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🦅 US Getting Bitcoin Reserves?

RWA World Newsletter - Aug 2, 2024

Author

Ray Buckton
August 02, 2024

Wisdom Tree’s CEO says Bitcoin will go mainstream if Trump wins. But RFK’s plan is even more ambitious, clocking in at $615 billion worth of BTC! 😲

🎯🔥 Rapid Fire Takeaways:

Regardless of who wins, Goldman Sachs’ CEO now says Bitcoin could indeed be a store of value – how the years change opinions.

But we’re about more than just HODLing – use cases matter and California putting 42 million car titles on Avalanche is a heck of a use case for DLTs. 🚗 

✈️ Around The RWA World and Back

Last week was a doozy – we were live in Nashville, where Ray and Tyler also sat down with Block Fuel to talk turkey on tokenization. 🦃

We’ll have even more conversations at Permissionless III, where we’re hosting RWA Day, the exclusive side event focused on tokenized assets. Meet industry leaders from Van Eck, Franklin Templeton, and more! 🤝

Reply to this email for a 10% discount code for Permissionless III, courtesy of yours truly. 🎫

Back to our regular schedule – mark your calendars for the  RWA World Roundup on Friday at 9:30 am EDT! 🤠

🍌 Institutions are Bananas for Tokenization

They seriously can’t get enough —especially Germany! Our pals at XDC are now working with Deutsche Telekom on tokenized telecoms, and several German banks collaborated on a report on tokenized commercial bank money. Just over the Alps, Swiss bank Sygnum is finally in profit and eyeing MiCA compliance, and speaking of which, Alps Blockchain secured €105M from Azimut to keep on growing. 🍻

Investors will need access, and Coinbase has their back with a new tokenized money market fund, while USB and CIBC have DLT-based FX swaps handled. Sprinkle in Cantor Fitzgerald (one of the Fed’s 24 primary dealers, by the way) exploring Bitcoin financing and lending, and joint ventures like the one between Franklin Templeton and Japan’s SBI Holdings start to make sense – the market is huge, but it's still finite. 🤏

On the subject of Japan, Sony Bank just released a Web3 entertainment app, helping support the Kinto co-founder’s thesis that asset tokenization evolved the financial industry via the tokenization of… well, everything. 🌐

📲 Blockchain Applications and Tokenization Sensations

Structurally, things are shaping up for RWAs and tokenized assets. Chainlink is creating unified records using its blockchain oracle network, and Luxembourg just released its fourth legal framework for dematerialized securities via DLTs. FINMA is even getting in on the action with some stablecoin guidance. 📚

Sound structure leads to more innovation, hence why we’re seeing Scottie Pippen tokenizing NBA basketballs and Ownera partnering with Digital Asset, the latter of which helps run the Canton DLT network. Asset tokenization is also shaping up to be a great solution for the nascent sustainability markets, which could use a hand in helping align incentives toward a greener future. ☘️

Clarity everywhere but in the United States, it seems. The Web3-beloved Song-a-Day man is suing the SEC because his daily song NFTs are apparently securities… watch out, Dolly Parton. However, the US government might have bigger fish to fry – Russia and China are using digital payments to bypass sanctions for bilateral trade settlement. Uh oh. 🎣

🐝 See These Bee Seas (CBDCs) 

Russia seems to like what they’re seeing – they just passed a cryptocurrency-based export payment law and have accelerated their CBDC timeframe to July 2025. The Philippines is targeting 2029, while England continues experimenting and drafting reports on its approach to central bank currencies. Same with Israel, which selected 14 projects to trial its digital Shekel. 🧪

Slovenia won the crown as the first European Union nation to issue a sovereign digital bond for $32.5 million, coordinated by none other than France’s BNP Paribas. However, perhaps the coolest development was in Italy, where the Bitcoin consensus algorithm was reverse-engineered for CBDC issuances. Known as FROSTed Byzantine Fault Tolerance (FBFT), the report explains how Proof-of-Authority is used to achieve a blend of predictability and decentralization. ⚖️

💅 Come Chat with the Best 

RWA World is always working hard to bring you the best of the best of tokenized assets. 

Reply to this newsletter to get a 10% discount code for Permissionless III, and remember to reserve your slot for RWA Day.

See you in Salt Lake!