“What Circle is to stablecoins, Backpack is to securities.” @ArmaniFerrante explains Backpack's tokenization vision in 43 seconds.

@LoganJastremski @armaniferrante Analogies!

@LoganJastremski @armaniferrante 🫡

@armaniferrante Tsunami

@armaniferrante 🎒

@armaniferrante Love this framing. Circle's real edge was redemption people trust, so the securities version is probably the same: knowing who holds the actual share when someone wants out at 3am. Curious how you're approaching that.

@armaniferrante 🎒

@armaniferrante Is this future of finance… could be 🎒

@armaniferrante Backpack keeps setting the stage!

@armaniferrante The Circle comparison sets a high bar. USDC earned trust through boring ops: regular attestations, fast redemptions. For stock tokens the boring ops are corporate actions. Dividends, splits and ticker changes reflected onchain on time, every time. That's where issuers separate.

@armaniferrante 🎒

@armaniferrante that's yuge

@armaniferrante Oh.

@armaniferrante Slowly first then all at once.

@armaniferrante The tricky part of that analogy: Circle's moat is redemption, a dollar out on demand. For securities the twin is the transfer agent's register, the record of who legally owns the share. Minting the token is easy. Getting the register to agree with it is the business.

@armaniferrante It's not just a wave. It's a tsunami.

@armaniferrante Armani ON TOP!

@armaniferrante 🎒

@armaniferrante Stablecoins first, stocks next

@armaniferrante The demand is showing up onchain