Ecosystem @fairmint | Building the onchain equity market | ex-@EYnews | Capital markets & @CantonNetwork
New York, USA
Joined August 2023
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New chapter 🫡
I’m joining @fairmint as Ecosystem Manager!
After spending the past year deep in onchain capital markets, one thing has become pretty clear to me:
Equities are moving onchain.
Really excited to now work on exactly that at Fairmint, while continuing to build across @CantonNetwork and the broader capital markets ecosystem.
Huge thank you to @marwanelr and the entire @Avicenne_Studio team for an incredible year 🙌
And thanks @Joris_DLN & @thibauld for the trust. Excited for what’s ahead!
If you’re building in this space, my DMs are open.
Let’s build!
Brice Noyal retweeted
Add ownership fragmentation to the list.
Two tokens tracking NVDA can represent completely different rights.
We need common standards for onchain equity ownership, not just more ways to trade exposure to the same stock.
Tokenized equities are so fragmented by issuers and liquidity.
One company (E.g., NVDA) can have 5+ wrappers , each with different underlying structure , trading hours and live on different chains.
If I traded stock and wanted to buy a tokenized stock onchain, I would find it confusing too.
We still have a lot of room to improve.
Brice Noyal retweeted
Most tokenization platforms are building on top of Wall Street's existing infrastructure.
We're building another path alongside it.
A Nasdaq-listed company's CFO gave our CEO @Joris_DLN a pretty interesting analogy to explain the difference 👇
Brice Noyal retweeted
Did you know that @fairmint and @Blockworks proposed a shared, private data feed for Canton dApps?! 😎
Temple’s 30-day trading volume hit $757M, up 180.4% from the prior period.
Fairmint and Blockworks proposed a shared, private data feed for Canton dApps.
Meritz Securities signed with Canton Foundation to tokenize Korean assets.
Full breakdown from @Tokenoya.
Brice Noyal retweeted
The next evolution of stocks should benefit both sides of the cap table.
More access and liquidity for investors, but also better ownership infrastructure, capital formation and shareholder servicing for issuers.
That's the future we're building toward at @fairmint .
The Fairmint Stack... 😎👇
Brice Noyal retweeted
The next evolution of stocks should benefit both sides of the cap table.
More access and liquidity for investors, but also better ownership infrastructure, capital formation and shareholder servicing for issuers.
That's the future we're building toward at Fairmint.
The life of a stock.
Paper certificates. Shouting in the pit. Screens and brokers. Still closed at 4pm and every weekend.
Now stocks are going onchain: 24/7, fractional, global.
$4.34B tokenized, up 9.7x in a year.
Be more bullish.
Brice Noyal retweeted
Temple’s 30-day trading volume hit $757M, up 180.4% from the prior period.
Fairmint and Blockworks proposed a shared, private data feed for Canton dApps.
Meritz Securities signed with Canton Foundation to tokenize Korean assets.
Full breakdown from @Tokenoya.
From Wall Street giants to DEXs climbing the global rankings, @CantonNetwork is growing on pretty much every front 👀
• DTCC unveils tokenization plans
• First OTC swap with S&P Dow Jones
• Temple hits $641M in volume
• Fairmint x Blockworks data proposal
Week 42 🧵
Brice Noyal retweeted
We can debate which blockchains should qualify for tokenized stocks
but moving tokens onchain doesn't automatically transfer legal ownership of shares.
To move actual equity onchain, you need the Transfer Agent layer onchain.
🚨🗞️NEW: SEC's Tokenization Exemption Sparks Questions Over Which Blockchains Qualify
Canton, Ethereum L2s and a big question for the SEC: What actually counts as public and permissionless? Plus, more companies object to having their shares tokenized.
cryptoinamerica.com/p/secs-t…
Brice Noyal retweeted
Permissioned or permissionless, without the Transfer Agent layer you're moving tokens, not necessarily transferring equity
we can argue all day about which blockchain should qualify. I'd rather make sure the shares themselves can actually move onchain.
