Lately I have been inundated with client requests for various industry-level reports on the tokenization space. One piece of data that stood out to me as I was going through my research process was composition of the No.1 tokenization vertical: tokenized USD cash. There has been plenty of ink spent on the topic. You can read about its usage breakdown here . But they all tend to treat the category as if every product in the category is similar and homogenous in their makeup. 

The biggest tokenization narrative of 2023-24 so far can be summarized in the following 3 stories about stablecoins and yieldcoins (TBills backed cash equivalents): Stablecoin is the biggest tokenization success story Yieldcoin is going to eat into stablecoin’s market due to its superior capital efficiency Yieldcoins from leading tokenization players such as BlackRock, Ondo and Franklin Templeton have been taking market share from stablecoin The conversations on tokenization

This what 110x looks like for an tokenized asset that has achieved wide adoption...

A few weeks back I wrote a post  highlighting the 3 major difficulties facing many tokenization projects today. In that post I talked about why targeting incremental improvements in operational processes or capital usage would make much more sense as a go-to-market approach.  I have been chewing on the idea of capital efficiency improvement in crypto for the past two weeks and had a light bulb moment recently: scaling capital efficiency adoption through yield bearing stableco