Rahul Bhushan

ETH staking update 🚨 Kiln validators exiting last week following a security incident involving its API has caused the unbonding period to spike to ~45 days (vs just a few days avg). This is the longest delay in ~2 yrs. What this means: • Liquidity risk is real — your staked ETH is stuck longer • Exit queue pressure growing • While this hasn't impacted on-chain liquidity, nor have we seen depegs, this impacts DATs and liquidity sleeves • Partners claiming their credit lines jumped from 50bps to 5%+ drag if you need liquidity Big moment for credit lines, LSTs & liquidity sleeves especially the DATs we've spoken to given their size https://lnkd.in/evQGNxXM

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Two and a half years ago, we set out to bring the Euro onto the blockchain. Fast forward, AllUnity our joint venture with Galaxy Digital and Flow Traders, has issued #EURAU today — the first fully regulated, Euro-denominated stablecoin out of Germany. This is more than just another new product in the market. It’s a foundational step towards a more efficient financial system. Here’s how EURAU will make an impact: 1) Building bridges: In the short term, EURAU will serve as a reliable on- and offramp for the cryptocurrency market, making it easier for investors to move between traditional finance and the digital asset world. 2) Unlocking the tokenized economy: In the medium term, EURAU will enable seamless settlement of tokenized securities such as stocks, bonds, funds, and more. Once assets move on-chain in Europe, a reliable, regulated, and Euro-denominated settlement asset like EURAU becomes essential. 3) Powering the future of payments: Looking ahead, EURAU may have the potential to transform B2B, B2C, and P2P payments, especially cross-border. It will increase efficiency by reducing the number of intermediaries and enable new use cases due to programmability. In light of recent trends, EURAU is well-timed with more regulatory actions being considered to support greater market adoption of digital assets. This makes us even more excited about the role EURAU will be able to play as one of the first movers in Europe. I am proud of the AllUnity team, DWS and our joint venture partners Galaxy Digital and Flow Traders. Their creativity, deep product expertise, and relentless execution have made progress like this possible. #ConnectingTheDots #FutureOfFinance #EURAU

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💥 Boerse Stuttgart Group joins forces with Societe Generale - FORGE to settle tokenized assets on its new blockchain platform, Seturion 👇 Societe Generale – FORGE has completed the first test settlement on Seturion, Boerse Stuttgart Group’s pan-European settlement platform for tokenized assets. The transaction used SG-FORGE’s fully MiCA-compliant EURCV stablecoin on Ethereum. Boerse Stuttgart has also filed for a DLT Pilot Regime license with BaFin. ➡️ Why this matters Today, post-trade settlement in Europe is fragmented: each country runs its own CSD and clearing rules, making cross-border settlement slow, expensive, and heavily intermediated. Seturion’s model lets issuers and investors “bring their own wallet”. This means holding assets directly in their wallets or via their preferred custodian while settling across a unified blockchain layer. This cuts out the need for national CSDs to manage ownership and cross-border securities transfers. ⚠️ Trade-off: CSDs also provide collateral management systems. If securities are held directly in investor wallets, they can’t easily be lent out or pledged as collateral — limiting access to repo and securities lending markets. How will the market solve for that? ✅ Want dive deeper into the business of digital assets and tokenization? Join 20,000+ readers at Tokenization Insight to get the latest market insights 👉 https://lnkd.in/eCZyphumv

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Want to lead in tokenization? Map your strategy to Blockchain Law IV, MiFID II, and MiCAR now. Luxembourg is a central hub for tokenization in Europe, with a legal framework that aligns with EU regulations. It has built a reputation for innovation, especially in funds and real assets. Three key regulations are shaping this space: → Blockchain Law IV: Legal certainty for tokenized securities. → MiFID II: Protecting investors and ensuring market integrity. → MiCAR: Defining rules for crypto-assets and stablecoins. These frameworks unlock opportunities in securities, funds, and real estate. Success stories, like Franklin Templeton’s tokenized UCITS, highlight the potential. However, challenges remain: tax clarity, secondary market liquidity, and interoperability need solutions. How can you navigate this ecosystem? ✔️ Align your strategy with Blockchain Law IV, MiFID II, and MiCAR. ✔️ Collaborate early with the CSSF to ensure compliance. ✔️ Explore use cases like fractional ownership. ✔️ Participate in working groups tackling interoperability. Tokenization in Luxembourg isn’t just a trend-it’s an opportunity to lead the next wave of innovation. Which asset class excites you most for tokenization? Your downloadable report to be explored below. Joshua Nkansah, CFE, CertIA, CAFCA Geethika Loku Kodikara Arachchige Timothy Sherry CAMS Walmir Celestino Erik Lam Cedric Legendre Steve Muscat Azzopardi TEP Amna Alvi Mathieu D. Jinyoung Kim Andrey Kononov Xiao BRANDA Sara Berujon George Kortesis

