Last week was busy. There was a noticeable increase in the number of GTM advisory calls I had. This uptick could be a positive indicator for the space, suggesting a growing interest and confidence. However, a recurring theme across these conversations was the heavy focus on product development. While the passion for innovation was evident, most discussions centered on comparing tokenized products to their traditional financial counterparts. The common consensus was that these

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

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With trillions of dollars transferred annually, tokenized money is the undisputed leader in tokenization adoption—dominating the digital asset space far beyond traditional banking while proving its superiority vs the traditional settlement rail. Banks are now racing to catch up, eager to integrate tokenized money into their offerings and avoid getting left behind. But what should banks focus on when designing and launching their own tokenized money products? In this week’s n

Lloyds Banking Group recently published an excellent article on the transformative power of blockchain and tokenization. It was the first time a financial institution put out a paper that non-technical readers can pick up and grasp things intuitively.  I found its social messaging groups and ship containers analogies to be extremely poignant to abstract away complex concepts and get to the core functional differentiations.  To distill the full article into its most important

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

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As the tokenized yield-bearing cash solution space’s No.1 player Ondo Finance’s AUM surged past $464 million this week, the thought of a path towards broader adoption in this nascent but highly important space came to the forefront of my mind. The space that the tokenized yield-bearing cash solution is currently addressing mostly has to do with stablecoin capital that is already onchain. There are already $160 billion of these but the size of the market outside of crypto is m

What synthetic dollar? It is a tokenized hedge fund strategy running basis trade