The next step in tokenized treasuries

plus, markets bracing, and election watching

“The leader of the past was a person who knew how to tell. The leader of the future will be a person who knows how to ask.” – Peter Drucker   ||

Hi everyone, I hope you’re all well! Hard to believe the US election is finally here. It’ll be a stressful day for many – but, whatever happens, the world will keep turning and the sun will come up tomorrow. And I am looking forward to a bit less polarization in my feed (or am I being naïve?).

Anyway, if you’re in the US, do get out and vote. Being able to do so is a privilege, whatever you may think of the options on the table.

Since today is going to be quite stressful, I focus below on a calm segment of the crypto ecosystem: tokenized treasuries, which are not nearly as boring as they sound, there’s some interesting innovation going on.

Apologies for the lack of an audio version yesterday – chart-heavy posts are really hard to read with flow, and it was turning out so badly I eventually decided to take the hint.

Today’s email is shorter and earlier than usual since I have to be away from my desk, but I should be able to get an audio version out later.

IN THIS NEWSLETTER:

• Markets bracing

• When election results?

• The next step in tokenized treasuries

• A tokenized treasury teaser

If you’re not a premium subscriber, I hope you’ll consider becoming one! You’ll get ~daily commentary on markets, tokenization, regulation and other signs that crypto is impacting the macro landscape. As well as audio, relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

Markets bracing

As I type, crypto markets look relatively calm, but that is unlikely to hold.

(BTC/USD chart via TradingView)

Yesterday saw some heavy de-risking, with record outflows from the spot BTC ETFs, so it’s surprising the BTC price didn’t fall more.

(chart via Bloomberg)

So far today, it’s climbing. Perhaps some support emerged after UK asset manager Cartwright announced a 3% (!!) BTC allocation to one of its advised pension funds. And the Michigan (edited, I originally said Wisconsin, sorry!) state pension fund disclosed holdings in ETH spot ETFs, an intriguing signal.