Tokenization does not create liquidity. Somebody has to underwrite the risk. Jon Shaffer and @steveonchain (Fission, @FissionXYZ) join Stateful, hosted by Franklin Bi, as we announce our investment leading their Series A: - $18 trillion in private markets, still running on paper and subscription agreements - Fission prices duration risk, not NAV. Asset managers retain control over their own valuations. - The market is capped at 6% to 7% yields because that is all you get with baked-in liquidity - The goal: double-digit returns with daily liquidity - Hot take: CLARITY failing in Congress may be the best thing that could have happened to tokenization 01:00 Origin Stories and Why Tokenization Doesn't Create Liquidity 05:50 The Series A and the $500 Billion Semi-Liquid Market 13:00 Why Private Markets Instead of Public Equities 19:15 Pricing Duration Risk Instead of Repricing NAV 24:55 Why Private Markets Need Their Own Venue 38:15 AI Pricing, Portfolio Construction, and Agentic Rebalancing 45:25 Hot Take: Why the CLARITY Act Failing Helps Tokenization