FKC is a community-driven investment group focused on Web3, AI, and Real-World Assets. Decentralized, future-focused, and built for growth.
Joined September 2024
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An RWA trading screen is open at midnight.
Before calling that liquidity, check the spread, available depth and whether the underlying market is open.
Which should FKC explain next: out-of-hours spreads or exit restrictions?
BIS estimates $28T in stablecoin transaction volume for 2025, while noting that totals excluding transfers between the same party's wallets are far lower.
Before calling volume adoption, ask what the dataset counts.
Governance example: 100 equal votes, a 12-vote quorum, simple majority.
Seven votes could decide the proposal if only 12 participate.
Is that acceptable for routine spending, treasury changes, neither, or both?
Illustrative RWA risk test: one customer supplies 60% of an asset's revenue.
The token may have thousands of holders. The cash flow still depends on one counterparty.
Count economic dependencies, not just wallets.
Run three exit tests before approving the entry:
1. Normal market
2. Stressed market
3. Operator failure
If the documents explain only the first case, the due diligence is incomplete.
Emergency governance should not be invented during the emergency.
A useful framework defines who can pause activity, what evidence is required, how long the authority lasts and who reviews the decision afterward.
AI-compute economics require more than a GPU purchase price.
Test utilization, power cost, cooling, network, staffing, downtime, maintenance and how quickly the hardware may lose pricing power.
For tokenized private credit, review the payment waterfall before the projected yield.
Who services the loan? Where does cash enter? Which expenses are paid first? What protects holders after a default?
A liquidity pool is a trading mechanism, not a permanent promise of liquidity.
Which question belongs first?
A) Who supplies the pool?
B) How deep is it?
C) What happens during stress?
D) Can trading be paused?
Two tokens can reference the same stock and create different risks.
One may be issued by the company. Another may be issued by a third party holding the stock.
Due diligence begins by identifying the issuer, custodian and enforceable claim.
The SEC's September 17 exemption permits a limited, conditional test of tokenized NMS stocks on certain onchain venues.
FKC's first questions: What exactly is tokenized? Who holds the underlying security? Which rights travel with the token? How does a holder exit?
🤖 Made with AI
FKC RESEARCH DESK:
October's first brief will compare how four structures define ownership, revenue and exit rights.
Which category should lead: real estate, compute infrastructure, private credit or on-chain businesses?
Interoperability has at least three layers:
Technical messages can move. Legal rights remain recognized. Operational responsibility stays clear when value crosses systems.
Connecting ledgers is only the first layer.
An onchain asset is not a functioning market simply because it exists onchain. Durable adoption needs observable trading behavior, credible liquidity, and clear paths for holders after the initial sale.
On September 17, the SEC granted temporary, conditional relief to facilitate limited onchain trading of tokenized U.S. stocks. As regulatory pathways clear and issuance of real-world assets onchain accelerates, the most interesting question, besides how much is onchain and how much is used, is whether these markets behave like the ones they reference or differently enough to produce new signals and opportunities.
That's what this report set out to measure, across cash equivalents, credit, commodities and equities.
After Issuance: Reading the Onchain RWA Market → eu1.hubs.ly/H0yJP7G0
Stress-test the exit before admiring the entry.
If demand disappears for 90 days, can holders redeem? Who supplies liquidity? Which fees change? Can transfers be paused?
Which question would you add?
Tokenization can change settlement and recordkeeping without eliminating institutions.
The harder questions remain: custody, legal recognition, liquidity, compliance and what happens when systems disagree.
A projected yield is the last line of a chain of assumptions.
Revenue source. Utilization. Expenses. Financing. Reserves. Fees. Liquidity.
Due diligence moves backward through that chain.
Which document deserves the first read in an RWA review?
A) Token terms
B) Asset ownership record
C) Operating agreement
D) Financial model
Our answer: begin with the document that proves what exists and who controls it.
FKC DUE-DILIGENCE TERM: CONTROL RIGHT
Economic exposure and decision authority are different things.
A token may share revenue without conveying a vote, collateral claim, redemption right or control over the underlying asset.
Tokenization becomes an asset class only when investors can compare risk, duration, liquidity, and structure—not merely the chain where the wrapper lives.
$HYB is now available on @solana.
Fixed income onchain is starting to look more like fixed income offchain: a broader mix of duration, credit risk, and return profiles rather than a market dominated by cash management.
$HYB extends that mix into actively managed U.S. high-yield corporate bonds, with the strategy managed by @NYLIManagement.
A wider range of fixed-income strategies is emerging as Solana’s RWA market scales quickly, from $1.5B at the beginning of the year to more than $4B in August, with 350,000+ addresses now holding tokenized assets.