@EricPilat
Account based inFrance
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#Yachting, #Digital #Fintech #fundraising , #privateplacement, #Mergers, #Acquisitions, #Advisory #Finance #Blockchain #Tokenization, #RWA, #Web3
Paris
Joined April 2013
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Eric Pilat retweeted
Blackrock took TOKENIZATION to the NEXT LEVEL
Until now, most tokenization has focused on putting individual assets onchain.
Stocks. Bonds. Treasuries. Funds.
Now BlackRock and Ondo Finance are pushing toward something bigger: putting the entire INVESTMENT STRATEGY onchain.
BlackRock has developed three portfolio strategies for Ondo focused on high income, diversified growth and high growth.
Instead of buying and managing every underlying asset separately, investors can potentially hold a single token representing the entire portfolio.
Think of it like this.
BlackRock designs the portfolio.
Ondo turns access to that portfolio into an onchain token.
The investor holds one token instead of constantly managing multiple positions and rebalancing them manually.
This is where it starts getting interesting.
Because the portfolio exists on blockchain rails, it could potentially move between wallets and platforms, plug into other financial applications and even be used as collateral.
That means tokenization is no longer just about creating blockchain versions of stocks or bonds.
It is starting to move toward tokenizing ASSET MANAGEMENT itself.
And the market behind this is already huge.
Model portfolios held roughly $9.8 TRILLION in assets as of June, according to Broadridge.
If even part of that market moves onchain, asset managers could distribute entire investment strategies through blockchain infrastructure.
The next step could be even bigger.
AI could eventually build personalized portfolios around an investor’s goals, risk tolerance and tax situation, while tokenization provides access to a much wider range of assets.
Stablecoins brought CASH onchain.
Tokenization brought ASSETS onchain.
Now BlackRock and Ondo are starting to bring entire PORTFOLIOS onchain.
That could be the point where blockchain stops being just a settlement layer and starts becoming part of the infrastructure for global asset management.
⚡️JUST IN: BlackRock is bringing investment portfolios ONCHAIN, per WSJ.
Three BlackRock strategies holding stock, bond and Bitcoin ETFs will be tokenized by Ondo Finance.
The tokenization will give non-U.S. investors 24/7 trading, transfers and the ability to borrow against their holdings.
Ondo now has about $3.9 BILLION in tokenized assets.
Eric Pilat retweeted
🚨 Japan Just Broke The French Bond Market
One Tokyo fund (Sumitomo Mitsui DS) didn’t trim exposure. It dumped every French government bond it held and rotated into German Bunds and short-term Japanese paper.
Not a reduction. Full exit. Something that even shocked the Financial Street.
The France-Germany 10-year spread blew past 140 basis points, the widest gap since the euro crisis.
France's 5-year CDS has spiked up to 81 basis points, the highest since 2013. The higher the number, the greater the risk of national bankruptcy.
French domestic holders are now facing a deeper mark-to-market loss and a less liquid exit to sell into the same one-way market.
Japanese investors still sit on roughly ¥25 trillion of French debt, second only to American holders and this was a single manager’s book.
Carry trades that funded higher-yielding global debt market with cheap yen just got a live demo of how fast the unwind can hit.
When the bid from Japan disappears, the largest European sovereign market has to find new buyers at the same time its own government is arguing over a deficit plan that markets already distrust.
If more Japanese money follows the same exit, the same flow that once compressed euro spreads can reprice them in the other direction.
We now understand what @yutokanzakireal meant by saying “Japan is bringing the entire house down” in response to Scott Bessent’s “I am the house now” statement:
Ending cheap-yen funding is forcing a margin call on the leveraged global debt system built on the carry trade and not just the U.S. leverage.
France just got the first real look at what Japan’s wealth returning to the homeland looks like.
Eric Pilat retweeted
La crise financière a commencé. La France va se heurter au mur du réel
🚨 Japan Just Broke The French Bond Market
One Tokyo fund (Sumitomo Mitsui DS) didn’t trim exposure. It dumped every French government bond it held and rotated into German Bunds and short-term Japanese paper.
Not a reduction. Full exit. Something that even shocked the Financial Street.
The France-Germany 10-year spread blew past 140 basis points, the widest gap since the euro crisis.
