Herbert Sim

Rebank Libeara Fintech Blueprint Multiliquid by Uniform Labs Tokenized Asset Coalition - Real World Assets - The Practitioner's Guide Source: https://lnkd.in/gXCFTVFP #rwa #tokenisation #digitalassets Credits: Will Beeson, CFA Mark G. 🔸Nick Cherney, CFA Sandy Kaul William Peck Alex Gluchowski Steven Goldfeder Aaron Gwak Lex Sokolin Bhaji Illuminati Kevin Miao Chris Yin Timm Reinsdorf Thomas Cowan Mark Greenberg Highlights: The future trajectory of tokenization will not be linear. Like every major financial innovation before it, adoption will be shaped by a mix of credibility, liquidity, regulation, and crisis. There are several plausible pathways, each with different implications for speed and scale. The first and most likely pathway is gradual but steady adoption. In this scenario, tokenization continues to expand through the safest and most liquid assets — Treasuries, money market funds, and stablecoins. Asset managers like BlackRock, Franklin Templeton, Fidelity, Wellington, WisdomTree and Janus Henderson broaden their offerings, DeFi protocols integrate RWAs more deeply, unlocking utility and new financial tools, and banks keep experimenting with permissioned networks. Adoption grows year by year, within the constraints of existing regulation and operational bottlenecks. A second pathway is accelerated adoption driven by convergence with stablecoins. Here, stablecoins are increasingly adopted in payments and other real economy use cases, and holders demand yield provided by tokenized Treasuries and other RWAs. Instead of holding USDC that earns no return, investors could hold a yieldbearing alternative or tokenized Treasury assets directly. The distinction between “stablecoins” and “tokenized Treasuries” would blur. If this convergence occurs, adoption could scale far more rapidly, reaching trillions of dollars by the end of the decade. A third pathway is disruptive adoption catalyzed by a new killer app, changing customer demands, or crisis. History shows that financial innovation often accelerates based on acute shifts, when new structures provide solutions unavailable in existing markets. Eurodollars grew explosively during periods of capital control and U.S. banking fragility. Money market funds surged in the 1970s when deposit interest rate caps limited savers’ options. ETFs got traction in response to valuable tax benefits. Tokenized assets could experience a similar breakout moment. Adoption in this pathway would be rapid and nonlinear.  All three pathways may unfold in sequence. A baseline of gradual adoption may give way to accelerated growth if stablecoins converge with RWAs, and market shifts may push adoption beyond forecasts. What matters is less the precise trajectory than the inevitability of eventual scale. Once tokenization proves resilient across cycles, the gravitational pull of efficiency, liquidity and new utility will draw in global capital

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Samara Alpha Management, an institutional-grade digital asset manager, today released an update on the BTC+ Fund, a bitcoin-denominated diversified fund-of-funds that has been operating since July 2023. The Fund follows a market-neutral mandate, aiming to generate incremental returns in BTC terms while seeking to limit exposure to broad market direction. The BTC+ Fund invests across a range of arbitrage and relative value strategies, including global market making, statistical arbitrage, DeFi/CeFi yield opportunities, and multi-strategy overlays. As of June 30, 2025, the Fund reported a Sortino ratio above 4.0, with monthly drawdowns since inception contained to approximately 50 basis points. These results are consistent with the fund’s diversified and risk-managed framework. For BitcoinTreasuries.net companies, the Fund illustrates one potential approach to treasury management. Instead of holding bitcoin purely as a reserve, treasuries may consider strategies designed to generate additional BTC yield. Such outcomes depend on market conditions and risks, but they highlight how capital efficiency is becoming an important consideration for balance sheet deployment. “Corporate treasuries are beginning to recognize that holding digital assets is only the first step,” said Wilfred Daye, CEO of Samara Alpha Management. “The next phase is about capital efficiency — how holdings are deployed, and whether they can generate incremental yield without adding undue risk. The BTC+ Fund was designed with that objective in mind.” Samara Alpha has received third-party recognition, including Digital Asset Manager of the Year by FDI Insider and a shortlisting for Hedgeweek’s 2025 Global Digital Asset Manager of the Year Awards. While such recognition is not indicative of future results, it reflects growing industry awareness of Samara Alpha’s work in the digital asset space. Important Disclosures: The BTC+ Fund is offered under a 3(c)(7) exemption and is available only to qualified purchasers with a minimum investment of 1 BTC. Investments involve significant risks, including volatility, liquidity constraints, regulatory uncertainty, and potential loss of principal. Past performance is not indicative of future results. Any investment decision should be made only after reviewing the Fund’s private placement memorandum. #bitcoin Sylvanus Technologies Blockstone Capital #digitalassets

