The Asset State SeriesTen parts on why an asset’s state — not its representation — is the hard problem in tokenization.Read the series →
Solutions

Everyone wants the same destination. Nobody starts from the same place.

A sovereign register, a bank, an exchange and a property developer are all trying to make an asset tradable, accessible and liquid. Each is blocked by something the others are not. Start from the one that describes you.

Common to all of them

The same four questions, in a different order.

  1. What exactly is being tokenized, and why?

    Which asset, and which right in it — ownership, a revenue stream, a usage right, or a claim on a vehicle that holds it. And the commercial answer underneath: what this unlocks that today's structure cannot.

  2. Who is responsible, for which part?

    Issuance, the authoritative record, custody, settlement, economic distribution, servicing. Six responsibilities, rarely one owner. Naming them is the work; the technology follows from the answer.

  3. Who supervises it, and how?

    Which authority admits the instrument, under which regime, and what it needs to see to keep admitting it. Supervision is not a clearance you obtain once — it is a reporting relationship you operate.

  4. Who runs it on a bad Tuesday?

    Corporate actions, redemptions, a sanctioned holder, a court order, a wind-down. If these were not designed in, they will be improvised.

Most programmes answer question one in a strategy paper and question four in code, and discover in between that nobody ever answered questions two and three.

Not sure which route is yours?

Describe the asset and the market. We will tell you what the path looks like.