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Last week, we talked about the shift happening in real estate, how tokenisation is breaking open access to premium deals once reserved for institutions. But that was just the surface. There Are Many Levels to Tokenised Real Estate Financing. Fractional ownership of a single apartment is just the tip of the iceberg. Yes, it opens the door for retail investors to get a foot on the property ladder, but tokenisation goes much deeper. The real revolution is in unlocking access to the big end of town, the multi-million-dollar commercial towers, logistics hubs, mixed-use developments, and income-generating real estate portfolios typically reserved for institutions, HNWs, and family offices. And here’s the twist: Tokenisation doesn’t just open access to these institutional-grade assets. It also brings something back to the table for those who already own them...liquidity. For years, large-scale real estate has been attractive on paper but painfully illiquid. Now, tokenisation enables: - Real-time fractional exits - Secondary trading - Programmatic yield distribution - More flexible portfolio rebalancing And let’s not forget: this is where the juicy returns live. The structured deals, stable yields, and capital appreciation that drive wealth at the top can now be fractionalised, democratised, and distributed globally. This isn’t crowdfunding. It’s a smarter capital market that is open to all and beneficial to all. #Tokenization #RealEstate #DigitalAssets #FractionalOwnership #HNWinvestors #FamilyOffices #OnChainFinance #PropTech #PrivateMarkets #InstitutionalLiquidity #Web3 #FinancialInclusion #InvestLikeThe1Percent

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I just read Citi’s Stablecoins 2030 report and it feels spot on. #Stablecoins are shifting from crypto niche to core financial infrastructure. What’s especially timely: nine European banks (including ING) have announced a consortium to launch a #MiCA-compliant euro stablecoin, expected in 2026. This shows how quickly institutional adoption is moving. Exciting is the fact that the entity behind it is Netherlands-based and under De Nederlandsche Bank oversight. Just as ChatGPT accelerated AI into the mainstream, stablecoins may be experiencing their “GPT moment” in finance. Citi also makes clear that stablecoins, bank tokens, and tokenized deposits will coexist, each finding its role depending on trust, regulation, and integration needs. Bank tokens may take the lead in corporate finance, while stablecoins could prove most valuable for digital-first businesses and frontier markets. Rather than a zero-sum battle, this feels like steady progress toward a more connected and programmable financial system > one that runs 24/7 and adapts to new demands. Follow BCNL Foundation as we have many ecosystem activities around adoption and institutional finance. For example, on November 13th we organize a Digital Asset Investment Event in #Amsterdam with Loyens & Loeff. #BCNL

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Please read my new working paper on "Stablecoins – How will they impact financial centers?" In English: https://lnkd.in/e--6mKqZ In Chinese: https://lnkd.in/epiVxprK It contains data from a survey among the members of the World Alliance of International Financial Centers (WAIFC) on their expectations on the digital money landscape in 5-10 years: 1. We foresee a multipolar future in which there will be no clear winner among the three competitors: #CBDCs, #TokenizedDeposits, and regulated #Stablecoins. 2. CBDCs will become widespread, particularly in advanced and emerging economies. Wholesale CBDCs will likely see near-universal adoption among major central banks due to significant efficiency gains. Retail CBDCs will experience varied adoption, heavily dependent on design choices and public trust. 3. Regulated stablecoins are poised for massive growth if robust regulatory frameworks are implemented and enforced globally. 4. Tokenized deposits could become a significant force. They combine the trust of established banks with the efficiency of blockchain rails for settlements. 5. The future belongs not to a single form of digital money but to an integrated ecosystem where CBDCs, regulated stablecoins, tokenized deposits, and enhanced traditional systems interoperate seamlessly, driving efficiency, inclusion, and new economic opportunities on a global scale. Many thanks to the Asian Financial Corporation Association for publishing this article.

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