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Onchain Finance GTM Series: How quickly will tokenized TBills eat into tokenized cash's market?
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
Harvey
May 14, 20246 min read
Which tokenized asset is ready for a lift off? And why?
Tokenized assets are hot topics in finance and technology circles. But which asset is doing well and which isn't?
Harvey
May 6, 20244 min read
Onchain Finance GTM Series: What does $9.4 trillion annual traction signal about the opportunities within tokenized cash?
This what 110x looks like for an tokenized asset that has achieved wide adoption...
Harvey
Apr 29, 20246 min read
How did Tokenized TBills grow AUM by 42% in 2 months?
Has the tokenized TBill market reached an inflection point given its +43% AUM growth in past 2 months?
Harvey
Apr 22, 20246 min read
Onchain Finance GTM Series: How is BlackRock future-proofing its fund management business?
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
Harvey
Apr 14, 20245 min read
Onchain Finance GTM Series: What is the market size for yield-bearing stablecoins or tokenized cash equivalents?
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
Harvey
Apr 8, 20245 min read
Onchain Finance GTM Series: Is there enough onchain capital for tokenized assets?
Within the tokenization space, there exists a school of thought that any market can be recreated onchain but with better liquidity and lower cost of capital because of blockchain’s fast settlement and borderless distribution. Real estate, auto financing, art, carbon credit etc. You name it. The list of potential onchain replications is endless with possibilities. As a result, I see startups sprung up with pitches that promise new financial paradigms. However, why is there har
Harvey
Mar 31, 20245 min read
Boring is Better
About half a year ago I published a research report, “ The Role of Securitization in Tokenized Asset ”, looking at the tokenization market and comparing institutional and crypto-native go-to-market focus. One being capital efficiency focused while the other being market access/distribution focused. Since then I have had many conversations with both sides and dived deeper into their respective nuances and challenges. So what is the biggest takeaway? It is this: tokenization’s
Harvey
Mar 24, 20245 min read
Tokenization: Bullsh*t Filtering
What do you need for any successful and scalable tokenization endeavour? Is it the team? Or is it the market condition? I used to think it was the team but more recently I have started to appreciate the enormous impact market conditions have on the outcome of a tokenization startup. Of course we need a competent team but as someone once told me “if you are too early to the market, it’s the same as being wrong.” In the early stages of any tokenization endeavour, I would argu
Harvey
Mar 12, 20245 min read
The F.B.I. strategy of Tokenization
I recently dropped a post called Why Large Financial Institutions or Startups Backed By Them Will Dominate the Tokenization Space . It was perhaps a controversial take, but whether you agree with it or not, go-to-market and customer acquisition challenges are unavoidable subjects for builders in the space with consequences leading to either successful scaling up or death of a startup. In the post I left the reader with a question “... what do you do if you are a startup found
Harvey
Mar 5, 20245 min read
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
Crypto Wealth Management
My last article on private credit capital sourcing talked about the growing opportunity in onchain HNWIs and what is required to reach them. So when I came across the news headline that Citi Ventures participated in a seed-round founding of Vega, a startup to “democratize private wealth management” this week, my brain started racing because that sounded awfully like what crypto is solving for… So I decided to dig in a bit deeper. I wanted to find out a few things: How big is
Harvey
Oct 22, 20235 min read
Money, Goods and Tokenization
After our deep dive into the tokenization industry mapping last week, a change of pace is in order. Instead of focusing on micro-level transaction data aggregation, let’s take a step back and survey the whole tokenization market to understand what is happening across the various commercial application spectrum. Apart from our usually talked about onchain tokenization of securities market, there are 2 other tokenization big verticals that are seeing traction. Tokenized money
Harvey
Oct 16, 20236 min read
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