Co-Founder, Gyld Finance with @ruchirgupta90. Putting corporate bonds on-chain. Coupons, not vibes.
London, New York & Singapore
Joined November 2007
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Abbas retweeted
A hypothetical onchain vault takes withdrawal requests daily. Its bonds pay coupons on different dates. If requests arrive before the next payment, someone has to decide which cash can leave and which holdings may need to be sold.
Life has become so predictable, everything around us is planned and scheduled.
So today I broke out of the matrix and offered a random stranger outside the hardware store, a ride home. And it was the most refreshing conversation I’ve had in a long time.
Longer trading hours can mean keeping extra cash ready for funding delays.
@DriveWealth's planned RLUSD integration with @Ripple raises a question for onchain bonds: could similar funding rails help curators keep less cash on standby and still settle trades on time?
Global investing is evolving. The infrastructure behind it should too.
We're partnering with @DriveWealth across RLUSD settlement on the XRP Ledger, cross-border payments, custody and prime brokerage to modernize how money moves across global markets.
Together, we're building a more connected, efficient and always-on global investing ecosystem. 💪🏼
on.ripple.com/4ezaBOr
Abbas retweeted
Morgan Stanley: "We need product."
A curator can draw a maturity ladder on paper. Building it needs investable bonds on each rung.
That's why Gyld is building the corporate bond layer for onchain finance: more portfolio choice, with curators in control of credit selection.
Have a call booked with most likely a North Korean hacker next week, pretending to be a venture analyst with a major market maker.
How should I play this one?
Congrats to @RoboRebel17 and the @crebitpay team on a well deserved win!
Lets go 🚀 @GyldFinance is taking the stage at Token in Singapore next week. Come here from our in house Mr Bond @ruchirgupta90 on why bonds on chain are the next big asset class!
Our co-founder, @ruchirgupta90 is attending @TOKEN2049
Heading to Singapore? If you’re building vaults or lending markets, let’s talk about what tokenised US corporate bonds could add to your product.
DM us to arrange a meeting with Ruchir.
“If an asset is not liquid, blockchain isn’t going to change that meaningfully.”
Why put bonds on-chain?
@abbasali and I sat down with @JameDiBiasio to talk about what we’re building at @GyldFinance and why we think bonds can become a core building block for on-chain finance.
Individual bonds are still surprisingly hard to access, trade and use. Bringing them on-chain opens up a much bigger design space: collateral, lending, vaults, baskets and new fixed-income products.
Thanks Jame for having us on!
jdibiasio.com/p/bonds-on-cha…
Excited to attend the Digital Asset Yield Summit! Looking forward to connecting with fellow industry leaders.
@Yield_Summit daysnetwork.com/share/c679c7…
More than a quarter of the BIST-100 is being replaced after Turkey's fund liquidity crunch. An index exit can force funds to sell, regardless of the fundamentals
Lesson for curators: eligibility is not permanent. Every vault needs a rule for an asset that no longer fits its mandate.
Istanbul stock exchange to remove over a quarter of main index, as regulators tackle liquidity crisis reut.rs/4AqJU7T reut.rs/4AqJU7T
Abbas retweeted
AI-related corporate bonds are trading around 115bp over benchmarks, versus 78bp for broader investment grade, as buyers absorb issuance.
For onchain curators, ratings are one input. Future supply and group-level exposure also consume the risk budget.
Corporate bond buyers get picky with flood of AI debt bnnbloomberg.ca/investing/20…
I’d start with the capital already onchain. A curator managing stablecoin deposits has a mandate to fulfil.
Their credit limits and investment horizon should shape which corporate bonds become available onchain.
Sometimes a tokenized product simply isn’t built for you. Saying “I can already buy Treasuries through my broker” misses the point. A lot of the capital these products are targeting already lives onchain and often sits outside the US.
Someone in Buenos Aires holding USDT may have a much easier route into a tokenized Treasury than opening a US brokerage account. A DAO can hold a token directly in its treasury. It can’t just sign up to Schwab. What feels easily accessible to one person can still be completely out of reach for someone else.
That’s why tokenized Treasuries aren’t necessarily competing with traditional brokers. For a lot of onchain capital, the alternative is leaving stablecoins sitting idle earning nothing. Against that option, earning yield through a Treasury product becomes a much easier decision.
For issuers, tokenization is also a distribution channel. It gives them access to a global, 24/7 and composable pool of capital without having to recreate traditional distribution everywhere they want to reach.
And it goes beyond Treasuries. Private credit, pre-IPO shares and real estate have always been accessible to some people and difficult or impossible for others.
Tokenization doesn’t automatically remove every barrier to access. It changes where those barriers are.
Just started using Stablecoins for operational payments and boy do we have a long way to go before we achieve any kind of mass adoption.
Pick your network, pick your stable, we can mint xyz stablecoins, but only redeem abc. I can send X but recipient wants Y.
All at the risk of losing your money with one mistake.
So many different combinations to think through, what are we doing?
#stablecoins #payments #ubiquity
Holders of tokenized RWAs just crossed 3.5 million for the first time.
Up more than 100% in 30 days. This isn’t a pilot anymore.
Treasuries were the wedge. Now it’s funds, credit, equities, and title deeds moving onto the same rails.
Dubai’s VARA just signed with Securitize. BlackRock keeps shipping products. The market is sitting around $38–39B distributed and still accelerating.Most of the industry is still debating whether tokenization “works.”
The people actually issuing and holding the assets already decided.
#RWA #Tokenization #bonds
Abbas retweeted
Tokenised Treasuries were the right place for onchain fixed income to start.
BlackRock, Ondo, and Franklin Templeton helped turn the category into a $15.9B market.
But a market made up almost entirely of Treasuries is still a narrow one.
Tokenized Treasuries reached $15.9B, with products from BlackRock, Franklin Templeton, and Ondo. U.S. corporate bond issuance reached $1.9T through August, up 29.8% YoY.
The rails work. The fixed-income menu is still narrow.
That’s why we started Gyld.
Term Finance lost $8.5m this weekend. No bug. Nothing broke.
Someone bought a majority of a thinly held governance token and voted themselves control of the vaults. Every transaction was authorised.
There was a seven day delay on proposals. LPs could veto. Neither worked, because a control that depends on someone watching isn't really a control.
The question every tokenised asset should be able to answer: who can freeze, seize or redirect this, and what would it cost to become that person?
If the answer is a token with a market price, then the security model has a market price too.
We intentionally put those powers with a named third party, bound by a legal agreement, who has no economic interest in the outcome. Slower than a vote. Can't be bought on a DEX at 3am.