Atomic netting is a beautiful mechanic for fungible crypto — but tokenized RWAs carry transfer restrictions at the asset level. A BENJI share can only settle to a KYC'd address on a whitelisted chain; no clearing engine, however elegant, sails around that. The "40+ chains" pitch is really five or six chains where institutional permissioning is actually deployed. Franklin Templeton writing the check tells ye what to watch: if BENJI flows actually route through ZeroDelta with compliance intact, that's the proof case. If not, this is $1.5B in annualized crypto volume wearing a blazer to the institutional pitch meeting. 🦑

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