Michael Holdmann

Building SagaChain: the first blockchain where on-chain state works like real objects, not smart contracts. Object-oriented blockchain for enterprise.

[Michael Holdmann @PrasagaCEO]

Blockchain Law.
In a concept akin to Metcalfe's law, @PrasagaOfficial proposes a Blockchain Law: The
utility of SagaChain grows in direct proportion to the increasing number of classes and objects
incorporated into the tree, resulting in higher overall value. This attracts more users, fostering a virtuous cycle that enhances the value to the entire global community.

[PraSagaOfficial @PrasagaOfficial]

BlackRock, SBI Holdings and Startale signed an MoU on Oct 27 to study linking BlackRock's $2.17B BUIDL tokenized money market fund with SBI's yen stablecoin JPYSC, covering technology, business models and regulatory steps.

The hard part isn't moving value between them. It's making a fund's eligibility rules and a stablecoin's redemption rules hold in the same trade.

On SagaChain™, both are SagaPSA™ objects that carry their own rules, and compliance-gated execution checks both sides before settlement completes, not after.

[Michael Holdmann @PrasagaCEO]

Chainlink and Anchorage Digital just launched CustodySync.

The asset stays with the custodian.
A receipt token goes on-chain.
Proof of Reserve keeps the two in sync.

Three systems to answer one question: who owns what.

A SagaPSA object doesn't need a receipt.
It is the record.

[Michael Holdmann @PrasagaCEO]

Wall Street isn’t rejecting on-chain assets. They’re rejecting unaffiliated third-party wrappers that give companies zero control, zero clear upside, and real risks around price discovery, liquidity, volatility, and shareholder confusion.

That’s the core limitation of “tokenization” as currently practiced.

Programmable smart assets flip the model: native issuance, verifiable provenance, executable governance, on-chain standards, and issuer-aligned mechanics. When the asset itself carries the rules, audit trail, and benefits, the incentive structure changes.

Tokenization ≠ smart assets.

[Coin Bureau @coinbureau]

Wall Street is saying “NO” to MASS TOKENIZATION

26 companies worth ~$13.9 TRILLION have objected to tokenized versions of their shares trading on OKXICE.

The full list:

1. Alphabet $GOOGL: $4.13T
2. Microsoft $MSFT: $3.84T
3. Broadcom $AVGO: $1.6T
4. Intel $INTC: $540B
5. Cisco $CSCO: $433B
6. Oracle $ORCL: $405B
7. UnitedHealth $UNH: $339B
8. Caterpillar $CAT: $324B
9. Arm Holdings $ARM: $268B
10. Goldman Sachs $GS: $260B
11. Wells Fargo $WFC: $253B
12. IBM $IBM: $214B
13. Marvell $MRVL: $203B
14. Verizon $VZ: $188B
15. Qualcomm $QCOM: $175B
16. McDonald's $MCD: $172B
17. Western Digital $WDC: $140B
18. AppLovin $APP: $95B
19. Intuit $INTU: $81B
20. Moderna $MRNA: $57B
21. Rocket Lab $RKLB: $44B
22. CoreWeave $CRWV: $38B
23. Cerebras $CBRS: $34B
24. IonQ $IONQ: $15B
25. Applied Optoelectronics $AAOI: $10B
26. Applied Digital $APLD: $6B

The count has nearly TRIPLED from 9 objectors just 10 days ago.

If TOKENIZATION is such a win, why the pushback?

[PraSagaOfficial @PrasagaOfficial]

Ascend Markets and M1X Global ran an institutional repo on Stellar from Oct 16 to 19: tokenized sovereign bonds as collateral against USDC, priced at SOFR + 10 bps, rolling hourly through nights and weekends, with KYC/AML checks onchain.

It's a real milestone. The open question is where those terms live.

On SagaChain™, the collateral is a SagaPSA object with its terms built in, and every step is compliance-gated: no state change without the verified evidence the rules require.

[Michael Holdmann @PrasagaCEO]

Aviva calls its new tokenized fund on XRPL a "digital twin."

That's honest.

A twin is a copy.
The fund still lives with the custodian.

Tokens mirror the asset.
A SagaPSA object is the asset.

[PraSagaOfficial @PrasagaOfficial]

22 of the 63 companies targeted for tokenized trading on OKXICE, the OKX and ICE venture, have formally objected under the SEC's 30-day window, including Microsoft, Wells Fargo, Intuit and Moderna.

The objections point at a design gap: a tokenized stock is usually a balance created by a third party, with the issuer outside the record.

On SagaChain™, a stock is a SagaPSA object. Its issuer, industry identifiers and roles are part of the object and are checked before it exists. All or nothing.

[Michael Holdmann @PrasagaCEO]

22 companies just told OKX and ICE no.

Microsoft. Wells Fargo. Moderna.
Not our shares. Not as your tokens.

Here's the problem.
Anyone can mint a token that points at a stock.

The issuer isn't in it.

An object starts with the issuer.

