The hard part of tokenisation is not the ledger. It is origination: making an asset arrive onchain already carrying its own proof. @PwC_UK and @BarclaysUK just called this the UK's next wave of opportunities. In their Rewiring Finance: Tokenisation as a Catalyst for UK Growth report - Recommendation 5 is where the UK can lead: connecting tokenisation to the wider growth agenda means building its digital public infrastructure to serve tokenised markets. It is buildable now, at least for invoice financing. @HMRCgovuk mandated e-invoicing, digital identity and digital signature are not separate policy tracks. They are the origination stack. Wire them together and a verifiable asset becomes the default output of doing business, not a bespoke construction. Tokenising existing stock keeps the UK in the game. Originating verifiable assets onchain, where that coordination is solved at source, is how the UK leads the use cases the report says it has a credible right to win.

1/ Onchain yield is now plug and play. But does it benefit the real economy? @aave shipped Stable Vaults @RobinhoodApp pays a target yield on USDG. This is the @stripe moment for onchain yield - abstracted behind an API - B2B2C, and it works.

Getting the cost and market infrastructure right is a big step, but we also need to get the asset right. Native public securities is much needed to fully utilise the v4 thesis. Wrappers won't do. xitter.cf/i/status/2068301015162…

The problems with wrapper becomes more apparent for onchain finance, to bring assets other than crypto to vaults such as @aave , @Morpho, we need to get the asset right and the only way is to originate and have risk mechanism built into the collateral. xitter.cf/i/status/2068301015162…

Great to learn that @deutschetelekom is working on many of the tech stack - #SSI #eudi, that @platformdio uses to bring capital market rates to suppliers for e-invoice financing, and investment-grade onchain yield for investors. Thank you again @mms_Blockchain for hosting the event during @BerBlockWeek.