Bloomberg Listing for Tokenized Bonds: Steps

So, you're hearing a lot about tokenized bonds, right? It sounds fancy, but it's basically taking traditional bonds and putting them onto a digital ledger, like blockchain. This makes them easier to manage and trade. Bloomberg is getting involved, which is a pretty big deal. This article breaks down what that means and how it all works, from the tech side to the business side. We'll look at why this is happening and what it could mean for the future of investing. Think of it as upgrading the old way of doing things to something a bit more modern and maybe, just maybe, more efficient.

Key Takeaways

• Tokenized bonds use blockchain to make issuing and managing bonds simpler and faster, cutting down on paperwork and intermediaries.
• Smart contracts can automate interest payments, making the process more reliable and reducing errors.
• This new way of doing things could let more people invest in bonds, not just the big players, by allowing for smaller ownership chunks.
• While it's still new, major financial players are looking at tokenized bonds, and platforms are popping up to handle them.
• Getting a Bloomberg listing for tokenized bonds means these digital assets are moving closer to the mainstream financial world.

Understanding Tokenized Bonds on Bloomberg

The Evolving Landscape of Financial Markets

The way we handle financial assets is changing, and fast. For a long time, bonds and other financial instruments were mostly paper-based or existed in siloed digital systems. This meant a lot of manual work, slow processes, and sometimes, limited access for certain investors. Think about the old days of stock certificates – a lot of paperwork and waiting. While things have gotten more digital, there are still layers of complexity and intermediaries that can slow things down and add costs. The financial world is always looking for ways to be more efficient, more accessible, and more transparent. This drive for improvement is what's pushing new technologies like blockchain into the spotlight.

Tokenization as a Modernization Solution

This is where tokenization comes in. Basically, it's about taking a real-world asset, like a bond, and creating a digital version of it on a blockchain. This digital token represents ownership of the underlying asset. Instead of a paper certificate or a complex entry in a legacy system, you have a digital token that lives on a secure, distributed ledger. This makes it much easier to track, trade, and manage. It's like giving a traditional bond a digital passport that makes it more flexible and easier to handle in today's fast-paced markets. This digital representation is key to unlocking new possibilities in how we invest and manage financial assets.

Key Benefits of Tokenized Bonds

So, why bother with tokenized bonds? There are some pretty compelling reasons:

• Increased Efficiency: Transactions can happen much faster, often in near real-time, cutting down on settlement times that can take days with traditional bonds.
• Broader Accessibility: By breaking down bonds into smaller digital tokens, it becomes possible for a wider range of investors, including smaller ones, to participate in markets that were once only open to large institutions.
• Reduced Costs: Cutting out some of the intermediaries and automating processes through smart contracts can lead to lower transaction and administrative fees.
• Enhanced Transparency: Blockchain technology provides an immutable and transparent record of all transactions, making it easier to track ownership and activity.
• Automated Processes: Smart contracts can automate things like interest payments, ensuring they happen on time without manual intervention, reducing errors and administrative burden.

The shift towards tokenized bonds isn't just about adopting new tech for its own sake. It's about fundamentally rethinking how financial assets are created, managed, and traded to make the system work better for everyone involved. It's a move towards a more connected and efficient financial future.

The Business Case for Tokenized Bonds

So, why are we even talking about tokenized bonds? It’s not just some tech fad; there’s a real, practical side to this that makes a lot of sense for how business gets done in finance. Think about it: the old ways of doing things, with all the paperwork and waiting, they’re slow and, frankly, kind of expensive. Tokenization aims to fix that.

Streamlined Issuance and Management Processes

Issuing bonds traditionally involves a whole bunch of steps and people. You’ve got the issuer, underwriters, lawyers, custodians, and so on. Each one adds time and cost. Tokenization, by putting the bond onto a blockchain, can cut through a lot of that. The process becomes more direct. Instead of physical certificates or complex digital records spread across different systems, you have a digital token representing the bond. This makes creating new bonds and managing existing ones much simpler. We're talking about potentially saving billions annually in infrastructure costs across the industry. It’s about making things faster and cheaper, which is always a good business move.

