24/7 trading needs 24/7 collateral. GSR’s Managing Director Andy Baehr explains why tokenized Treasuries and money market funds could help keep collateral productive, enable weekend trading and reduce risk as markets move toward an always-on model. Jenn Sanasie brings you this week’s Brand New Rails.

The collateral point is underappreciated: always-on markets need assets that stay liquid and productive outside US hours, not just more leverage. Tokenized T-bills could reduce idle collateral drag, but the stress test is weekend liquidity and redemption mechanics when volatility spikes.

@GSR_io @baehr @JennSanasie This is one of the clearest use cases for tokenization. If markets are always on, collateral eventually has to become always on too.

@GSR_io @baehr @JennSanasie Tokenized Treasuries could be the backbone of 24/7 markets

@GSR_io @baehr @JennSanasie wallet-native, same as the settlement

@GSR_io @baehr @JennSanasie 24/7 markets need 24/7 collateral, treasuries onchain solve this

@GSR_io @baehr @JennSanasie Weekend trading exposes the real gap: crypto markets settle instantly but MMF redemptions still run on banking hours, so collateral sits idle exactly when volatility hits

@GSR_io @baehr @JennSanasie Weekend collateral that still earns yield is the unlock for 24/7 perps. Tokenized T-bills are basically becoming exchange plumbing.

@GSR_io @baehr @JennSanasie Always-on markets need more than always-on assets. Settlement, verification and risk controls must operate on the same clock, or 24/7 access creates new operational gaps.

@GSR_io @baehr @JennSanasie how fast do those tokenized assets settle onchain

@GSR_io @baehr @JennSanasie Productive collateral is a key bridge between ETF-style access and always-on markets: tokenized T-bills can lower carry drag, but only if redemption and weekend liquidity work under stress. Otherwise the wrapper adds operational risk instead of removing it.

@GSR_io @baehr @JennSanasie Baehr’s point is an important piece of the 24/7 market puzzle. Tokenized Treasuries and money market funds let collateral remain productive while also making it transferable around the clock, which could make always-on trading much more practical.

@GSR_io @baehr @JennSanasie baehr actually making sense here, id rather my idle stablecoins work for me on a saturday than just sit there watching weekend chop carve out fake ranges