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Tokenization is the most transformative technologies finance has experienced in decades, and understanding it early will give you a big advantage over the next years.

I spent a lot of time scrolling X this week and distilled the best of what happened for you.

I also have an investment thesis on a project that is going live next month and is really worth watching closely.

Without further ado, let’s start.

Top X Posts of the Week

This week, Ondo was on fire as they announced:

• Intelligent Portfolios in collaboration with BlackRock

• Institutions can now convert existing shares into Ondo Stocks

• Ondo Stocks are now live on NEAR

As a result of all these announcements, ONDO pumped to $0.59 (+56% this month)

Robinhood continues to lead tokenized stock adoption, with 81k new onchain stockholders this week.

Having a strong distribution channel is the most valuable assets in the tokenization race.

Meanwhile, Morpho introduced stock-backed loans on Base using Coinbase Tokenized Stocks.

Same for Aave, which now allows users to deposit AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc as collateral and borrow USDC against them.

Coinbase stocks are finally finding real usage and adoption (remember these two news about Coinbase stocks for later).

Tokenized stocks are also coming to Sei, powered by Dinari.

Ethena extended USDe backing to equity perpetuals on Binance via bStocks. This is:

• a massive distribution channel for Binance Stocks

• a massive opportunity to increase the USDe APY for Ethena.

Now, let’s focus on what institutions are doing.

Blockchain.com, partnered with the New York Stock Exchange to explore 24/7 tokenized US stocks and ETFs.

Securitize brought the ARK Venture Fund onchain.

This is ARK’s flagship venture fund, which invests in private and public companies including OpenAI, Anthropic, Stripe, Databricks, Tesla, SpaceX, Coinbase, and Tempus AI.

Actionable — The Oura Ring IPO

Kraken is offering access to the $OURAx IPO through xStocks.

Coinbase is also offering it, but NOT in a tokenized version. You have time to apply until tomorrow.

The Project Of The Week — AERO, the Everything DEX for Tokenized Stocks

Over the past few weeks, we’ve seen a clear trend: tokenized stocks are driving a surge in volume across DEXs.

Uniswap is currently leading tokenized stock volume over the last 30 days, controlling over 60% of the overall market.

As a result, UNI token has been one of the best-performing in September, now up 103% over the last month.

The same thing happened with Backpack DEX on Solana.

The DEX saw a surge in tokenized stock volume, followed by a surge in its token price, now up 218% over the month.

Same situation on BNB chain, where PancakeSwap lead the volume of tokenized stocks.

As a result, Cake is up 55% this month.

Now we have Coinbase and its tokenized stocks.

Coinbase is late compared to competitors like Robinhood and Binance, with only $21.5M worth of tokenized stocks on Base.

But both adoption and utility are growing fast (remember the Aave and Morpho news from earlier).

The question is: which DEX is going to capture Coinbase’s tokenized stock trading volume?

The answer is most probably Aerodrome ($AERO).

Aero is already positioning itself as the main liquidity venue for Coinbase Tokenized Stocks on Base.

Aero’s is also releasing a new architecture, that will launch on October 21.

The token is already live and currently trades at a $756M market cap.

If you believe tokenized stocks will reach mass adoption, then AERO is most probably one of the best ways to get exposure to this trend (NFA).

Some Extra Content

If you are interested in the Robinhood Chain and their next plans, this is your video.

Everything about Solana, Tokenized Stocks, and Backpack DEX.

Canton’s 10-year journey. Really interesting, even if I’m not sure their approach will win over time.

Finally, CoinGecko launched a new dashboard for tokenized assets.

And that’s everything for this week.

Grazie mille for your attention and see you next Monday.

Ciao👋

Diego

Your support in the first episode has been astonishing, thank you :)

Just so you know, I’m writing this episode from the basement of my parents’ house because, apparently, it’s where I do my best deep work.

The past week has been a pretty intense one, as I (and the rest of the team) just released Denaria, a perpetual DEX that lets you trade RWA perps directly from your phone on Arbitrum.

This week, I also joined the Zeus’ RWA Lounge, a Telegram group with 1,100+ members where tokenization is basically the only topic discussed.

Now, let’s get into the weekly recap.

Top X Posts of the Week

The biggest news of the week is clearly the SEC granting a 5-year Innovation Exemption allowing permissioned AMM venues to trade tokenized US stocks onchain.

What does it mean practically? That we are going to see many more tokenized stocks onchain.

That’s incredibly good news for this industry, and as a result, $HOOD, $CRCL, and $SECZ started to pump.

