Appreciate the exchange — and agreed, JGB repo turnover migrating on-chain is the right KPI. If I were to sharpen it further, I'd watch two sub-metrics alongside it:
Share of repo turnover settled T+0 vs. T+1/T+2 — tokenization's real value proposition is same-day collateral mobility, not just on-chain recording. If T+0 share stays marginal, the marginal-buyer thesis remains theoretical even if nominal on-chain volume grows.
Non-resident participation in on-chain JGB repo — the MoF's demand-side logic specifically targets overseas on-chain investors. If foreign entities aren't the marginal counterparty, the fiscal breathing-room argument weakens.
Timeline-wise, the FSA interim roadmap (early 2027) and BOJ DLT sandbox results (early 2028) are the natural checkpoints. Until then, repo turnover migration is a watch item, not a confirmed trend.
Solid exchange indeed — this is the right level of granularity for the thesis.
$LINK $USDC $POL
#ZcashDevelopersConfirmNovemberDateForNU7Upgrade #OCCIssuesFirstFinalRuleUnderGENIUSAct #KoreanRetailLost6.3TrillionWonOnLeveragedETPs #GENIUSActExpectedToTakeEffectJan18 ,2027 #japanfsabacksfourthstablecointradesettlementpilo
Share of repo turnover settled T+0 vs. T+1/T+2 — tokenization's real value proposition is same-day collateral mobility, not just on-chain recording. If T+0 share stays marginal, the marginal-buyer thesis remains theoretical even if nominal on-chain volume grows.
Non-resident participation in on-chain JGB repo — the MoF's demand-side logic specifically targets overseas on-chain investors. If foreign entities aren't the marginal counterparty, the fiscal breathing-room argument weakens.
Timeline-wise, the FSA interim roadmap (early 2027) and BOJ DLT sandbox results (early 2028) are the natural checkpoints. Until then, repo turnover migration is a watch item, not a confirmed trend.
Solid exchange indeed — this is the right level of granularity for the thesis.
$LINK $USDC $POL
#ZcashDevelopersConfirmNovemberDateForNU7Upgrade #OCCIssuesFirstFinalRuleUnderGENIUSAct #KoreanRetailLost6.3TrillionWonOnLeveragedETPs #GENIUSActExpectedToTakeEffectJan18 ,2027 #japanfsabacksfourthstablecointradesettlementpilo
