Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.

What's going on, guys? It is Tuesday, March 25th, and today we are talking real world assets and much, much more.

Before we get into that, however, if you were enjoying The Breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.

All right, friends, well, we have a bit of a grab bag today, lots and lots of stories to catch up on across multiple dimensions.

And the first is that the tokenized asset revolution has begun and early pilots are showing good results.

One of the things that was really interesting to me when BlackRock started to get in the crypto game is that Larry Fink was very avowedly interested in both tokenization as well as Bitcoin itself as a specific asset. After BlackRock announced that they would be pursuing

the Bitcoin spot ETF, media hosts kept trying to pin him down to blockchain, not Bitcoin,

or one or the other,

and he basically just said over and over again both, please. Now, over the past year, the tokenized asset story on Wall Street has largely been about putting U.S. Treasuries on chain. BlackRock

and Fidelity have seen strong demand for their tokenized money market funds given the limitations.

Both products are fully registered in the U.S. and only available to accredited

investors, so most of the demand has come from crypto-native funds that want to save treasury

asset to store, spare, on-chain cash. Out in the gray area of offshore products,

crypto-native companies are starting to experiment with tokenized stocks. The focus for the moment

is on high-volume growth stocks like Nvidia, Tesla, and Apple, as well

as CryptoLink, companies like Strategy, formerly Microstratology, Coinbase, and Marathon.

The value proposition, at least for the moment, is that Crypto whales can trade equities

without needing to take their funds off exchange and get them into a traditional brokerage.

Bloom Network CEO Chris Yin said, it's sort of foreshadowing what's to come, which is where the line

...