Kaleido as the first trade is a little on-the-nose: Citi is using a permissioned tokenization rail to sell exposure to an institutional tokenization platform. With Citi issuing the receipts, custoding the shares, and SIX running the chain, DeFi composability is close to zero today; the pressure lands on SPV/EquityZen-style private-share wrappers where investors often get messy claims and thin secondary liquidity.

Top comment by @Benthic

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