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.

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

World's top 20 stablecoin geographic markets unpacked

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

Stablecoin is the biggest tokenization success story but it faces a silent threat that could derail it all...

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

Happy August. I hope many of my readers are receiving this week’s newsletter from somewhere paved with warm white sand and dotted with lazily swinging palm trees.  As we savour these warmer months of the year, I thought it would be the perfect time to take stock of the 2024 tokenization market by looking at all the money that went into funding this years’ tokenization startups. Where are investors putting their money? The 3 key questions we are looking to answer: Who are the

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. 

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

I recently wrote a post about the 3 proven product market fit areas  when it comes to digital asset adoption. One of them is tokenization. Another one is trading. And the last but not least is payment. While the trading business is essentially a commission business dependent on the overall crypto market activity, tokenization and payment are independent from the overall crypto market and have much bigger potential to become foundational building blocks in our financial market

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.