Olivia Vande Woude

1/ As the crypto bull market accelerates, builders, investors, and enjoyoors face a crucial question: what blockchain architecture will fuel the next wave of innovation? The answer is clear—purpose-built blockchains on @avax will lead the way. Here’s why. 👇 🔗 Full deep dive: @ovwoude/swiss-army-knives-vs-scalpels-why-you-should-build-a-purpose-built-l1-on-avalanche-dc9c18889cdf" target="_blank" rel="nofollow noopener">medium.com/@ovwoude/swiss…

@USTreasury Tyler Williams @ @AvalanchePolicy Stablecoins DC Parliament event 🔺

@AvalanchePolicy Stablecoins DC Summit featuring @Anchorage @BlockchainAssn @zerohashx @AvaLabs

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@AvaLabs x @FDICgov’s Chairman Hill x @AvalanchePolicy @ Stablecoins DC Parliament

@AvalanchePolicy stablecoin parliament!!

Thoughts from our LATAM lead @Leandro84D on trips to Mexico, Brazil, Argentina 👇 “Just as it's now unthinkable for a fintech not to use AI, it's equally unthinkable for one not to operate on blockchain rails, stablecoins, and tokenized assets.”

@Bfaviero Agreed, stock tokens model differs greatly from @securitize model of native onchain issuance / issuing securities on the blockchain as the primary record of ownership. EXOD was just the start

@cryptoreine RobinHood tokenized stocks are not owning the underlying thing it just gives you the price exposure

Robinhood, Kraken, Coinbase are not doing the same thing with tokenized stocks. Grouping them together isn't accurate. > Robinhood is a licensed broker w/ 24M retail accounts. For them, tokenization is a global distribution plaly; they have compliance/customers, & blockchain tech just makes cross-border cheaper. > Kraken's xStocks don't give you the stock (no voting rights, dividends, legal ownership). It tracks the price. That's a derivative with a blockchain based wrapper; SEC's January guidance specifically flagged this model as different from issuer-sponsored tokens. > Coinbase isn't competing for retail equity flow. They want to be the infra w/ Base as the settlement layer, Prime as institutional custody, TA registration as the compliance wrapper. They're building the pipes everyone else runs on... these are different bets on where market structure goes + not one race

Read more here: sec.gov/files/33-11412…

The most important line in the SEC/CFTC crypto interpretation for tokenized finance... digital securities = securities. Defined as financial instruments enumerated in the definition of "security" that are formatted as or represented by a crypto asset, where the record of ownership is maintained on or through 1 or more crypto networks. The Howey test was always a category error here. You don't need to analyze whether a bond is a security; it already is one. Moving it on-chain doesn't change that. The interpretation's logic is explicit: the underlying instrument determines regulatory treatment vs. the format. This is the clarity tokenization needed to scale: issuers, custodians, and distribution platforms can now build with confidence that tokenized Treasuries, CLOs, etc. are squarely within the existing securities framework vs. a grey zone.

20.4k holders of TSLAx vs. 160m American equity owners. tokenized stocks aren't a market yet

20.4k holders for the most widely held tokenized stock for context, Robinhood has 24M+ active users the distribution problem isn't solved; it's barely started !

Hey Boston 📍 @FCATalyst x Boston Blockchain Association

The stress in private credit right now is due in part to information architecture failures. I sat down with Johnny Reinsch of Tokenized Asset Coalition to talk through the tokenized Galaxy CLO that recently launched on Avalanche, and why the infrastructure underneath it is an answer to that failure mode. Anchorage Digital wears four hats simultaneously. Accountable shows every party the same live dashboard. The collateral is onchain; you can’t hide it, double-pledge it, or bury it in a footnote. This is what I call “vertical compression”: 5-6+ counterparty handoffs collapsed to 0. Worth a listen if you’re watching the private credit dislocation and wondering what the upgrade path looks like, via blockchain! open.spotify.com/episode/0vkVcW…

the assumption that economic exposure = legal ownership works fine in normal mkts until a corporate action, a going-private, or an insolvency forces the legal question into the open... @ that point it's not your view that matters, it's the bankruptcy trustee's, the acquiring company's counsel's, & the court's. wrapper holders who believed they owned stock discover they hold a contract w/ an issuer, & that contract sits somewhere in the unsecured creditor stack w/ no priority claim on the underlying. @ $25b in notional, the category is large enough that when that moment arrives, it'll be a systemic credibility event for the entire wrapper structure.

