Rahan Ahmed

Rahan notes that tokenization is moving beyond "money market funds and simple bonds" into "more complex products" like private debt, commodities, and real estate to mirror the portfolios of Asian high-net-worth individuals. The "vanilla" phase of tokenization (Treasuries) is established. The next phase of growth involves higher-yield, structured assets (CLOs, Private Credit). Investors seeking yield in a high-rate environment will gravitate toward these tokenized offerings for liquidity and composability. Long the RWA sector, specifically protocols and issuers focusing on private credit and structured products. Liquidity fragmentation and the complexity of legal enforcement for on-chain real-world assets.