These three are some of the most interesting stocks if you are bullish on tokenization.

This week, we also had the ARC chain.

This chain, built by the Circle team, has been promoted as the “chain of tokenization,” so I expect a lot of tokenized assets to be issued here.

The ARC token has also been minted (but not distributed).

xStocks has announced its upcoming support for the Arc chain.

If you are a degen, here are 18 RWA projects on Arc by Harry Tran.

Avalanche is another hot spot in the tokenization industry.

And $AVAX is pumping like never before.

Last but not least, “Blend” by Index is now live on the Robinhood chain. This project allows you to build your own tokenized ETF, choosing every single asset and its weight.

This could be a pretty interesting product.

RWA Project Spotlight: 30% APY on Your NVIDIA Stock Thanks to ZyFAI

ZyFAI is a project at the intersection of Crypto and AI, and it has developed AI Yield Agents, whose purpose is to earn yield on the assets they are managing.

Here’s how it works:

1. You deposit your $NVIDIA stock into a ZyFAI agent

2. Currently, the agents deposit the tokenized stock into Superform, a lending market on Base offering around 18.7% APY.

3. But that’s not all. ZyFAI is also incentivizing the use of this new product with:

   • 10% APY in additional $USDC incentives

   • 1.68% APY in $ZFI rewards

The result: 30% APY in passive yield on your tokenized NVIDIA stock.

And here is a more detailed post about where the yield comes from + a small tutorial.

The Asset to Watch This Week — SECZ by Securitize

Securitize is one of the leading companies in the tokenized space, as it has collaborated with asset managers like BlackRock and is currently the platform with the highest tokenized value onchain.

Its stock, ticker SECZ, is the one that has benefited the most from the SEC and tokenized stock news.

Here is the Securitize CEO explaining how tokenization will reach mainstream adoption and how Securitize will lead this revolution.

Some Extra Content

• Vlad Tenev, CEO of Robinhood, explains tokenization on CNBC:

• Is Tokenization the Next Financial Revolution? By BlackRock:

• Castle Capital (a research collective I previously worked with) just released this massive article on tokenization and RWA:

  

And that’s everything for this week.

Grazie mille for your attention and see you next Monday.

Ciao,

Diego

The total value of tokenized assets onchain is now $38.86B, with the total number of RWA holders reaching 4.1M.

Stocks are the fastest-growing RWA asset class, now at $3.1B, up almost 2x in the last 90 days.

Meanwhile, BNB Chain has surpassed Ethereum as the chain with the most RWA holders.

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Top Posts About the Tokenization Industry This Week

• Nasdaq Ventures invested $100M in Payward, the company behind xStocks.

  Remember that there is currently a points campaign running for xStocks. I’m currently farming this airdrop.

• Also because, xStocks reached $800M in assets under management, across stocks, ETFs, and pre-IPO tokens. I believe this could become a big airdrop for those farming it.

• RWA + Mobile + Perps is emerging as a new trend. Denaria and Oku are both launching products that allow users to trade RWA perps, without KYC, directly from their smartphones.

Arc, Circle’s blockchain, is set to go live on September 16. This could become a major hub for everything related to tokenization, as its validator set includes BlackRock, DTCC, Mastercard, and other TradFi giants.

• This is an example of what’s coming to the Arc chain.

  Dinari will be one of the most interesting projects to follow on this chain.

• Arc Chain Competitor, the Robinhood Chain, just hit 150M In tokenized stock issei on its chain.

• From the institutional side, Avalanche is becoming one of the most interesting chains to watch. After the EthenaPay release, we now have this:

Weekly Project Spotlight: “OpenStocks”, backed by YZi Labs

OpenStocks is now live on BNB Chain.

The project offers tokenized equity of private companies, 1:1 backed and tradable onchain.

Every trade is self-custodial and settles in seconds.

Own fractional equity from $1 on markets that run 24/7.

You can, for example, buy exposure to Figure AI stock, one of the world’s leading humanoid robotics companies.

The Asset to Watch this Week - by Cicle

Circle is clearly the asset to watch this week.

With the Arc chain launch approaching, a strong start in terms of adoption, integrations, and institutional activity could act as a positive catalyst for the stock.

$CRCL is currently trading at around a $24B market cap and remains roughly 70% below its previous all-time high near $300.

At the same time, USDC, Circle’s flagship product, continues to grow at a healthy pace.

If Arc starts attracting meaningful capital, users, and tokenized assets, Circle could become one of the clearest public-market ways to gain exposure to the tokenization trend.