Founder @Bitbond. Issued Europe's first BaFin-approved tokenized bond. Writing about how tokenization actually works.
Berlin
Joined January 2013
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Average RWA holding: $158K on Stellar, $6K on Solana. Same asset class, two different markets: institutional balance sheets vs. retail distribution. Issuers will need both, with different products for each.
Average RWA holding by chain:
@StellarOrg $158,502
@avax $149,739
@arbitrum $85,844
@ethereum $51,816
@0xPolygon $21,087
@solana $5,949
@base $3,550
@BNBCHAIN $2,890
@plumenetwork $605
@RobinhoodApp chain $154
Institutional chains hold big tickets & retail chains hold millions of small ones.
Holders are wallets, not individuals.
Data via @RWA_xyz
0.3% of the stablecoin market isn't in dollars, and the euro leads that tiny slice. Europe has MiCA, the banks and the demand. What's missing is euro coins that companies actually use for payments.
What the stablecoin market looks like outside the dollar. 🐘
Non-dollar stablecoins total just $954M, or around 0.3% of the market.
The euro dominates that bucket at $761M, with the Brazilian real and Swiss franc a distant second and third.
Data: @RWA_xyz
For issuers on Stellar, this is the distribution story: a Stellar address in every eligible MetaMask account. The hard part of tokenization was never minting. It's reaching holders.
Stellar is now a default network on @MetaMask.
Eligible MetaMask accounts now include a Stellar address.
For the apps and assets built on Stellar, this is a new path to users worldwide, through a wallet they already use.
Announced at #Meridian2026.
stellar.org/press/metamask-m…
A European fund, launched with Amundi seven months ago, is now the largest tokenized fund in the world, ahead of USYC and BUIDL. So much for Europe being slow.
SAFO is now the world's largest tokenized fund. 🥇
Seven months after we launched it with @Amundi_ENG, it holds $2.39B, ahead of Circle's USYC ($2.37B) and BlackRock's BUIDL ($2.19B).
More than 10,000 entities and individuals hold it.
1/7
Blogpost: spiko.io/blog/safo-worlds-la…
PR: cdn.spiko.finance/press_rele…
Tomorrow: Digital Assets Day in Munich, by @bundesblock at TUM Blockchain Conference.
I'm on three times:
– 11:35 real estate tokenization
– 11:55 moderating “The programmable company”
– 15:40 with Dominik Auricht (UniCredit) on cheaper digital capital markets
Come say hi.
ALT Speaker card: Radoslav Albrecht, Founder & CEO of Bitbond, speaking at Digital Assets Day, 30 Oct, Munich
The narrative says Europe is slow on tokenization. The last few weeks:
– The ECB's Pontes went live, bringing central bank money to DLT settlement
– ESMA opened a review of tokenized collateral in EU clearing
– BBVA and Santander put a €150M syndicated loan on a shared ledger
Less noise, more plumbing. Plumbing is what scales.
Radko retweeted
Two years ago, we published our insurance policy when no one would.
Today, we’re sharing our newest insurance upgrade brought to us by Native.
On October 1, @dfnsHQ moved its insurance program to @LloydsofLondon. Both policies are now backed by Lloyd’s syndicates @Mosaic1609 and @markel_ger.
☑️ Technology and cyber: Coverage increased 4x, from $2.8M to $11.2M with Mosaic.
☑️ Crime: $11.2M in coverage, led by Mosaic and supported by Markel.
✅ Total coverage: Increased from $13.9M → $22.3M worldwide, covering DFNS and its subsidiaries.
Also: The two policies have separate limits, so a claim under one does not reduce the other.
What hasn’t changed? 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘩𝘢𝘴 𝘭𝘪𝘮𝘪𝘵𝘴. It is 𝗻𝗼𝘁 𝗮 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆 𝗽𝗹𝗮𝗻 and it 𝗰𝗮𝗻𝗻𝗼𝘁 𝗰𝗼𝘃𝗲𝗿 𝗹𝗼𝘀𝘀𝗲𝘀 𝗼𝗳 𝗮𝗻𝘆 𝘀𝗶𝘇𝗲. Exclusions still apply, and we’re happy to walk clients through the details.
