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everyone's burning capital discovering their $50m tokenized asset has zero organic demand after 18 months. watching institutions learn this live is fascinating. not "can we tokenize" but "who holds the buyers and what licenses do they require"
tokenized treasury bills work because exchanges need collateral with 5% yield backing stablecoin reserves. they dont care about your token. they care about the yield. token is just better custody
treasury tokens in singapore: 12 months, $400k minimum. same treasury token through specific caribbean structures: 8 weeks, sub-100k. not regulatory arbitrage... regulatory precision matching wrapper to buyer pool
uae approval doesnt help you in saudi. saudi doesnt transfer to egypt. each market needs separate banking, custody, distribution. infrastructure scales faster than addressable market. this is why regional monopolies form naturally
governments wont touch offshore structures. not about trust. accounting standards require regulated infrastructure within jurisdiction for balance sheet treatment. eliminates 70% of approaches instantly
only blockchain business model that consistently works: finding where traditional infrastructure charges percentage fees for flat-cost operations. settlement, custody, corporate actions. win by collapsing 300 basis points to 10 basis points removing human middleware
build distribution before tokenization. pre-arrange buyers, secure licenses, establish banking rails. then tokenize. opposite order is why projects fail
the economics work but only in specific verticals for particular buyers in certain geographies
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