Cook highlighted that US tokenized asset market cap has more than doubled to roughly $25 billion, while urging caution on AI's economic disruption potential.
Federal Reserve Governor Lisa D. Cook took the stage at Stanford’s Institute for Economic Policy Research on May 27 to deliver a keynote that sat squarely at the intersection of two forces reshaping finance: artificial intelligence and digital assets. The forum, titled “From Digital Assets to AI,” was moderated by Neale Mahoney.
Tokenization’s quiet breakout year #
The most concrete data point from Cook’s remarks: the market capitalization of US tokenized assets has more than doubled over the past year, reaching approximately $25 billion.
Cook discussed tokenization’s potential to enhance liquidity management and streamline cross-border payments. Notably, Cook did not reference specific cryptocurrencies during her Stanford remarks. The focus stayed at the infrastructure level, on tokenization as a technology rather than on any particular token or protocol.
AI as both engine and risk factor #
The AI portion of Cook’s address tracked themes she has been developing since joining the Fed Board in May 2022. Cook acknowledged AI’s productivity case while emphasizing labor market disruptions. AI doesn’t just automate assembly lines anymore. It writes code, drafts legal memos, and analyzes medical images.
On financial stability, Cook reiterated that the Fed’s Committee on Financial Stability remains actively engaged in monitoring AI-related innovations and their potential impacts on market resilience.
A pattern of engagement, not a one-off #
This Stanford appearance wasn’t Cook’s first on these topics. She delivered a speech focused specifically on tokenization earlier in May 2026, where she outlined both the benefits and risks tied to the technology’s adoption among digital assets. She also spoke at Stanford on May 9, 2025, establishing a recurring dialogue with the academic and policy community around these issues. Cook has been tracking the implications of technological advancement on financial stability since her term began in 2022.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our