France's 5-year CDS has spiked up to 81 basis points, the highest since 2013. The higher the number, the greater the risk of national bankruptcy.
French domestic holders are now facing a deeper mark-to-market loss and a less liquid exit to sell into the same one-way market.
Japanese investors still sit on roughly ¥25 trillion of French debt, second only to American holders and this was a single manager’s book.
Carry trades that funded higher-yielding global debt market with cheap yen just got a live demo of how fast the unwind can hit.
When the bid from Japan disappears, the largest European sovereign market has to find new buyers at the same time its own government is arguing over a deficit plan that markets already distrust.
If more Japanese money follows the same exit, the same flow that once compressed euro spreads can reprice them in the other direction.
We now understand what @yutokanzakireal meant by saying “Japan is bringing the entire house down” in response to Scott Bessent’s “I am the house now” statement:
Ending cheap-yen funding is forcing a margin call on the leveraged global debt system built on the carry trade and not just the U.S. leverage.
France just got the first real look at what Japan’s wealth returning to the homeland looks like.
Eric Pilat retweeted
"Tokenization... We’re at the beginning of a SUPER CYCLE, and it’s going to take over the entire financial system" - Robinhood CEO Vlad Tenev
Eric Pilat retweeted
🇪🇺Quelques données sur l’entrepreneuriat/informatique: eudata.vercel.app
Parmi les fondateurs ayant immatriculé leur entreprise en France, seuls 33% choisiraient à nouveau le pays
C’est 25% en Espagne, 40% en 🇩🇪
47% Suède, 68% en Suisse, 85% aux 🇺🇸
@thenext_bigshit
Eric Pilat retweeted
Tokenized equities are breaking records, and we are still early.
The total market cap of onchain tokenized stocks is now up to a record $3.5 billion.
That marks another +33% increase in this month and +860% growth year-over-year.
Growth has accelerated after the SEC's recent Innovation Exemption was announced.
This grants onchain platforms a 5-year "sandbox period" to legally trade tokenized versions of real US stocks.
As a result, Jupiter, the largest onchain platform which is leading the push into tokenized assets, has seen a +104% surge in tokenized equity trading volume this month.
The push toward tokenization is in full-swing.
Eric Pilat retweeted
Morgan Stanley’s new Digital Asset Lab is another sign of how serious the firm is about bringing finance onchain.
They’re exploring stablecoins, tokenized deposits, money-market funds and DeFi vaults, and I don’t expect them to slow down.
The goal isn’t tokenization for tokenization’s sake. It’s rebuilding financial markets from the ground up.
As Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, told me:
“Tokenization isn’t the goal.”
Here’s her two-minute overview on @GSR_io’s The Crypto Tape.
Eric Pilat retweeted
«Quand les faits changent, je change d'avis.»
Aujourd'hui @danwwang est pessimiste sur la Chine de Xi, optimiste sur l’Amérique de Trump et apocalyptique sur l’Europe.
Lecture vraiment conseillée.
legrandcontinent.eu/fr/diman…
Eric Pilat retweeted
🚨 맙소사 ! 🇺🇸 코인베이스 CEO 브라이언 암스트롱이
Clarity 법에서 손을 떼겠다고 했습니다.
어쩌면 은행권이 가장 큰 실수를 한 걸지도 모릅니다.
CLARITY Act가 꼬인 핵심 중 하나는
스테이블코인 보상이었습니다.
은행권 입장에서는 당연했을 겁니다.
스테이블코인에 보상이 붙기 시작하면
예금이 빠져나갈 수 있으니까요.
그래서 자기들의 예금 기반을 지키기 위해
더 강한 제한을 요구했습니다.
그런데 문제는 여기서부터입니다.
작은 이익을 지키려는 싸움이 커지면서
법안 전체가 멈췄습니다.
정치권에서는 여기에
공직자들의 크립토 이해충돌 문제까지 얹혔습니다.
서로 자기 몫을 더 가져가려는 사이,
크립토 업계는 법안만 바라보고
기다리지 않았습니다.
결과를 보십시오.
법안이 막힌 이틀 뒤,
코인베이스는 USDC 보상을 3.75%로 올렸습니다.
명확성 법안이 멈추면서
그 제한 논의도 같이 사라진 겁니다.
막으려던 쪽이 막아서
더 자유로워졌습니다.
