Digital assets and tokenization are expected to revolutionize the global financial system and enable new capabilities, liquidity, and opportunity for financial services firms. Most people think if blockchain can enable real-time DvP technologically, then institutions can just plug in, click YES and we have tokenized markets in securities lending, margin collateral, and repo. Unfortunately that is NOT how things work. Blockchain is the technology unlock. But we need unlocks ac

Tokenized money market funds (MMFs) are reshaping global finance. With 7,000%+ growth since 2023, they are the fastest growing tokenized...

While policymakers around the world are making pro-crypto pivots worth celebrating, a quiet shake-up just hit the heart of the tokenized money market fund (tMMF) space. The entire space saw close to $1B outflow in the past 30 days . Even BlackRock’s BUIDL - the largest tokenized MMF in existence - has seen over $400M in outflows in just past two weeks , wiping out 14% of its AUM . That scale of redemption is anything but normal. What’s going on? One word: rotation. If you are

Last week we broke down 4 (Coinbase, Robinhood, Block and CME Group) of the top 8 US public companies with significant digital asset revenue in the exchange business and the powerful underlying business growth trend.  This week, we shift the spotlight to the other 4 leaders driving revenue through Stablecoins, Asset Management, and Bitcoin Treasury  strategies. Here’s what we’ll unpack: How big are they? What trends are driving growth? Who’s likely to join them next? Let’s d

As more asset managers, financial institutions, and payment firms launch their digital asset products, speed to market is a vital competitive advantage. Being able to find and reach customers becomes the single most important factor in determining a product’s success or failure. I wrote about how to think about this challenge from a geographic perspective  before. But it is increasingly clear to me that many teams don’t actually know where their users or capital pools are; le

“The future is multichain” is now a well-worn axiom in digital assets. Yet it is also accepted that the bulk of the onchain activities will take place on a very few number of chains. These chains will form the economic hubs of the new financial system.   And whoever controls the operation of these chains? They’re positioned to capture massive revenue and strategic control. So if you're a financial institution or major corporate shaping your tokenization strategy, the question

What are the fastest growing tokenized asset classes in the past 12 months? The answer may surprise you. The 3 fastest growing tokenized...

Digital assets are no longer a fringe conversation, they are finally reaching the institutional scale-up phase. Let's unpack top 3 trends:

Last week, BlackRock’s tokenized money market fund (MMF), BUIDL, surged past the $1 billion milestone. marking a defining moment in the...

At the recent RWA London Summit, one topic dominated my panel discussion: tokenized assets as collateral .  A variety of views emerged, including using more exotic tokenized assets other than tokenized MMF as collateral.  While I recognize the potential of these alternative assets, I made one thing clear—this is a conversation about the future, not the present. Right now, tokenized products must meet investor demands, and illiquid assets simply don’t. Even the most prestigiou

Mapping out the biggest US banks digital asset businesses and benchmarking against comparable revenue data

As institutional tokenization gained momentum rapidly last week with CFTC inviting crypto CEOs  to discuss stablecoins as possible eligible collateral in the derivatives market and Senator Bill Hagerty introducing his stablecoin bill, the urgency with which firms are looking at their tokenization strategy is palpable in my conversations.  It has become apparent to me critical to anyone’s tokenization strategy is a GTM playbook that articulates product, tech, ecosystem and reg

This week, Apollo Global Management teamed up with Securitize to launch a tokenized feeder fund for the Apollo Diversified Credit Securitize Fund ($ACRED), aiming to bring tokenized private credit to institutional and accredited investors. A bold move. But here’s the harsh reality—it’s not going to gain traction. In this week’s research issue, I’ll break down exactly why this initiative is set to fail. More importantly, I’ll explain why asset managers hoping to pump up their

In 2024, BlackRock, Brevan Howard, UBS all entered the tokenized MMF race. Here is the GTM playbook for asset managers looking to enter...

What are the top 3 digital asset adoption trends? Here I distill the most important adoption trends from 2024 that you need to know for 2025

Last week was particularly busy for tokenization space. There were 5 announcements about the development or the launch of tokenized MMF, including 3 from institutional players. UBS Asset Management launched its first tokenized investment fund, the UBS USD Money Market Investment Fund, on Ethereum. The fund will be domiciled in Hong Kong serving the APAC region with DigiFT as the distributor. Citi and Fidelity International have developed a solution that combines a tokenized m

It’s been 4 months since I published research on why tokenized US Treasuries took off  and how BlackRock was future-proofing its asset management business . What has been happening in the meantime in this tokenization vertical?  Well in short it has grown 100% YTD. And here are the 3 key trends about its growth: Out of the top 3 tokenized asset classes, tokenized US Treasuries growth outperformed peers by a wide margin Different flavours of tokenized US Treasuries are taking

A few weeks ago I started the series “How will tokenized MMF scale to trillions AUM?” We looked at three traditional finance use cases that are likely to adopt tokenization for immediate benefits and that benefits scaled into very large numbers. Having looked at US corporate cash management and derivatives collateral management in part 1  and part 2 , we are wrapping up the series with intraday repo as our last stop. Unlike the other two use cases, intraday repo is a new mark

How big are the US corporate cash management & global derivatives collateral opportunities for tokenized MMF?

How will tokenized MMFs change the financial system one market at a time.