Issuer sheet: @SuperstateInc Superstate currently has $668.1M in distributed value across two funds, with an average position size of $4.28M. USTB makes up nearly 83% of the book at $560.2M, while Ethereum accounts for almost 95% of Superstate’s distributed value. Monthly transfer volume sits at $288.9M, equivalent to around 43% of its total value. Data via RWA.xyz

Stablecoins are bringing money onchain. Tokenization is bringing assets onchain. Put them together and you get markets where money and assets can interact on the same rails, around the clock, with programmable settlement. Hard to look at where this is heading and not see the future of finance.

The reason I tend to sway towards distributed value over represented value is that I believe more in open and fair financial rails. Represented value has its place, especially for institutions that need privacy, control and permissioned environments. But I’m far more interested in assets that can move across open networks, rather than staying inside walled gardens. Distributed value means an asset can plug into lending markets, be used as collateral, move through payment systems and interact with applications anyone can build. That’s where I think the bigger opportunity is. Not just digitizing the financial system, but building open rails where access isn’t controlled by a small group of gatekeepers.