@cryptoreine Who gives a shit tho? Stock is a stock

tokenized stocks have product-market fit: xStocks crossed $25b in volume with 85k+ holders who want 24/7, wallet-native equity exposure. what they're not getting is actual ownership: no voting rights, dividends, or legal claim to underlying assets. That gap doesn't affect returns in normal mkts, which is why few are pricing it. it becomes material the moment a corporate action, a liquidation, or a governance dispute forces the legal question into the open. @ that point wrapper holders discover their position has no standing & the product that had $25b in volume has a credibility problem that spreads to the entire asset class

@kjameslubin thanks for your feedback. the stables comp breaks down on the most important axis: disclosure. usdc never claimed to be a dollar; it claimed to be redeemable for a $. xStocks is selling equity exposure while using ownership language, meaning basis risk is undisclosed... that's a different regulatory // litigation surface area. the $25b vol stat cuts the wrong way too; that's undisclosed counterparty risk accumulating @ scale, & scale makes the eventual reckoning worse. the failure mode is also structurally nastier than a depeg as stables stress is mark-to-market visible, forces real-time repricing, & the mkt can trade thru it vs. the tokenized equity gap is event-triggered: you're fully performing until a merger, a going-private, or a ch. 11 forces the legal question, @ which point wrapper holders discover they're unsecured creditors in a liquidation stack they never knew they were in. that's a misrepresentation risk, & regulators / attorneys treat those very differently than a clean depeg. the category will survive, but it's going to need 1 high-profile legal dispute (a merger, a going-private, a liquidation) where wrapper holders try to assert rights & discover they have none, before issuers are forced to build the legal infra that should have existed b4 the first $ of notional was ever written

@cryptoreine I think this will actually be ok. A related critique could be applied to stables (e.g. they aren't real dollars). I am sure there will be pain, defaults and depegs, but I don't see an intrinsic issue here

@Bfaviero Yes! Wrote on kraken the other day @Bfaviero

@cryptoreine There’s plenty coming to give people actual equities via onchain rails! blog.kraken.com/news/payward-p…

@TomMurphyTweets Ty ser @TomMurphyTweets I appreciate it! Always happy to take research suggestions too🤓 ✍️

@cryptoreine Olivia I gotta tell you I’m not sure there are many in the space as plugged in as you. Your analysis is must read every time.

read more here: view.news.eu.nasdaq.com/view?id=be351d…

@Nasdaq recently partnered with Seturion (Boerse Stuttgart Group's pan-European DLT settlement platform) to connect its European trading venues for tokenized securities settlement. It's the 1st serious attempt to build the unified post-trade layer Europe has lacked Why it matters: > The US has DTC. Europe has never had an equivalent... just a patchwork of national CSDs, divergent legal frameworks, & cross-border friction nobody has solved > Settlement is where the economics live: clearing fees, collateral, financing, custody. You can route a trade around a venue; you can't route a settlement around the CSD that holds the asset > MiFID II and DLT Pilot Regime compliant from launch... the regulatory bar that keeps every crypto-native competitor out of the institutional conversation > Nasdaq is Seturion's first named partner, which means it shapes who joins next // on what terms > Europe's CSD fragmentation was a political problem but Seturion layers on top of existing infra instead of asking anyone to dismantle it... that's the unlock that makes this viable where everything before it failed