PV01 platform will start issuing tokenized bonds of crypto companies
It issued a US Treasury bond token as a pilot project
17.04.2024 - 11:50
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What’s new? Bermuda-based PV01, led by B2C2 market maker founders Max Boonen and Flavio Molendini, has made the first issuance and sale of a tokenized bond. The digital version of the $5 million single US Treasury bill was issued on the Ethereum blockchain, backed by B2C2, BlockTower Capital, and Keyrock.
What else is known? PV01 differs from other Real World Asset (RWA) tokenization platforms. Its token represents the bond itself and the entire life cycle of the asset takes place on the blockchain, while most competitors create tokens as a shell of a money market fund.
This approach removes an intermediate layer in the tokenization process, allowing the company to eventually extend the technology to corporate bond tokens that would already be issued entirely on the blockchain. These tokens would be able to be transferred between buyers and sellers, allowing trading and pricing in secondary markets without the need for redemption.
According to PV01 CEO Max Boonen, moving debt markets to blockchain could avert the crypto industry’s 2022 credit crisis caused by the collapse of hedge fund Three Arrows Capital (3AC) and lending platform Celsius. Because publicly available networks, being transparent, would display the amount owed by each individual company with creditors listed.
PV01 plans to issue corporate blockchain bonds with an unnamed major crypto company in the next few months, Boonen said.
UK launches sandbox to test trading in tokenized securities
The Digital Securities Sandbox will run for five years
Earlier, the launch of its own platform for issuing tokenized assets was announced by Tether, the issuer of USDT, the largest USDT stablecoin by capitalization. The world’s largest investment company BlackRock launched a tokenized investment fund BUIDL, and HSBC Bank launched tokenized gold trading for Hong Kong retail investors.
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