Automated Interest Payments via Smart Contracts

Remember getting those interest payments? It usually involves a bank or a paying agent making sure everyone gets their share on time. With tokenized bonds, this can be handled by smart contracts. These are basically self-executing agreements written in code on the blockchain. When an interest payment is due, the smart contract automatically sends the funds to the token holders. This means fewer errors, no delays, and less administrative hassle for everyone involved. It’s like having a super-efficient, always-on accountant for your bond payments. This automation is a big deal for reducing operational burdens and making sure investors get paid promptly, which is a key part of asset tokenization.

Broader Market Participation and Enhanced Liquidity

One of the biggest hurdles in traditional bond markets is access. Often, you need a significant amount of capital to even get involved, which locks out a lot of potential investors. Tokenization allows for fractional ownership, meaning a bond can be divided into many smaller tokens. This makes it possible for smaller investors, even individuals, to buy a piece of a bond. More investors mean more potential buyers and sellers, which naturally leads to increased liquidity. When it’s easier to buy and sell, the market becomes more active and efficient. This opens up new opportunities for both issuers looking to raise capital and investors seeking diverse opportunities.

Leveraging Blockchain for Bond Issuance

Digitizing Traditional Bonds

Think about traditional bonds for a moment. They're basically paper certificates, or at least digital records that act like them. Issuing them involves a lot of steps, paperwork, and intermediaries. Blockchain technology offers a way to change all that by creating a digital version of a bond. This isn't just about making a PDF; it's about creating a unique digital token on a blockchain that represents ownership of that bond. This token can then be managed, traded, and transferred much more easily than a physical bond certificate ever could. It's like giving a bond a digital passport that lives on a secure, shared ledger.

Fractional Ownership and Accessibility

One of the really cool things blockchain brings to bond issuance is the idea of fractional ownership. Instead of needing to buy a whole bond, which can be quite expensive, tokenization allows a bond to be split into many smaller pieces, or tokens. This means that investors who might not have a lot of capital can now buy a small piece of a bond. It opens up the market to a much wider group of people, not just the big institutions. This increased accessibility can lead to more people investing in bonds and potentially a more diverse investor base for issuers.

Real-Time Settlement and Reduced Intermediaries

Traditional bond trading and settlement can take days. There are lots of steps involved, from matching trades to clearing and final settlement. With tokenized bonds on a blockchain, settlement can happen much faster, often in near real-time. This is because the blockchain acts as a shared, trusted record. When a token is transferred, the ownership change is recorded instantly. This speed also means fewer intermediaries are needed to facilitate the process. Less reliance on multiple parties can cut down on costs and reduce the chances of errors or delays. It's a move towards a more efficient and streamlined financial system.

Key Players in Tokenized Bond Markets

So, who's actually making this tokenized bond thing happen? It's not just a few tech geeks in a basement anymore. We're seeing a whole mix of folks getting involved, from big-name financial institutions to governments and even some newer platforms popping up.

Government and Financial Institution Adoption

Governments and major financial players are really starting to embrace tokenization. Think about institutions like the Bank of England or the European Investment Bank – they're not just talking about it; they're actively building and testing out tokenized asset systems. It's a pretty big deal when these established entities start moving. They see tokenization as a way to modernize things, cut down on all the old-school inefficiencies, and potentially save a ton of money on infrastructure. We've already seen platforms like HSBC Orion and Goldman Sachs' DAP help issue tokenized bonds. It shows they're serious about making this work.

Role of Asset Managers and Fund Providers

Asset managers are also jumping in, and they're a pretty important piece of the puzzle. Companies like BlackRock and Franklin Templeton have even launched tokenized mutual funds. This isn't just about bonds; it's about making a whole range of investments more accessible. They're looking at how tokenization can streamline how funds are delivered, potentially lower costs, and give investors, especially those who are digitally savvy or global, better access. It's a way for them to modernize their products and keep up with changing investor demands. They're figuring out the operational side and trying to build compliant, on-chain fund structures.

Emerging Platforms and Infrastructure

Beyond the big names, there's a whole ecosystem of newer platforms and infrastructure providers. These guys are building the actual technology that makes tokenization possible. They're focused on things like distributed ledger technology (DLT) and creating the rails for these digital assets to move on. Some are even working on ways to connect different blockchains, which is a big challenge right now. It's a bit like building the roads and bridges for this new digital economy. They're trying to make sure everything is secure and can handle the volume as more people start using these systems. These emerging players are crucial for developing the standards and best practices that will shape the future of tokenized markets.

