"Tokenizing an asset doesn't inherently make it a better product."
Institutions value a Treasury for more than its coup | Hanami
"Tokenizing an asset doesn't inherently make it a better product."
Institutions value a Treasury for more than its coupon. It can be repo'd overnight, posted as margin, stripped into zero-coupon bonds or swapped against a floating rate, and decades of market plumbing sit behind each of those uses.
That plumbing is a big part of why Treasuries anchor the rest of the financial system. Tokenized assets will need their own version before they matter at that scale - the same plumbing that Pendle is establishing onchain.
Catch @defisebs from @Grayscale on a deep dive into the future of tokenized assets in the latest Pendle RWA Insights 👇
Quoted @pendle_fi: Tokenized RWAs reached $39.3B onchain this month, up more than 80% since January, with issuers like BlackRock and Apollo already bringing funds and credit onchain.
The question now is what can holders actually do with these assets once they arrive?
For the latest Pendle RWA Insights, we posed 10 questions to Sebastian Pulido, Managing Director and Head of Onchain Asset Management at @Grayscale 👇