“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 onchain financial revolution. Launched on 21 March 2024, BUIDL wasn’t just another product; it was a signal. A starting gun for traditional asset managers to storm the onchain space. Excellent news article headline. But the real insight? It’s not in the mainstream media headlines or crypto media soundbites. It’s time to get granular and dive

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.

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

Has the tokenized TBill market reached an inflection point given its +43% AUM growth in past 2 months?

BlackRock’s USD Institutional Liqudity Digital Fund  or BUIDL has been the talk of the financial press recently. As the first fund management product specifically launched on the blockchain by BlackRock to address the needs of the tokenized world that banking, finance and asset management are moving into, it is a watershed moment for the tokenization space and a massive validation for the utility of blockchains. The realized inflows totalled more than $250mill which blew past

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