암스트롱은 이렇게 말했습니다.
SEC와 CFTC가 만드는 규칙이
CLARITY보다 어떤 면에서는 더 관대할 것이다.
단기적으로는 오히려 우리에게 낫다.
업계 CEO 입에서
법안보다 기관이 낫다는 말이 나온 겁니다.
“CLARITY는 지금으로서는 죽었다고 봅니다.
이제 상원을 기다릴 수 없습니다.
규제기관으로 가야 합니다.”
공은 의회가 아니라
크립토와 규제기관 쪽으로 넘어갔습니다.
법안이 만들어줄 규칙을 기다리는 대신,
#SEC 와 #CFTC 가 기존 권한 안에서
새로운 규칙과 시장의 길을 만들기 시작했습니다.
은행권이 지키려 했던 것은 현재의 금융 질서였습니다.
그런데 그 과정에서 크립토가 새로운 질서를
법안 없이 먼저 만들 시간을 만들어 줬습니다.
이게 진짜 소탐대실 아닐까요?
은행이 막으려 했던 스테이블코인과 토큰화 금융은
사라지지 않았습니다.
오히려 은행이 참여해야 하는 새로운 판이
자기들이 원하는 속도보다 먼저 열렸습니다.
법안 하나가 멈췄습니다.
그런데 이상하게도 우리가 가야 할 길은
오히려 더 선명해지고 있습니다.
아직 시작도 안 했다고 생각했는데…
어쩌면 우리는 이미
다음 금융 시스템의 입구에 와 있는 건가요? 🌌
📷 영상출처 : youtube.com/watch?v=_9ZywOVt……
🚨 와 ! 🇺🇸 #CFTC 가 백악관 OIRA에
또 하나의 암호자산 규칙제정안을 제출했습니다.
이번엔 어떤 규칙으로
크립토 시장의 판을 바꾸려는 걸까요?
제목은
“Regulation Crypto Asset Transactions
and Regulation Crypto Asset Markets.”
아직 최종 규정은 아닙니다.
현재는 Prerule / Pending Review.
아직 세부 내용은 공개되지 않았습니다.
하지만 방향은 이미 보입니다.
셀릭은 이미 8월에 기존 권한을 활용해
“Crypto Asset Market”이라는 새로운
시장 구조를 만들 수 있다고 밝혔습니다.
비등록 암호화폐 거래소를 CFTC 관할 아래로 가져오고
조건이 맞으면 레버리지와 마진 거래까지
허용하는 구상입니다.
이번 rulemaking이
그 방향을 실제 절차로 옮긴 것인지가 이제 핵심입니다.
미국의 크립토 시장은 법 하나가 완성될 때까지
기다리고 있는 게 아닙니다.
오히려 법안이 지연되면서
규칙제정이 더 빨라지고 정교해진 느낌입니다.
#SEC 는 토큰화 시장을.
CFTC는 암호자산 시장구조를.
각자의 기존 권한 안에서 먼저 움직이고 있습니다.
미국에게 법을 기다릴 시간은 없어 보입니다.
Eric Pilat retweeted
Anthropic首席执行官回答了大家都在问的问题：你还应该学习编程吗？
1. 编程将首先被淘汰。
AI模型已经在做了。更广泛的软件工程任务需要更长时间，但也在消退。如果你学编程纯粹是为了工作保障，那你学的东西就错了。
2. 即使只做5%的工作，你仍然很有价值。
如果AI做95%，你做5%，你的生产力会提高20倍。比较优势的力量大得惊人，即使差距巨大。
3. 最有前景的职业是以人为中心的。
混合人际、物理世界和分析技能的工作。他举了放射科医生的例子。理解患者和背景的医生，而不仅仅是读取扫描。
4. 批判性思维可能是未来十年最重要的技能。
当AI能生成任何东西时，区分真假的能力变得稀有和宝贵。你不想要错误的信念，不想被骗。这是他对25岁年轻人的实际建议。
5. 如果使用不当，AI会让你变蠢。
Anthropic进行了相关研究。取决于你如何使用模型，编码能力的衰退是可衡量的、真实的。工具不是原因，不当使用才是。
6. 他看好半导体领域在未来十年的资本主义胜利。
物理世界、传统工程、直接的AI优势。不是软件，而是芯片。
Dario is right
We Must Pace the Frontier: I’ve written a new essay on why the AI industry should slow down, with a three-part plan for doing so.