The financial world is definitely changing, and it's not just about one big company doing something. It's a collective effort. Governments are setting the stage, big banks are adopting the tech, asset managers are creating new products, and a whole host of tech companies are building the underlying infrastructure. It's a complex web, but it's all moving towards making financial markets more efficient and open.

Operationalizing Tokenized Bonds

So, you've got these tokenized bonds, and now what? It's not just about creating them; it's about making them work in the real world. Think of it like building a house – you need a solid plan for everything from laying the foundation to the final paint job.

Lifecycle Activities: Issuance to Servicing

When we talk about the lifecycle of a tokenized bond, we're covering everything from the moment it's created all the way through its life until it matures. This includes the initial issuance, how it's traded, and all the behind-the-scenes work like managing payments and keeping records straight. Traditionally, this whole process involves a bunch of different players and a lot of paperwork. Tokenization aims to simplify this by digitizing many of these steps. For instance, instead of physical certificates, you have digital tokens on a blockchain. This can speed things up and cut down on errors. It's about making the entire journey of a bond, from start to finish, much smoother.

Smart Contracts for Transaction Automation

This is where the magic really happens. Smart contracts are basically self-executing agreements written in code. For tokenized bonds, they can automate a ton of tasks. Imagine interest payments. Instead of someone manually calculating and sending out checks, a smart contract can be programmed to automatically distribute interest to token holders on specific dates. It's like having a tiny, super-efficient accountant working 24/7. This also applies to other transactions, like transfers or even dividend payouts if the bond structure includes them. The goal is to reduce the need for manual intervention, which means fewer mistakes and faster processing.

Data Management and Transparency

One of the big wins with tokenization is how it handles data. Because these tokens live on a blockchain, all the transactions are recorded in a way that's very transparent and hard to tamper with. This means you have a clear, auditable trail of who owns what and when transactions happened. For bond servicing, this is a game-changer. It makes it easier to track ownership, manage corporate actions, and provide investors with real-time information. Think about it: instead of digging through old files, you can access a secure, digital record of everything. This level of transparency builds trust and can help prevent disputes down the line.

Navigating Regulatory Considerations

Okay, so we've talked about how cool tokenized bonds are, but let's get real for a second. There's a whole bunch of rules and regulations to think about, and honestly, it can get pretty confusing. It's not like you can just whip up some tokens and call it a day. Regulators are watching, and for good reason. They want to make sure everything is fair and safe for everyone involved.

Addressing Legal and Regulatory Hurdles

This is probably the biggest hurdle, right? Different countries, different rules. It's like trying to play a game where the rules keep changing depending on where you are. For example, figuring out if a token is actually a security or something else entirely can be a real headache. This classification is super important because it dictates which laws apply. The principle of 'same activity, same risk, same regulatory outcomes' is key here, meaning if it acts like a security, it's probably going to be treated like one, no matter if it's a token or a paper certificate. It's a lot to keep track of, and companies often need a whole team of lawyers just to make sense of it all. Plus, you've got to think about cross-border stuff, which just adds another layer of complexity. It's why clear, principle-based frameworks are what most firms are asking for, not necessarily deregulation, but just clearer guidelines that make sense for both old and new ways of doing things.

Ensuring Compliance with KYC and AML

Know Your Customer (KYC) and Anti-Money Laundering (AML) rules are non-negotiable. You can't just let anyone trade these tokens without knowing who they are. Think about it – if you're dealing with financial assets, especially bonds, you need to know who's on the other side of the transaction. This is where digital identity comes into play, and it's a big topic. Having a solid system to verify identities is crucial to prevent fraud and illegal activities. It’s not just about following the rules; it’s about building trust in the system. Without proper checks, it's way too easy for bad actors to get involved, and that's something nobody wants. It's a bit like needing a digital driver's license for financial transactions, but way more complex.

The Principle of Same Activity, Same Risk

This is a big one that regulators keep coming back to. Basically, it means that if you're doing something that has the same economic substance and risk as a traditional financial activity, then the same regulations should apply, regardless of the technology used. So, if a tokenized bond is functioning just like a regular bond, it needs to meet the same standards. This principle helps ensure a level playing field and prevents companies from trying to use new technology to get around important investor protections. It's all about making sure that innovation doesn't come at the expense of safety and soundness in the financial markets. It's a guiding light for how regulators are looking at this whole tokenization space.

