The grayscale news has been abound this year. From GBTC’s conversion into an ETF to its outflows.
Michael Sonnenshein is the former CEO of Grayscale and has now joined Securitize’s chief operating office.
So the ex-leader of one of the largest crypto asset managers shifts his focus to bringing real-world assets (RWA) onchain — “which candidly I think is one of the most exciting frontiers in the broader blockchain and digital assets space,” Sonnenshein said to me in the morning.
Sonnenshein’s work at Grayscale was focused on the packaging of digital assets. Securitize will do the exact opposite, according to Sonnenshein.
There is still a lot of growth room in the tokenized RWA industry before lofty expectations are realized. At the Brooklyn RWA Summit in October, there was a consensus that it will be the benefits and utility (as well as the economics) that drive tokenization.
The market for tokenized fiat currency (aka stablecoins) is well established. Securitize tokenized BlackRock’s USD Institutional Digital Liquidity Fund in March. This has highlighted another application.
Since US Treasurys are used as collateral, BUIDL can be considered a secure investment. “substrate” Sonnenshein stated that he is responsible for many transactions in the capital market.
Then he added: “Continuing to build products that can address some of the inefficiencies and … move into offerings where the underlying assets are not dollars, but instead yield-bearing assets, I think is a very, very attractive value proposition.”
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