Hey all! In today’s CiMN, I dive into the BNY-Goldman Sachs tokenization platform – on a private ledger + ownership replicated offchain, but it’s an intriguing step forward in practical onchain utility compliance teams can get comfortable with. Could be a strong stepping stone.

I also lay out the case for crypto-backed lending, and why it makes sense for banks. And, intensifying Fed drama, BTC correlations, rates/yield moves and more.