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

Last week, when I outlined the 3 interest-income revenue models for stablecoins , I had no idea just how much bigger the opportunity would become a few days later - courtesy of the US Office of the Comptroller of the Currency (OCC) .  On Friday, in a dramatic reversal, the OCC scrapped Biden-era restrictions that had kept US banks from engaging in stablecoin transactions and crypto custody. Overnight, the stablecoin market’s potential didn’t just grow—it likely 10x’d .  With

Last week was a defining moment for stablecoins. Top CEOs from major U.S. financial institutions made bold statements about their stance on stablecoins, signaling a decisive shift in the industry: Bank of America CEO, Brian Moynihan : "If regulators make that leap, we will enter the stablecoin business." PayPal CEO, Alex Chriss : “With an estimated 20 to 60 million monthly active crypto users3, the potential for commerce is immense. For merchants, this means unlocking a new,

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

A week that changed everything in digital asset/crypto space... Here is what happened.

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Another week, another busy tokenization announcement calendar with 5 big developments. I published a highlight recap here . Out of the 5, the most consequential has to be the news that the UK government plans to issue digital gilts, the UK government bond equivalent to US Treasuries, on blockchain. Why? Because the fastest growing tokenization vertical - tokenized MMF/US Treasuries  - while signalling an insatiable demand from onchain capital to access the US sovereign debt m

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

Want to what is Standard Chartered's digital asset strategy? Full research here.

In our previous Onchain Finance GTM Series  on geographic adoption of digital assets, we looked at the 10 countries with the highest transaction volume in 2023 as well as the top 10 countries by adoption rate. Of course, the US, given its massive economic size, took the No.1 spot based on transaction volume. But is the US the top market for tokenized USD adoption by adoption penetration? Well from an adoption penetration perspective it is far from the top 10 markets. As a rem

In our last week’s Onchain Finance GTM Series, I broke down digital asset transaction data of the top geographies with the highest transaction volume in 2023 . As I was doing tokenization GTM advisory work this week, I was reminded that, in onchain finance, there are additional border lines beyond the physical geographic divide between nations. Not only is the onchain capital separated along national borders, it is also separated along the blockchain network on which it resid

Is your business ready to ride the wave of onchain capital? Read this to ensure you are well prepared and positioned for success.

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

When I wrote “ What are the different flavors of tokenized cash and which do you prefer? ” two weeks ago, I didn’t know it would become one of my most popular posts to date after BlackRock’s partner Securitize picked it up in its weekly Private Market News post on LinkedIn . In the post, I wrote about the two distinct flavours of top 8 tokenized cash products: store of value and yield accrual. But having had more time to reflect on the data, I am adding another dimension to c