The SEC's tokenization exemption has a big open question: what counts as a "public, permissionless" blockchain? 🤔
The first 3 tokenized stock venues:
TSV LLC on @CantonNetwork
OKXICE on its own @Ethereum L2
Kephas Corp. on its own @Ethereum L2
Who wants what:
@SolanaInstitute , @malekanoms and @lex_node want it tighter
@hedera wants it wider
@SIFMA wants clarity
@BetterMarkets wants it scrapped
Meanwhile, 22 of 62 companies have objected to having their shares tokenized on OKXICE.
The rules for onchain stocks are being written right now & this graphic is a busy one!!
Via @CryptoAmerica_ @EleanorTerrett.
Brice Noyal retweeted
“Do you know what you're buying?”
That's the question our CEO @Joris_DLN raises about tokenized stocks.
Some give you direct ownership of shares. Others give you financial exposure through layers of intermediaries.
The problem is when investors don't know the difference. 👇
Brice Noyal retweeted
What's the actual pitch to the companies whose stocks OKXICE wants to tokenize?
so far, most of the benefits seem to be for people trading their stocks, not the companies themselves.
Hard to blame issuers for not being excited about that 🤷♂️
Brice Noyal retweeted
The question for issuers isn't simply where their stock trades.
It's what they and their shareholders actually gain from tokenization, and whether the new market introduces risks they never agreed to.
More trading venues alone won't convince companies to come onchain.
Brice Noyal retweeted
Equity trading has come a long way.
The rules governing Transfer Agents, who maintain the official record of share ownership, still largely date back to the 1970s.
We're building the next generation of that infrastructure, onchain.
Brice Noyal retweeted
Retail adoption of tokenized stocks is moving fast. The issuer side needs to keep pace too.
The transfer agent layer needs just as much innovation if official ownership records are going to keep up with onchain markets.
Tokenization on Solana is hitting new all-time highs!
The latest data shows record growth across multiple RWA categories:
- Tokenized credit holders: 19,789 ATH
- Tokenized stock asset holders across tracked markets: ~1.5M ATH, up 6.7%
NVDAx leads individual tokenized stocks with 190.1K holders, ahead of SPCX at 111.1K.
Another huge milestone for onchain asset adoption.
Brice Noyal retweeted
We're figuring out how to trade, lend and borrow against tokenized stocks while the companies issuing those shares are still stuck with outdated ownership infrastructure 🤔
Would be great to put as much energy into fixing that side of the market too
tokenized stocks shouldn’t just be tradable. they should be useful across the onchain economy.
@jessepollak HOB at Coinbase, explains to @Nibel_eth how @base is approaching tokenized equities with fully backed assets, shareholder rights, dividends, and a direct claim on the underlying asset.
and it doesn’t stop at trading. these assets can also be used in defi for borrowing, lending, and building new financial strategies.
that’s the bigger opportunity... bringing traditional assets onchain and making them productive across the Base ecosystem.
Brice Noyal retweeted
A lot of attention on where tokenized stocks will trade
we spend our time on how those trades connect back to the company and its shareholders.
Bringing transfer agency onchain is how we're building that connection 🤝
THE BLOCK: SEC lists three firms that have filed notices to operate tokenized securities venues under its Innovation Exemption: TSV LLC, OKXICE TSV, and Perpetuals[dot]com (Kephas Corporation).
"Inclusion on the list does not mean that the person meets the definition of 'Tokenized Securities Venue' under the Innovation Exemption Order, nor does it mean that the person has established that it meets the conditions of the TSV Exemption," the SEC noted.
Brice Noyal retweeted
Tokenized equities are growing faster than the infrastructure behind them.
360+ products, different models, fragmented systems, and no common way to manage ownership across them.
This market needs plumbing that can actually scale.
That's what we're building at Fairmint.
Tokenization is accelerating.
There are now over 360 onchain tokenized equity products, up +200% YTD.
10 of these products have exceeded $100 million in tokenized supply.
As we saw this weekend, demand for 24/7 access to equities is rapidly expanding.
In fact, the majority of volume in these tokenized products, at ~60%, is currently taking place outside of regular market hours.
Today, onchain giant Jupiter, a leader in this space, reported a +215% quarter-over-quarter jump in tokenized equity trade count.
We expect more record highs ahead in this space.
