Yelay

22 public companies have now objected to having their shares tokenized on a new US trading platform. @Microsoft, Alphabet, @WellsFargo and others are on the list. Meanwhile, the tokenized stock market has grown from around $847M in January to $3.4B in October. Quite a strange position for the market to be in. Millions of people want easier access to stocks, exchanges are racing to offer it, and some of the companies behind those stocks are pushing back. Under the new US framework, issuers can object to specific tokenization plans. I suspect we'll see a lot more debate over who should actually control how public shares are distributed.

tokenization is non-negotiable "Every asset will be tokenized - private equity, real estate, fine wine. It’ll all trade 24/7 on permissionless networks like a stock." - @vladtenev in 10 years, trading assets on traditional 9-to-5 banking rails will look as absurd as sending a paper letter instead of an email

Tokenized private credit is not just an access problem. The real question starts after capital is deployed: who monitors the loans, how realistic is the NAV, and where does liquidity come from if investors want to exit early?

🗒️RWA Field Notes, Part 1 A tokenized asset is not always the asset itself. Most of the time, the token is just the onchain interface. The real question is what sits behind it: issuer, custodian, legal claim, redemption path, transfer rules, and the actual underlying asset. That is why two products can both be called RWAs and still have completely different risk. A tokenized Treasury, tokenized stock, private credit token, and real estate claim are not the same thing. Before looking at yield or ticker, ask one simple question: what does this token actually represent?

Crypto conferences feel like they have reached a different level this year. Not much time has passed since the last one, and we are already getting ready for the next stop. Faculty Group is heading to @DutchBlockWeek in Amsterdam, taking place from 22 to 28 June. Vic is already there ahead of the event, so if you are arriving early and want to connect, feel free to reach out (tg: @DonnieBrasco_Yelay). He will be happy to meet. Looking forward to another week of good conversations, useful meetings, and hopefully a bit of Amsterdam weather on our side.

Hey hey, @proofoftalk at the Louvre is looking great 🇫🇷 The @Faculty__Group team, led by @yaroslavwr_ is in Paris, catching up with builders, investors and the people actually moving the space forward. Main stages are useful, but side events are still where most of the real conversations happen. Not the worst place to network either😉