Anthropic is unilaterally committing to the first of these steps. We’ll provide third-party evaluators with permanent, employee-level access to our systems, so that they can verify adherence to our safety measures, report on incidents, and assess models’ alignment during training.
You can read the full post here: darioamodei.com/post/we-must…
Eric Pilat retweeted
What would the CLARITY Act mean for people building and using crypto?
10 building blocks to understand, from how tokens are regulated to protections for open source developers and self-custody.
Eric Pilat retweeted
🚨 Tesla vient de rendre publiques les données qui ont permis l'homologation du FSD Supervised aux Pays-Bas — et les résultats sont difficiles à ignorer :
→ 793 000 miles d'ingénierie en Europe, zéro collision attribuée au système
→ 99%+ de réussite sur 230 000 scénarios testés dans 6 villes européennes
→ Aux US : jusqu'à -69% de collisions majeures vs conduite manuelle sur près de 2 milliards de miles analysés
Ce même dossier a été transmis à tous les États membres en avril dernier. La France continue pourtant de bloquer.
19 400 morts sur les routes européennes en 2025. La question n'est plus technique, elle est politique.
Eric Pilat retweeted
Le 28 Décembre 1895 au Grand Café, Boulevard des Capucines à Paris, se déroulait la première projection publique des Frères Lumières qui venaient officiellement d’inventer le cinéma devant une planète médusée et admirative. Nous vivons un événement similaire avec cette compétition Chinoise de robots, sauf que ce saut dans l’avenir ne se déroule pas chez nous, nous sommes des observateurs passifs d’un avenir qui s’écrit désormais sans nous. Nous avons pourtant une créativité phénoménale ayant inventé une multitude de choses et une tradition entrepreneuriale considérable, mais le débat public français est actuellement dominé par la haine des entrepreneurs et des innovateurs.
Ils sont pourtant les seuls capables de relever le défi chez nous de la convergence de l’IA et de la robotique avec éventuellement le soutien de la commande publique initialement. Sans évolution radicale du débat public en France et sans une condamnation ultra ferme et sans appel des discours condamnant le succès entrepreneurial, nous resterons des observateurs passifs de la construction d’un nouveau monde qui se fera sans nous.
Et compte tenu de la puissance des innovations que constituent la convergence de l’IA et de la robotique au plan militaire, nous serons probablement rapidement dominés y compris militairement et donc politiquement. Tous les peuples qui ont raté les révolutions technologiques et industrielles ont été conquis et soumis dans l’histoire. Il y a donc ici un enjeu de souveraineté absolument majeur. Comme première étape de notre retour sur ces sujets de la convergence de l’IA et de la robotique, il y a donc une tolérance zéro pour les discours condamnant la réussite entrepreneuriale, car au delà de notre prospérité, c’est avant tout notre liberté qui est en jeu.
Eric Pilat retweeted
Putting an asset onchain only matters if it becomes more useful.
Securitize CEO @carlosdomingo joined @_TalkingTokens to explain how our full stack strategy connects issuance with distribution, trading, and lending, so asset managers can focus on the underlying assets.
Eric Pilat retweeted
«La France remplace l'Italie comme point central des préoccupations des marchés concernant la viabilité de la dette européenne.»
Le constat sévère du Financial Times - vision étroitement « financiariste» ou bon sens de gestion? - chacun jugera, mais ce sera un des points de nos échanges demain avec @fhollande @EPhilippe_LH.
Eric Pilat retweeted
Bringing stocks onchain is only the first step.
Recent launches show the difference between issuing a limited catalog of assets and bringing Wall Street onchain at scale.
Where other models rely on isolated liquidity pools, Ondo Stocks uses request-for-quote execution to tap Nasdaq and NYSE liquidity.
That model enables Ondo Stocks to lead in breadth, adoption, and distribution:
→ Over $1B in TVL
→ 150K+ unique holders
→ $27B in cumulative volume
→ 440+ tokenized stocks and ETFs
That scale extends across Ethereum, Solana, and BNB Chain through hundreds of protocols, wallets, and leading exchanges.
No other tokenized stock platform combines the same breadth and scale with the traditional market depth needed to build genuinely accessible global markets.
