The $30 Trillion That Won't Tokenize on Public Chains

Yiannis estimates $30 trillion in strategically sensitive assets—from OTC derivatives to repo and securities lending—cannot tokenize on public chains because exposing positions leaks competitive intelligence, while only $30 billion in RWAs currently live on public blockchains, mostly non-strategic instruments like Treasuries and stablecoins. Privacy solutions like stealth addresses remain undeployed at scale after years, leaving institutions to choose between accepting information leakage, creating expensive pointer systems, or selecting private infrastructure like Canton Network, where Broadridge settled $8 trillion in monthly repo volume in April 2026.