Graham

CEO, Co-founder of Archax Ltd. First UK registered cryptoasset trading venue and regulated digital asset exchange for all your RWA needs.

[Graham @Grodfather]

@LorenzoARK Love the graphic

[Bitfinex Securities @BFXSecurities]

Beyond stablecoins and bonds, what opportunities lie ahead for tokenisation?

Join @Martin_CMCC, Will Turner, @Grodfather and @Excellion to explore the next frontier of tokenisation, from funds and equity to other alternative asset classes.

Details: https://t.co/gGiHZ8atNv

[Graham @Grodfather]

@RWAFoundation_ And you it seems!

[Archax @ArchaxEx]

As a direct minting and redemption @AllUnityStable partner, @ArchaxEx is pleased to be enabling institutional clients to access #USDAU for treasury management and settlement use cases.

[Graham @Grodfather]

We're ready

[Stand With Crypto In The UK🛡️🇬🇧 @StandWCrypto_UK]

Prime Minister @andyburnham
Britain's crypto builders have a message for you. 🛡️

[Graham @Grodfather]

Great to be involved in this and help shape the UK's digital future .

[Archax @ArchaxEx]

Archax is proud to be part of the UK Wholesale Digital Markets Champion Taskforce.

Working alongside innovative organisations across financial services, we will shape the future of wholesale digital markets, helping deliver up to £33 billion in annual economic output for the UK by 2035.

As the programme moves into its next phase, we are excited to contribute to the ambitious work ahead, supporting industry collaboration, advancing key recommendations, and helping drive the adoption of digital market infrastructure that will strengthen the UK's position as a global leader in digital finance.

Learn more here: https://t.co/B56F3eJOci

[Archax @ArchaxEx]

Archax has received approval of its New Member Application from FINRA, completing its registration as a US digital broker-dealer with the Securities and Exchange Commission (SEC).

This marks a major milestone in Archax's global expansion, establishing directly regulated operations in the world's largest capital market and completing a regulatory footprint that now spans the UK (FCA), the EU (CNMV) and the US (SEC/FINRA).

Through its US broker-dealer, Archax Markets LLC, the firm will be able to offer private placements of traditional and digital securities, including tokenized real world assets, to US institutional and accredited investors.

[Graham @Grodfather]

You're right that the composability/utility is entirely where the excitement is. Permissionless just reduces friction. If everyone on the planet were permissioned to every token and every app, the excitement would still be there. So the problem isn't permissioning, it's the friction that comes with it. The people who don't want to be identified at all were never going to be servable by anything compliant anyway.

So the solution comes when someone works out the easiest way to permission everyone. The answer is maybe in the securities markets : I don't know this person, but someone I trust knows who they are. A depository knows a few large custodians. They know their custodians. Those know local brokers, who know international brokers, who know the end clients. Nobody permissions everyone. Each link vouches for the next. Do that on chain with whitelists, zero knowledge proofs, reliance and responsible parties, and the trust travels with the token instead of sitting in account paperwork. Network effect solves permissioned scalability with minimum friction, without recreating the problems the rules exist to stop.

At least, that's the idea.

[Graham @Grodfather]

What the tokenized stocks row is about.

A tokenized stock should be exactly that: the stock, tokenized. Most of what trades under that name today is something else. Nothing happens to the underlying share. It gets bought and parked. What gets created is a brand new security: a debt note from an offshore vehicle, minted continuously, wearing a listed company's name and ticker, without that company's involvement. The collateral is real. The engineering is often genuinely good. That is not the problem.

The problem is everything after that. In the real market, regulation follows a share for its whole life. Authorised venues with circuit breakers and surveillance dictated by regs. A depository with settlement finality. Regulated custody. Owners who can be identified. Trades reported, behaviour surveilled. The tokenized version inherits none of it automatically. It trades around the clock on platforms that are exchanges in everything except authorisation. It settles into nothing. And it often circulates as a bearer instrument: whoever holds the wallet holds the claim. Anonymously. Forever.

We didn't forget to regulate bearer securities. We got rid of them on purpose. The US drove out bearer bonds from 1982. The UK abolished bearer shares in 2015. The whole world agreed that untraceable ownership of securities is a laundering and market abuse machine. These products reinvented it, called it composability, and in fairness were wrestling with a real conundrum: how do you get securities legitimately trading 24/7?

Last weekend showed what that means in practice. Real market closed. Thin token float cornered by memecoin pools. Tokens wearing the HIMS ticker printed 132 dollars against a 28.84 close, while the group behind it openly announced it was trying to squeeze the listed stock through its wrapper. A token wearing AMC's ticker reportedly touched 166 against a 2.59 close the same weekend. On any regulated venue that is a manipulation case. Here there was no venue, no surveillance duty, and nobody to report it to. Not because the rules are unclear but because every rule we have is written as a duty of intermediaries, and these instruments were built to have none.

