Market Opportunity
Tokenized PE as the Wedge into $100T+ RWAs
Tokenizing real-world assets (RWAs) presents a significant market prospect in the blockchain sector, potentially encompassing a market scale that reaches into the hundreds of trillions of dollars. Theoretically, any valuable asset can undergo tokenization for integration into the blockchain.
The macro prize
RWAs are a multi-hundred-trillion market. In principle any valuable asset—equity, credit, real estate, treasuries—can be tokenized and settled on-chain.
Our first wedge: late-stage private equity (SpaceX, OpenAI, Databricks, Stripe, etc.) where value has shifted private and liquidity is scarce.
Why now
Private longer, bigger: late-stage valuations concentrate pre-IPO while access is gated to VCs/FOs with $100k–$10m minimums.
Rails are ready: stablecoin settlement (USDC), qualified custody, registrar/admin APIs, and programmable transfer restrictions enable compliant secondaries.
Two-sided demand: issuers want employee liquidity & orderly price discovery; PIs/HNWIs want fractional access and 24/7 settlement.
Why tokenized PE now
Late-stage equity is huge and illiquid. Private capital AUM was ~$14–15T globally as of mid-2024, with North America at $8.34T (~57%). Liquidity and price discovery remain the bottleneck.
Blue-chip private names are institution-scale.
• SpaceX ran a 2025 tender valuing the company near $400B.
• OpenAI explored a 2025 tender valuing it near $500B.
These caps dwarf most crypto assets and create real demand for compliant secondary access.
On-chain settlement is crossing the chasm. Tokenized Treasuries have grown to $7.4B, and BlackRock’s BUIDLpassed $3B AUM—evidence that large institutions will hold real assets natively on chain.
The thesis
Make late-stage equity tradable like stablecoins—within the rules.
Issuer-consented, whitelisted tokens that mirror legal share/CB interests (transfer-restricted, KYC/AML-gated).
Monthly auction windows (Dutch/BPO) with NAV-band circuit breakers—no “thin-book” AMMs that get gamed.
Programmable corporate actions (distributions, splits, consents) so tokens reflect the real security, not a proxy.
Unified settlement in USDC with custody attestations—fast T+0 cash vs. slow off-chain wires.
Go-to-market (how we win credible flow)
Flagship single-name SPVs (e.g., SpaceX CB, OpenAI tender allocations) with clear issuer/transfer consents.
Professional-only onboarding first (PI/AI/Accredited) → expand via feeder funds once rails harden.
Liquidity orchestration: pre-matched blocks from family offices/market makers; monthly windows published in advance; TWAP-style execution policy.
Data transparency: live cap-table sync, admin feeds, and pricing oracles sourced from bona fide tenders/quotes—not “Discord comps.”
Why a DEX rail (measurable edge)
Distribution & settlement: wallets + USDC simplify cross-border PMs; no faxed transfer letters.
Composability: positions can be pledged, cross-margined, or lent (under policy) once tokens are properly permissioned.
Cost & speed: auctions settle instantly, fees are explicit, audit trails are on-chain.
The Potential of AI in DEXs
• Enhanced Data Analysis: AI processes vast amounts of data, providing deeper market insights.
• Improved Liquidity Management: AI optimizes liquidity pools, reducing slippage and improving trading efficiency.
• Increased Efficiency: AI automates tasks like order matching and trade execution, streamlining operations.
• Enhanced Security: AI detects and mitigates fraudulent activities, ensuring a safer trading environment.
• Improved User Experience: AI personalizes trading experiences, offering tailored recommendations.
A Post Centralized Finance World
According to studies, DeFi could displace many traditional financial services and Cryptocurrencies could compete as global money. Imagine a Post CeFi world, where financial services move on-chain, DeFi might become so widely used as a medium of financial exchange that it actually starts to displace Centralized Finance in transaction volume. Were this to happen, Singular would present the world with both the technology and the opportunity to develop an independent, transparent, and potentially more preferred method of DeFi investing that’s ever been possible prioritizing crypto innovations.
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