[PraSagaOfficial @PrasagaOfficial]

BeInCrypto analyzed 6.4 million x402 AI-agent payments on Base and Solana over 35 days. 90.8% were under one cent, and institutional readiness scored 12 out of 100. The report points to compliance and risk rules built in at the protocol level.

We agree. Spending caps bolted onto apps don't scale to real money.

On SagaChain™, compliance-gated execution means an agent's action changes state only when verified evidence and the asset's own rules allow it. SagaAI oversight can't be bypassed.

[Michael Holdmann @PrasagaCEO]

Walmart just gave AI agents a shopping budget.

Spending caps. Per-purchase approval. No access to payments.

Smart rules. But they live inside Walmart.

The next store has to write them all again.

Rules that live in the asset go wherever the agent goes.

[PraSagaOfficial @PrasagaOfficial]

The Monetary Authority of Singapore says Bank Negara Malaysia and the Bank of Thailand have joined BLOOM, building common standards for settling stablecoins and tokenized deposits across borders, with programmable compliance like automated sanctions screening.

The hard part of interoperability isn't moving value. It's moving the rules with it.

On SagaChain™, the asset is a canonical object that carries its issuer, identifiers and rules. Compliance-gated execution means no state change happens unless those checks pass, so the rules travel with the asset across the border.

[Michael Holdmann @PrasagaCEO]

JPMorgan's tokenized money market fund now runs on Solana as well as Ethereum.

Same fund. Two chains.

Which one is the fund?

Neither. Both are tokens pointing back to a ledger somewhere else.

A token is a copy of a claim.
An object is the asset.

[PraSagaOfficial @PrasagaOfficial]

SoFi launched SOFIE, the first bank-issued tokenized deposit for consumers: $1 per token held at SoFi Bank, a variable 4.40% APY, FDIC insured up to limits, and convertible 1:1 into SoFiUSD.

Convert it, and the insurance and interest stay behind.

That's because a deposit's terms live in the bank's systems, not in the token.

On SagaChain™, a deposit is a canonical asset object. Its issuer, identifiers and rules are part of the asset, not a record kept somewhere else.

[Michael Holdmann @PrasagaCEO]

$META is now a token on Solana.

Backed 1:1. Trades 24/7.

Want to redeem it? You need a verified account.

So who holds it still matters.
The token just doesn't know.

An object does.

[PraSagaOfficial @PrasagaOfficial]

At Money20/20, Matter Labs launched Prividium Commander: a control plane that lets banks manage permissions, enforce rules and keep audit trails on existing chains.

It answers a real back-office problem. The design question is where the rules live.

A control plane sits beside the chain.

On SagaChain™, compliance-gated execution sits in the transaction path: no state change without verified input evidence. An asset's identifiers, roles and relationships are checked before it exists. All or nothing.

[Michael Holdmann @PrasagaCEO]

A bank just issued a tokenized deposit.

FDIC insured. Pays interest.

Convert it to a stablecoin and both disappear.

Because the insurance and the yield were never in the token.
They lived in the bank's ledger.

A SagaPSA object carries its terms with it.

[Michael Holdmann @PrasagaCEO]

@jimferraioli @The_dude__80 https://t.co/yONFouJZ8d

The Oracle issue is something we were asked to resolve in 2018, along with scale and the volatility of crypto currency. No oracles needed if the source is on-chain. The problem is the smart contract data model.

[Michael Holdmann @PrasagaCEO]

@USComptroller @USOCC @SecScottBessent Federal rules for stablecoins.

Reserves. Redemption. Custody.

Those aren't balances. They're properties of the asset.

A token can't hold any of that.
It only holds a balance.

Build the asset as an SagaPSA, and compliance comes with it.

[Michael Holdmann @PrasagaCEO]

Federal rules for stablecoins are here.

Reserves. Redemption. Custody.

Those aren't balances. They're properties of the asset.

A token can't hold any of that.
It holds a balance.

Build the asset as an SagaPSA, and compliance comes with it.

[Comptroller Jonathan V. Gould @USComptroller]

At the @USOCC, we have worked diligently and expeditiously to deliver the GENIUS Act final rule ahead of schedule to support President Trump's vision and @SecScottBessent's leadership to grow the economy and lead the global digital currency revolution.

Today marks the birth of a new industry having a federal framework for payment stablecoins in the digital age. It also brings us back to our original mission when the OCC was charged with the responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.

[Michael Holdmann @PrasagaCEO]

The OCC just wrote the rules for stablecoins.

Reserves. Redemption. Custody. Risk.

None of that lives in a token balance.

A token says how much.
An object says backed by what, redeemable how, held by whom.

Regulation is asking for SagaPSA objects.

[PraSagaOfficial @PrasagaOfficial]

The OCC finalized its GENIUS Act framework for payment stablecoin issuers today: standards for reserve backing, redemptions, custody and risk management, effective January 18, 2027.

Every one of those is a property of the asset, not a balance.

On SagaChain™, a stablecoin is a canonical asset object that carries its issuer, reserve references and redemption rules, and compliance-gated execution blocks any state change that doesn't meet them.