There is over $28 trillion in outstanding U.S. Treasury securities. Less than 0.03% of this is tokenized, despite leading financial institutions venturing into crypto over the past year. We think we know why. (1/2)

Existing T-bill tokens are: - illiquid, with slow mint/redeem times - difficult to borrow against - heavily permissioned They're simply a worse version of the underlying asset. But they don't have to be. (2/2)