Playbooks
Decision-support content for institutional readers. Where the foundations chapters explain why something matters and the wiki digs into named topics, playbooks help you make a specific decision tomorrow morning. Each piece carries an explicit audience tag, a structured evaluation framework, a worked example, and a red-flag list. Grouped below by the kind of decision you are making; open a theme to see what sits inside it.
Asset-class playbooks4
Operational playbooks per asset class. MMFs and bonds are the mature end; private credit and tokenised deposits are the next wave.
Tokenising bonds in practice
Tokenised bond mandates from the issuer and dealer-arranger seat: native vs mirror, primary distribution, settlement.
9 min readTokenising deposits in practice (for banks)
Designing a tokenised-deposit programme: intra-bank vs cross-bank settlement and the deposit-liability perimeter.
11 min readTokenising money-market funds in practice
Standing up a tokenised MMF programme: structure, share-class mechanics, and the platform fit.
11 min readTokenising private credit in practice
Tokenising a credit fund: wrapper choice, allocator base, and where the DeFi-native demand actually sits.
10 min read
Vendor and platform decisions4
Frameworks for picking custodians and issuance platforms, judging tokenised collateral, and the build-vs-partner question that sits behind all three.
Build vs partner: tokenisation vendor due diligence
The build-vs-partner due-diligence call for a tokenisation initiative, and when each answer is right.
10 min readEvaluating custody providers for a tokenisation programme
A scorecard for picking a custodian for a tokenisation programme, with the red flags that disqualify one.
10 min readEvaluating tokenisation issuance platforms
Comparing issuance platforms against in-house build, on the dimensions that actually bind a programme.
9 min readEvaluating tokenised assets as collateral
Judging a tokenised asset as collateral: legal finality, haircut logic, and counterparty acceptance.
11 min read
Regulation and capital4
Picking a licensing venue, pre-engaging your supervisor, working capital treatment, and sequencing a launch across jurisdictions whose rules do not harmonise.
Capital treatment of tokenised assets in practice
Working the capital cost of tokenised assets in practice, and comparing it across structures.
11 min readCross-jurisdictional rollout sequencing for tokenised products
Sequencing a tokenised product across jurisdictions by wrapper maturity, not market size.
10 min readPre-engaging your regulator: sandbox vs production
Sandbox vs production: how to pre-engage your supervisor and what each path costs you.
11 min readStablecoin licensing decision tree: picking the right regulatory venue
A decision tree to the right licensing venue for a stablecoin or tokenised-cash programme.
13 min read
Strategy and the agentic horizon7
What to ship first, how to read a workstream cohort announcement, and how to approach agentic commerce before the category is ready.
APAC collateral acceptance tracker: which venues accept which tokenised assets
Treasury and collateral-desk teams tracking where a specific tokenised asset can actually be posted as collateral, distinct from where it can merely be held or traded.
4 min readAPAC institutional staking: regulatory treatment tracker
Custody, product, and compliance teams evaluating whether and how a regulated institutional mandate can stake ETH or other proof-of-stake assets across APAC's major markets.
4 min readHow APAC private banks build a digital-asset product shelf
Private-bank and wealth-management product teams deciding how to bring tokenised and crypto exposure to clients, plus counterparties (asset managers, custodians, platforms) evaluating which private-bank model to partner with.
4 min readApproaching agentic commerce as an institution
Approaching agentic commerce as an institution: what to scope now and what to defer.
10 min readReading a Japanese listed digital-asset treasury company
Investors and counterparties evaluating a Japan-listed DAT (digital asset treasury) company, corporate development teams weighing a similar structure, and compliance teams assessing counterparty risk from a DAT's balance sheet.
4 min readReading a workstream cohort announcement: signal vs theatre
Reading a workstream cohort announcement: separating operational substance from PR theatre.
8 min readWhat to tokenise first: an asset-class screening playbook
An asset-class screening playbook for the within-institution call on what to tokenise first.
10 min read
Perspectives6
Opinionated POV pieces: positions taken and defended in the open. Confident on direction, hedged on contested empirics, explicit about where the read could be wrong.
Why agentic commerce on tokenised rails will be the next category, and why most institutions should not build it yet
The thesis: agentic commerce is the next category, and most institutions should not build it yet.
9 min readAsia is winning the wholesale race; the US is winning the retail race
The thesis: Asia is winning the wholesale race; the US is winning the retail one.
7 min readThe next 18 months are about collateral, not settlement
The thesis: the next 18 months are about collateral, not settlement.
8 min readThe demand signal: why banks say stablecoins before third-party tokenised deposits
Why banks reach for stablecoins before third-party tokenised deposits, and what that demand signal means.
5 min readRegulatory navigation in a six-regime world: the harmonisation that isn't coming
The thesis: in a six-regime world, the harmonisation everyone waits for is not coming.
9 min readStablecoins are bank money in disguise; the regulators have noticed
The thesis: stablecoins are bank money in disguise, and the regulators have noticed.
9 min read