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Five key insights from the Citi x Middle East Stablecoin Association - MESA "Stablecoins and the Future of Corporate Treasury" event in DIFC yesterday: 𝗚𝗮𝗺𝗲-𝗖𝗵𝗮𝗻𝗴𝗲𝗿 𝗳𝗼𝗿 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝗶𝗲𝘀: Stablecoins enable 24/7, programmable, low-cost operations, but adoption is uneven—crypto-natives lead, while traditional corporates focus on utility over speculation. Programmability unlocks efficiencies like atomic settlements and intraday yields, potentially transforming supply chains. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗖𝗮𝘁𝗮𝗹𝘆𝘀𝘁: U.S. and UAE clarity accelerates institutional involvement; without it, stablecoins remain fringe. Risks like de-pegging are manageable under strong regs (e.g., liquid reserves). 𝗗𝗼𝗹𝗹𝗮𝗿 𝗛𝗲𝗴𝗲𝗺𝗼𝗻𝘆 𝗥𝗲𝗶𝗻𝗳𝗼𝗿𝗰𝗲𝗱: USD stablecoins could reverse de-dollarization trends, but create policy challenges for non-USD economies. 𝗕𝗮𝗻𝗸-𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Large banks like Citi are enablers (e.g., via tokenized deposits), but corporates may issue their own coins to retain yield. Smaller entities (e.g., SMEs, gig workers) benefit most from real-time aspects. 𝗙𝘂𝘁𝘂𝗿𝗲 𝗢𝘂𝘁𝗹𝗼𝗼𝗸: 2025 is the "ChatGPT moment" for blockchain adoption. Challenges include data capture (e.g., uncaptured flows in macro stats), incentives for yield-sharing, and balancing compliance with innovation. Overall, stablecoins complement (not replace) traditional systems, with hybrid models bridging the gap. Thank you to Ronit Ghose, Andre Olivier, Bhaskar Dasgupta, Kokila Alagh and their respective teams for hosting us.

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#Blockchain | #Tokenization :  UK FCA doubles down on fund tokenisation — paving the way for a digital fund ecosystem. The UK’s financial regulator, the Financial Conduct Authority (FCA), just took a major step forward in its digital asset journey. Through its new consultation paper — “Progressing Fund Tokenisation (CP25/28)” — the FCA is outlining a clear regulatory roadmap for bringing tokenised funds into the mainstream. This builds on the FCA’s latest statement supporting tokenisation as a cornerstone of modern investment infrastructure, aligning the UK with other leading jurisdictions like Singapore (via Project Guardian) and the EU’s digital finance initiatives. Here’s what stands out 👇 🔹 Tokenisation moves from pilot to policy The FCA’s paper signals that tokenisation is no longer an “innovation sandbox” experiment — it’s becoming part of the UK’s regulated fund architecture. 🔹 New “Direct to Fund” (D2F) model for efficiency The FCA is also proposing a direct dealing model — where investors transact directly with the fund rather than through intermediaries. This could: Reduce settlement times, operational risk, and costs. Support transition to T+1 settlement by 2027. Make tokenised funds more interoperable with digital securities infrastructure. In essence, D2F could become the operational bridge between today’s traditional funds and tomorrow’s on-chain finance. The regulator wants to accelerate the adoption of tokenised authorised funds, building on the “Blueprint model” it approved in early 2025. This means fund managers can record ownership and transactions on distributed ledgers — potentially replacing legacy reconciliation systems and cutting costs. 🔹 Opening the door to #stablecoins and digital cash The FCA acknowledges that fully on-chain funds will need on-chain settlement assets — digital cash, tokenised deposits, or qualifying stablecoins. While algorithmic stablecoins are excluded, the FCA hints at sandbox pilots that could allow authorised funds to use regulated GBP- or USD-pegged stablecoins for settlement and gas fees. 🔹 Why this matters Fund tokenisation isn’t about crypto hype — it’s about digitising the plumbing of finance. It can make: A. Fund operations cheaper and faster. B. Access to private markets more inclusive. C. Portfolios more transparent and programmable. And perhaps most importantly, it signals that regulators and industry are finally rowing in the same direction — building the foundations for a Finternet where capital moves seamlessly, securely, and at the speed of code. This is a big step — it links the FCA’s tokenisation roadmap to the UK’s broader stablecoin regulatory regime, due in 2026. A Calastone study cited by the FCA estimates $135 billion in annual savings across the UK, EU, and US fund industries through full-scale tokenisation.

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Stablecoins deliver near instant settlement and offer obvious utility across three verticals: payments, trading and collateral. The collateral use case is under discussed--especially for derivatives. Variation margin (VM) is "cash" collateral that moves throughout the system daily to reflect mark to market and balance risk. Losers pay the winners. The size of these cashflows can be humungous--depending on market conditions. But, traditional collateral calls and batches are slow and clunky--exposing intermediaries to unsecured risk. Sometimes, it takes days to settle VM. Weekend stresses are particularly scary--as crypto markets rebalance, traditional markets wait. If not immediately addressed, this basis will likely cause the next systemic stress. So today, more collateral must be locked up as initial margin. This reduces capital efficiency. Now that we have regulated stablecoins coming into the system, it's time for the U.S. Commodity Futures Trading Commission to start thinking about allowing fully backed stablecoins to serve as variation margin. This is an important step in closing the gap. Done right, swifter VM settlement/risk rebalancing will reduce systemic risk and enhance capital efficiency. Critics will worry about "depeg" risk. GENIUS should mitigate some of this risk. But as long as we have fractional banking, and uninsured deposits sit at banks-- this risk remains. So, what's the solution? Create a special class of stablecoins that are not exposed to bank counterparty risk? Further regulate banks to mitigate bank counterparty risk for stablecoin reserves? I'm eager for thoughts here.

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