The regulatory landscape for tokenization is actively being shaped. Policymakers are increasingly open to innovation, but they're also emphasizing the need for legal compliance and investor protection. It's a balancing act, and professionals in this space need to stay informed about new guidance and rule proposals. Just because something isn't explicitly covered by old rules doesn't mean it's unregulated.

Technological Foundations for Tokenization

So, what's actually powering all this tokenization magic? It's not just some abstract idea; there's some pretty solid tech behind it. At its core, we're talking about Distributed Ledger Technology (DLT), which is basically a fancy way of saying a shared, synchronized database spread across multiple locations. Think of it like a super-secure, digital ledger that everyone involved can see, but nobody can mess with easily. This DLT infrastructure is what makes tokenized assets, like those bonds we're discussing, possible.

Distributed Ledger Technology Infrastructure

DLT is the bedrock. It's the system that records transactions and ownership in a way that's transparent and hard to tamper with. Instead of one central bank or company holding all the records, the information is distributed. This makes the whole system more resilient. For tokenized bonds, this means the record of who owns what bond, and when it was traded, lives on this shared ledger. It's a big shift from how things have been done for ages, moving away from siloed databases to a more connected system. This is what enables things like real-time settlement and reduces the need for so many middlemen, which is a huge part of why tokenized infrastructure is transforming global markets by bringing real assets on-chain. It’s all about creating a more efficient and accessible financial system.

Scalability and Security Challenges

Now, it's not all smooth sailing. One of the big hurdles is making sure these systems can handle a massive amount of transactions without slowing down – that's scalability. If everyone suddenly wants to trade tokenized bonds at the same time, the network needs to keep up. Then there's security. While DLT is inherently secure, the way it's implemented matters. We're talking about protecting digital keys, preventing unauthorized access, and making sure smart contracts, which are the automated agreements running on the blockchain, don't have any sneaky bugs. It’s a constant cat-and-mouse game with cybercriminals, and keeping things safe requires ongoing effort and smart design. The financial services industry is really focused on building a zero-trust framework for identification, which is key to addressing some of these security concerns.

Interoperability Between Blockchains

Another piece of the puzzle is interoperability. Right now, there are different blockchains out there, and they don't always talk to each other easily. Imagine trying to send a message from one country to another, but they speak completely different languages and have no translators. That's kind of what happens when blockchains can't communicate. For tokenized bonds to really take off, especially on a platform like Bloomberg, different systems need to be able to connect and share information. This means developing standards and technologies that allow these separate ledgers to interact, making the whole financial ecosystem more connected and less fragmented. It’s a complex technical challenge, but one that’s essential for the future of digital assets.

Market Acceptance and Growth Drivers

Getting people, especially big financial players, to actually use tokenized bonds is a big deal. It's not enough for the tech to be cool; it has to prove its worth compared to what we've been doing for ages. Building trust in these new systems is probably the biggest hurdle we need to clear.

Building Trust in New Technologies

Think about it, we're talking about moving trillions of dollars around. Nobody wants to do that on something they don't fully understand or trust. For tokenized bonds to really take off, institutions need to see that the underlying technology is secure and reliable. This means robust cybersecurity measures and clear explanations of how everything works. It's like when digital banking first came out; people were hesitant, but over time, as it proved safe and convenient, more and more folks jumped on board. We're seeing similar patterns with tokenization, with major players like BlackRock and Franklin Templeton getting involved, which definitely helps.

Demonstrating Value Over Traditional Methods

So, why should someone ditch their old, familiar bond trading methods for this new tokenized approach? The answer lies in efficiency and cost savings. Tokenization promises faster settlement times, reduced paperwork, and fewer intermediaries, all of which can translate into lower fees and better returns. For instance, studies suggest tokenized bonds can have lower underwriting fees and yield spreads compared to traditional ones. It's about showing tangible benefits, not just theoretical ones. We're talking about potentially saving billions annually in infrastructure costs across the financial system.

The Role of Institutional Investors

Institutional investors are the gatekeepers for a lot of the money in the financial world. When they start showing serious interest, it's a huge signal to everyone else. We've seen major asset managers and even governments exploring and issuing tokenized bonds. Their involvement brings not only capital but also a level of validation that encourages broader adoption. Think of it like a stamp of approval. As more institutions get comfortable and actively participate, it creates a positive feedback loop, driving demand and further innovation in the tokenized bond market. This growing institutional demand is a key factor in pushing the market towards significant growth.

