0xJason👾

Tokenized assets are no longer just Treasurys and gold. They still dominate. But the market is clearly diversifying. At ~$34B total market size: 🔹 U.S. Treasurys remain the largest category 🔹 Commodities are still a major share 🔹 Asset-backed credit is growing fast 🔹 Special finance is gaining share 🔹 Stocks, non-US gov debt, and active strategies are emerging The key shift: In early 2024, tokenized assets were almost entirely Treasurys + commodities. Today, new categories are taking real share. Tokenization started with the easiest assets. Now it is moving into the broader financial system.

a follow-up on this: > google is clearly winning as we see > openai is impressing the market again w gpt 5.5 despite all the fud recently > orcl still at the bottom but once the openai narrative is back again it could get back to ath > nvda ath just a matter of time > intc: cpu narrative already more than priced in i think and fab is a long term option > amd is benefiting more than intc from the cpu narrative because of the spillover effect > bottlenecks of the ai value chain are behaving like options (memory, photonics/optical, etc) - lots of upside opportunities there but also more risky

did you listen anon

🚨The US market is EXTREMELY expensive: The 12-month forward P/E ratio for US equities is up to 21.8x, more expensive than 90% of the time over the last 20 years. Even excluding Big Tech, US stocks trade at 19.2x, still well above the 20-year median. By comparison, Europe trades at 15.6x, Japan at 17.8x, and Asia Pacific ex. Japan at 14.8x. This means US equities are +40% more expensive than the rest of the world, excluding the US (15.5x). The US has almost never been this expensive.

在中国，有一种幻觉 你的房子，实际上不是你的 实际只有70年 你的钱也不是你的，换汇只能5万 还不能炒股 你的自由也不是你的 当Covid，一句话：为了你好 关你3年 现在你的智商也不是你的，当你被国家需要的时候 什么是你的？不服？ 党教你做人。

Not every tokenized asset is equally onchain. Bonds are by far the largest tokenized asset category with $15.2 billion in market cap. But only about 5% of that supply is being used in DeFi. Precious metals look similar: they’re onchain, but mostly just sitting there. Smaller categories look different. Reinsurance tokens have 84% of their supply deployed in DeFi, while private credit sits at 33%. This makes sense: The categories with the highest DeFi usage were built for DeFi from the start, through protocols like Nexus Mutual and Maple Finance. Much of what gets called “tokenization” today is actually closer to digitization: moving records onto blockchains without unlocking much more new functionality. This matters because one of the core value propositions of onchain financial systems is composability.