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Tokenized Tbills: up only to being stalled?
Remember mid last year when everyone in crypto was excited about the steady 5% US Treasury yield you could get through one of the tokenized fund/ETF/TBill wrappers? Well fast forward to 2024, while the total digital asset market cap more than doubled to over $2 trillion, the total onchain allocation towards the US TBills has been declining. See chart below. Why haven’t more big projects allocated towards these tokenized products? Apart from being an inferior product , tokeni
Harvey
Feb 27, 20245 min read
$40 billion. Too cheap or expensive?
2023 Oct total crypto market cap: $1 trillion, BTC $26k, 2024 Feb total crypto market cap: $2 trillion, BTC $52k, 11 BTC ETFs Lately I have been pondering what is a convenient way to get exposure to the whole digital asset market, without having to buy specific assets. Then Coinbase, the only publicly traded and regulatory compliant US digital asset exchange, reported Q4 earnings that beat across the board on 15th Feb. Given its roughly $40 billion market cap and its central
Harvey
Feb 18, 20248 min read
What good are digital assets if they are all siloed?
A key promise of tokenization is the improved liquidity profile it offers to assets. Instead of a security listed on a single centralized exchange, a token representing the security can be traded across liquidity pools across a single blockchain and across different blockchains. In order to make this happen, we need different blockchains and databases to be able to communicate and interact with each other. We need interoperability. Interoperability is however in limited suppl
Harvey
Feb 11, 20245 min read
When Digital Gets Physical
While most people think of Bitcoin and its price when hearing the words digital assets or crypto, at Crypto Adoption Curve, I have always preferred to pay attention to underlying adoption trends and their implications for value creation and capture in commercial applications. For example, I covered the recent technological advances underpinning the distributed ledger system and the competing paths they have created that would decide where trillions of digital assets go. You c
Harvey
Feb 4, 20245 min read
Is the Future Modular? (with trillions on the line)
Celestia, EigenDA, and Altlayer. Have you heard of these names before? If you have not, you are probably missing out on one of the hottest innovation trends in crypto right now. These are some of the key teams designing and building solutions in what is known as data availability space in a modular approach towards blockchain scaling. They are building step-change functions for blockchains that will have far reaching consequences for their applications in finance, social me
Harvey
Jan 28, 20247 min read
Keep It Real (tokenization edition)
Consultant : $7 trillion by 2023, $11 trillion by 2024 and then $15 trillion by 2025. Look at this McKinsey chart below! CEO : That is fantastic! Consultant : Yes! Your company would benefit immensely by being at the forefront of this financial, technologic and social transformation. CEO : Great! So what are the steps to get there? I find it curious that incredibly large numbers often get thrown around when people talk about the potential of tokenization but there is no menti
Harvey
Jan 21, 20246 min read
First comes the ETF. Then comes tokenization.
In the 2010s, BlackRock brought iShares ETFs to the masses and gathered over $3.3 trillion AUM. In 2024, BlackRock brought IBIT ETF to Bitcoin and is currently sitting on $500 million AUM after 2 days of launching, a massive success. Larry Fink then says on national TV that a potential Ethereum ETF is but a mere stepping stone to tokenization. If that vision were to come true, what will tokenization by BlackRock look like? That is the topic we will dive into in this week’s
Harvey
Jan 14, 20245 min read
2024: A Cambrian Explosion
Happy New Year everyone! I hope everyone had enjoyed some quality time off. I know I have been away for a while. I have been busy with go-to-market work behind the scenes, helping a number of tokenization teams with their projects, e.g. here . One particular challenge I realized crypto native asset allocators have is a lack of systematic allocation process. If you are a credit portfolio manager reading this. Please drop me a line. There are many productive conversations to be
Harvey
Jan 6, 20244 min read
Tokenization UX Pain Points
Imagine this: I would like to earn 15% a year fixed return generated by lending money out for short term working capital needs where the...
Harvey
Oct 29, 20235 min read
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