$15B+ tokenized Treasuries are already teaching TradFi the annoying part: ERC-20 issuance is easy, usable liquidity is the hard bit. Grove’s new $1B Basin line for BUIDL/JTRSY redemptions and State Street/Galaxy’s SWEEP on Solana with PYUSD + Chainlink NAV/CCIP show where the stack is going: tokenized funds as whitelisted collateral, not Uniswap casino chips. If equities come next, DeFi gets a cleaner collateral base, but the alpha accrues to transfer agents, identity rails, and lenders that can make restricted tokens move like money without breaking securities law.

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