The hard part of tokenisation is not the ledger. It is origination: making an asset arrive onchain already carrying its own proof. @PwC_UK and @BarclaysUK just called this the UK's next wave of opportunities. In their Rewiring Finance: Tokenisation as a Catalyst for UK Growth report - Recommendation 5 is where the UK can lead: connecting tokenisation to the wider growth agenda means building its digital public infrastructure to serve tokenised markets. It is buildable now, at least for invoice financing. @HMRCgovuk mandated e-invoicing, digital identity and digital signature are not separate policy tracks. They are the origination stack. Wire them together and a verifiable asset becomes the default output of doing business, not a bespoke construction. Tokenising existing stock keeps the UK in the game. Originating verifiable assets onchain, where that coordination is solved at source, is how the UK leads the use cases the report says it has a credible right to win.

@aave v4 for securities financing is a clear infrastructure for securities financing, but RWA wrappers are not composable for onchain finance. xitter.cf/i/status/2068301015162… We need to get the market infrastructure AND the onchain assets right, from origination.

It is the standard for Electronic Attestation of Attributes in the EU as verifiable credentials. Automated compliance, revokable, easier to issue. This is why we use it from ABCI 2.0 all the way up the stack to smart contract execution.

Getting the cost and market infrastructure right is a big step, but we also need to get the asset right. Native public securities is much needed to fully utilise the v4 thesis. Wrappers won't do. xitter.cf/i/status/2068301015162…

The problems with wrapper becomes more apparent for onchain finance, to bring assets other than crypto to vaults such as @aave , @Morpho, we need to get the asset right and the only way is to originate and have risk mechanism built into the collateral. xitter.cf/i/status/2068301015162…