained that Superstate initially issued products on Ethereum and later expanded to Solana. He described the firm’s network selection process as based on issuer preference, technical compatibility, and market activity, rather than exclusive alignment with a single blockchain.
During the interview, Hiltner stated that tokenization may affect capital markets operations by enabling automated administrative processes and alternative methods of asset transfer. He characterized the approach as operating within existing regulatory structures while applying blockchain infrastructure to the issuance and management of financial assets. [11]