Here's a quick look at what's driving this:

• Increased Efficiency: Streamlined processes mean less time and fewer resources spent on manual tasks.
• Cost Reduction: Cutting out intermediaries and automating functions lowers overall transaction costs.
• Enhanced Transparency: Blockchain's immutable ledger provides a clear, auditable trail for all transactions.
• Broader Access: Fractional ownership and digital distribution can open markets to a wider range of investors.

The shift from experimental phases to practical implementation by major financial players is a strong indicator of growing market acceptance. This transition is fueled by the clear advantages tokenization offers over legacy systems, making it an increasingly attractive proposition for both issuers and investors alike.

Real-World Examples of Tokenized Assets

Tokenized Bonds and Treasury Instruments

So, what does tokenization actually look like when we talk about bonds and government debt? It's not just theory anymore; real institutions are doing this. Think about it: instead of a paper certificate or a complex digital record held by a bank, you have a digital token on a blockchain that represents your ownership of a bond. This makes things way simpler.

Issuing these tokenized bonds is a big part of it. Companies and governments can now create these digital versions of their debt directly on a blockchain. This cuts out a lot of the old-school paperwork and the need for multiple intermediaries, which can really speed things up and cut down on costs. For example, the Asian Infrastructure Investment Bank issued a $500 million bond on Euroclear's Digital Securities Issuance platform back in 2024. That's a pretty concrete example of this happening.

And the interest payments? That's where smart contracts really shine. Instead of someone manually calculating and sending out payments, a smart contract can be set up to automatically distribute interest to token holders on the exact dates they're due. This means fewer errors and faster payments for investors. It's like having a digital accountant that never sleeps.

Tokenized Funds and Mutual Funds

This is another area where we're seeing some serious action. Asset managers are getting in on the tokenization game to make their funds more accessible and easier to manage. BlackRock, for instance, launched its BUIDL fund, which is a tokenized fund focused on U.S. Treasuries and money market instruments. It's grown quite a bit since it started, showing there's real demand for this kind of product.

Franklin Templeton also made a splash by launching the first U.S.-registered mutual fund that uses a public blockchain as its system of record. This allows for things like direct peer-to-peer transfers of fund shares and real-time tracking of ownership. It's a big step towards making traditional funds more digital and efficient.

These tokenized funds can offer benefits like fractional ownership, meaning you can buy a smaller piece of the fund, and potentially 24/7 trading, which is a big change from the usual market hours. It's all about making investing more flexible and open to more people.

Tokenization of Other Asset Classes

It's not just bonds and funds, though. Tokenization is spreading to all sorts of other things. We're seeing real estate being tokenized, allowing people to buy small shares of properties. Imagine owning a piece of a luxury apartment in Paris without having to buy the whole building – that's happening. Companies are also tokenizing commodities like gold and oil, making them easier to trade.

Even things like art and collectibles are getting the token treatment. This means you could potentially own a fraction of a famous painting. It really opens up investment opportunities that were previously out of reach for most people due to high costs or illiquidity.

The core idea across all these examples is making assets more accessible, more liquid, and easier to manage through digital tokens on a blockchain. It's about breaking down old barriers and creating new ways for people to invest and for companies to raise capital.

Here's a quick look at some of the asset classes seeing tokenization:

• Real Estate: Fractional ownership of properties, making investment more accessible.
• Art & Collectibles: Owning shares of high-value items, increasing market participation.
• Commodities: Easier trading and management of assets like gold and oil.
• Private Credit: Digital tokens representing loans, improving capital access for businesses.
• Intellectual Property: Representing ownership of patents or copyrights digitally.

Future Outlook for Tokenized Securities

So, what's next for tokenized securities? It's a pretty exciting picture, honestly. We're seeing a real shift from just talking about tokenization to actually doing it, with more and more institutions getting involved. Think about it: the market for tokenized real-world assets is projected to hit $1.3 trillion by 2030. That's a huge jump, and it's being fueled by a few key things.

Projected Market Growth and Value

The numbers are pretty impressive. While some earlier predictions were even higher, the $1.3 trillion mark by 2030 seems to be a more grounded estimate for tokenized real-world assets. This growth isn't just a guess; it's based on the increasing comfort level with blockchain technology and the clear demand for more efficient ways to handle financial transactions. It's not just about bonds anymore, either. We're seeing tokenized ETFs that represent U.S. Treasuries and corporate bonds, offering investors a new way to get into fixed income with better daily liquidity. Plus, companies are using tokenization for things like private credit, making it easier for businesses to get capital and for investors to find new opportunities.

