Mathew McDermott 1.9 3 ideas

McDermott confirms Goldman Sachs is building its "Digital Asset Platform" on the Canton Network. He explicitly mentions Broadridge (BR) as an extensive user for collateral mobility and repo operations. Institutional adoption isn't happening on public Ethereum mainnet due to privacy requirements. It is happening on permissioned networks like Canton. Goldman and Broadridge are the first movers building the actual "plumbing" for institutional blockchain (collateral mobility, repo), positioning them to reduce back-office costs and increase liquidity efficiency. LONG. These are the infrastructure winners in the "Permissioned/Institutional" blockchain thesis. Adoption of permissioned chains stalls in favor of public chains (L2s); regulatory reversal.

McDermott highlights that the buy-side (specifically naming BlackRock) operates under different regulatory frameworks than banks, allowing them to move faster in digital assets. While banks are constrained by balance sheet rules (SAB 121), asset managers like BlackRock are aggressively tokenizing funds (BUIDL) and launching ETFs. They are effectively front-running the banks in the asset tokenization race. LONG. BlackRock is the premier vehicle for institutional RWA (Real World Asset) tokenization. ETF fee compression; regulatory scrutiny on asset managers holding crypto.