All of it hangs on one unanswered question: are these platforms trading venues? Functionally, obviously yes. The day one major regulator says so, venue rules, depository recording, settlement finality, reporting and surveillance all arrive at once. The entire model is one supervisory decision away from the rulebook it was built to avoid. Unenforced is not the same as lawful.

None of this is an argument against tokenization. I have spent nearly nine years building the compliant version (along with many others doing the hard path), so I want this technology to win more than almost anyone. The lawful routes already exist: authorised venues, digital depositories, sandboxes built for exactly this. Transfer-restricted tokens are live in production today, including on-chain shares carrying full rights that move only between approved wallets. Zero knowledge proofs and KYC reliance networks could make this even smoother. Permissionless bearer form is a choice, not a necessity.

So here is where this goes. These instruments are not on regulated venues today. They will be and those admitting them will need to be regulated. Then they will sit in depositories built for tokens. Then the wrappers become the depositary receipts of the token era. And eventually the best of them stop being wrappers at all: the security itself, on chain, with full rights.

The companies whose tickers are being used have every right to be angry. The fix is infrastructure.

[Graham @Grodfather]

A tokenized stock should mean the stock, tokenized.

Most of what trades under that name is something else: a debt note from an offshore vehicle, wearing a listed company's ticker.

Then it trades 24/7 on venues with no licence, settles into nothing, and is owned by nobody anyone can name. Forty years was spent getting rid of bearer securities. They just came back with a ticker on them.

Full breakdown: https://t.co/7wUWp6A4CG

[Adam Aron @CEOAdam]

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.

We immediately are going to have our outside securities counsel look into this.

https://t.co/y3yf3VGdWz
Stock Tokens are not registered under U.S. securities laws and may not be offered, sold, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons. Offers and sales of Stock Tokens are subject to restrictions in other jurisdictions, including, without limitation, Canada, the United Kingdom, and Switzerland. A full list of the jurisdictions in which offers or sales are restricted or prohibited is available here: https://t.co/y3yf3VGdWz
Robinhood Assets (Jersey) Limited is a private limited company incorporated in Jersey, with its registered address at First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. The Issuer is registered under the registration number 162428.
Stock Tokens have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time to time (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Stock Tokens may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S")), and (ii) may be offered, sold or otherwise delivered at any time only outside of the United States and to transferees that are not U.S. Persons (as defined in Regulation S)….

©2026 Robinhood Markets, Inc. All rights reserved.

[Archax @ArchaxEx]

For institutions seeking ownership of short-dated US Treasury Bills what happens at maturity is just as important as the instrument itself. $GOVY resolves this with an automated roll, executed under your standing instruction. https://t.co/6VfVDAcz5q

[Graham @Grodfather]

@RWAFoundation_ Thanks @RWAFoundation_ ! Your support has been unwavering.

[Archax @ArchaxEx]

$GOVY wasn't created simply to put US Treasury Bills on-chain. It was designed to make them more accessible, more efficient, and easier to use.

✔ Auto-rolling exposure
✔ 24/7 subscription and redemption
✔ Designed to align with Level 1 HQLA principles

Together, these features are designed to provide continuous exposure to short-dated US Treasury Bills through a single token, combining the strengths of traditional fixed income with the operational benefits of digital assets.

That's what makes $GOVY different.

[Graham @Grodfather]

@IOV_OWL @ArchaxEx Would be a pleasure.

[Graham @Grodfather]

ethereum:native stellar:native hedera-hashgraph:native canton-network:native

[Graham @Grodfather]

Excited to see $GOVY live. There are now a number of great treasury products on-chain. So what makes $GOVY different?
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[Archax @ArchaxEx]

Introducing $GOVY.

$GOVY is a tokenised, perpetual US Treasury Bill product designed to align with high-quality liquid assets (HQLA Level 1) principles, providing direct, legally-enforceable exposure to continuously rolling short-dated US T-Bills.

Built on Archax's regulated digital asset infrastructure, $GOVY combines the operational advantages of tokenisation, including 24/7 availability and instant settlement, with direct legal ownership of the underlying assets and regulated custody.

The product is designed to remove the operation complexity of managing maturing T-Bill positions, providing investors with continuous exposure through a single token.

Initially available to non-US investors and launching on Ethereum, Hedera and Stellar, $GOVY represents another important step in bringing traditional financial assets on-chain through regulated infrastructure.

[Graham @Grodfather]

We're launching on Ethereum, Stellar and Hedera, with Canton to follow soon. Pristine collateral onchain, designed to align with HQLA Level 1 principles. DM me for discuss use cases.
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