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5:00Tokenization of Real Assets: Putting a T-bill on a Blockchain
A blockchain token cannot earn interest. So how does a "tokenized US Treasury" pay you 4%? The token is just a receipt, the real T-bill is sitting in a custody account, and a regulated transfer agent is quietly keeping the two in sync.
A "tokenized Treasury" is not a Treasury living on a blockchain. It is a claim on a fund or vehicle that holds the actual short-dated US government securities, where the token is the record of who owns each share. The plumbing of traditional finance, custodian, fund administrator and transfer agent, is still there. Tokenization swaps the *ledger of ownership* from a central register to a blockchain, and swaps the *settlement asset* from bank money to a stablecoin.
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