I kept circling back to something Dusk published this week about SME financing, and it reframed how I think about tokenization's actual job. Most of the pitch around RWAs is about fractionalizing big assets. But the harder problem sits with smaller companies, the ones that rely on bank loans and internal cash because a proper private raise means notaries, shareholder registers, and reconciliation across five different parties who each keep their own version of the truth.
What struck me is that tokenization doesn't fix any of that by itself. A token sitting next to unchanged manual processes is just another record to reconcile. The value only shows up when investor eligibility, issuance, transfers, and servicing all reference the same controlled state instead of five separate ones.
Dusk ties this back to NPEX, the Dutch MTF it's been building with under the DLT Pilot Regime. That's the part I find more credible than most tokenization narratives it's not claiming to replace notaries or regulators, just to stop the duplicate paperwork between them. Whether that's enough to actually move SME capital onchain at scale is still an open question.
#dusk $DUSK @Dusk
What struck me is that tokenization doesn't fix any of that by itself. A token sitting next to unchanged manual processes is just another record to reconcile. The value only shows up when investor eligibility, issuance, transfers, and servicing all reference the same controlled state instead of five separate ones.
Dusk ties this back to NPEX, the Dutch MTF it's been building with under the DLT Pilot Regime. That's the part I find more credible than most tokenization narratives it's not claiming to replace notaries or regulators, just to stop the duplicate paperwork between them. Whether that's enough to actually move SME capital onchain at scale is still an open question.
#dusk $DUSK @Dusk