Convergence with Traditional Finance

What's really interesting is how tokenization isn't really a separate thing anymore. It's becoming more and more integrated with the way traditional finance already works. We're seeing regulatory bodies start to catch up, with new laws being introduced that provide clearer frameworks. For example, in Europe, regulations like MiFID II and MiCA are helping to legitimize tokenization, making institutional investors feel more comfortable. Even in China, they're exploring tokenizing real-world assets for things like supply chain efficiency. This blending of old and new is key. It means we're not building a completely separate system, but rather upgrading the existing one with new technology. This makes it easier for everyone to adopt and understand.

The Evolving Role of Digital Identity

One of the biggest pieces of the puzzle for tokenization to really take off, especially for widespread adoption, is sorting out digital identity. Larry Fink from BlackRock has been pretty vocal about this – he believes we need a solid system for verifying who people are online. Right now, with things like AI deepfakes and sophisticated cybercriminals, it's not always easy to be sure. A unified verification system, using cryptography, would be a game-changer. It would allow for that "zero-trust" framework where you don't just assume someone is who they say they are until they're verified. Getting everyone on the same page about which technology to use is the challenge, but it's something the industry is actively working on. It's about making it simple and secure for everyone involved.

The future of tokenized securities hinges on more than just technological advancement; it requires a robust framework for digital identity verification. This will build the necessary trust for broader market participation and unlock the full potential of digital assets in transforming global capital markets.

Wrapping Up

So, we've walked through the steps to get a bond listed on Bloomberg using tokenization. It's clear this is a big shift for finance, with major players already on board. While there are still some hurdles, like making sure regulations keep up and that the tech is solid, the move towards tokenized assets is happening. It promises faster deals, lower costs, and a more open market for everyone. It’s not just a tech trend; it’s changing how we think about investing and ownership, making things more accessible and efficient. Keep an eye on this space, because it’s evolving fast and looks set to become a standard part of how financial markets work.

Frequently Asked Questions

What exactly are tokenized bonds?

Think of tokenized bonds as regular bonds, but instead of paper or digital files managed by banks, they are represented by digital tokens on a special computer network called a blockchain. These tokens show you own a piece of the bond. It's like having a digital certificate for your investment.

Why are people using tokenized bonds instead of old-fashioned ones?

Tokenized bonds can make things faster and cheaper. Because they use blockchain, they can be bought and sold more easily, and payments like interest can be sent automatically using smart contracts. This means less paperwork and fewer people (like middlemen) involved, which can save time and money.

Who is using these tokenized bonds?

Big financial companies and even governments are looking into or already using tokenized bonds. Places like the Bank of England and the World Bank are exploring this technology. Big investment firms like BlackRock and HSBC have also been involved in creating or using them.

Can anyone buy tokenized bonds, or just rich people?

One of the cool things about tokenized bonds is that they can be split into smaller pieces, called fractional ownership. This means even people with less money might be able to buy a small part of a bond, making investing more open to everyone, not just big institutions.

Is it safe to invest in tokenized bonds?

Safety is a big focus. While blockchain technology is designed to be secure, there are still rules and checks needed, like making sure you know who the buyer and seller are (KYC/AML). The goal is that even though the technology is new, the risks are managed similarly to traditional investments.

How do smart contracts help with tokenized bonds?

Smart contracts are like computer programs that automatically follow rules. For tokenized bonds, they can automatically send interest payments to investors on the right dates. This makes sure payments happen on time and reduces the chance of mistakes.

What's the difference between tokenized bonds and other tokenized assets?

Tokenized bonds are just one type of asset that can be turned into digital tokens. You can also tokenize things like real estate, stocks, or even art. The idea is the same: create a digital token on a blockchain that represents ownership of that asset, making it easier to trade and manage.

Will tokenized bonds completely replace regular bonds someday?

It's likely that tokenized bonds will become a much bigger part of the market, working alongside traditional bonds. The technology offers clear advantages in speed and cost, but it will take time for everyone to get used to it and for all the rules to be perfectly clear. So, it's more about mixing the old with the new.