▶️ What’s next: We’re arranging additional coverage and will announce it soon.
We’re also working with leading actors on specie insurance designed for multi-party compitation (MPC).
Clients can request the insurance certificate and policy wording under NDA.
We believe insurance should be clear, verifiable and part of taking responsibility for the risks we manage.
That’s what onchain core banking is for.
📖 Read more: dfns.co/article/insured-by-m…
⌨️ Start building: app.dfns.io/get-started
A euro version was overdue. Almost all onchain cash management is in dollars, which doesn't work for a European treasurer who doesn't want FX risk on the liquidity buffer.
@ArchaxEx today announced €GOVY, a euro-denominated version of its perpetual tokenised government bill product, on the Stellar network.
Announced at #Meridian2026.
stellar.org/press/archax-ann…
The detail that matters: same rights as the original security, and the token can move back to classic form. Tokenization as an upgrade of market infrastructure, not a parallel system. Hard to call this a pilot anymore.
Today, @The_DTCC launched its Tokenization Service 🇺🇸
It’s worth pausing on what this day is.
DTC replaced paper certificates with electronic records in 1973. Today, it’s bringing securities 𝗼𝗻𝗰𝗵𝗮𝗶𝗻 while preserving existing rights and protections.
With over $114 trillion in custody, this is how market infrastructure upgrades, and more importantly, this is what leadership looks like 👏
The Tokenizaton Service (DTS) allows DTC to issue tokenized versions of the securities they hold in custody. These tokens have the same ownership rights and investor protections as the initial securities, and can move in between classic and tokenized form.
20 DTC Participants have already signed on as the first batch.
@dfnsHQ is proud to be among the 15 official partners and distributors 🤝
We now support DTS on @CantonNetwork and DTCC’s Besu network:
☑️ On Canton, you can use DFNS-operated validators or connect your own. DFNS indexes and decodes tokenized securities, and enables pre-approved deliveries and settlement against cash.
☑️ On Besu, you can connect your own network and hold, receive and transfer tokenized securities. Every transaction is checked against their policies before signing.
✅ On both networks, financial institutions can track balances and transactions, receive real-time triggers, webhooks and keep a single audit trail for every operation.
Tokenized securities are moving into regulated markets, and institutions need a secure way to manage them under their own controls, no matter the network used for settlement.
We’re honored to work with DTCC and the wider industry to make that possible.
📖 Read more: dfns.co/article/dts-integrat…
⌨️ Start building today: app.dfns.io/get-started
1/ 7,000+ tokens have been minted with Bitbond Token Tool. The same vesting mistakes keep coming up. Five worth avoiding:
Radko retweeted
🇯🇵 In Japan, trust is built over decades.
NEC has spent more than 125 years building it with financial institutions.
Today, @NEC_jp and @dfnsHQ are partnering to explore digital asset infrastructure for Japanese financial institutions 🤝
The two companies have signed a Memorandum of Understanding to explore how DFNS can fit into NEC’s systems, including its planned custody offering.
The goal is to help Japanese institutions adopt digital assets without compromising their security, compliance, data residency or existing systems.
The partnership will focus on three areas:
1️⃣ Integrating DFNS wallets, key management, policies and transaction management into NEC’s digital asset infrastructure.
2️⃣ Adapting the platform to Japanese regulations and each institution’s security and operating requirements.
3️⃣ Supporting different deployment models, from SaaS to hybrid and fully on-premises, including air-gapped environments.
Institutions will be able to keep their keys, data and operations in Japan, in line with their requirements.
NEC will also explore support for digital securities alongside crypto assets, helping institutions develop new digital asset services.
That’s what onchain core banking is for.
📖 Read more: dfns.co/article/partnering-w…
⌨️ Start building: app.dfns.io/get-started
Meridian starts in Lisbon tomorrow.
In 2019 we issued BB1, the first BaFin-approved tokenized bond, on @StellarOrg. Back then the most common question was: why put a bond on a blockchain?
Seven years later we're still building on Stellar, with several live projects. Curious what this year brings.