The tokenized treasury space that were biddle plays, which is still the largest asset, I think it's worth $2.3 billion or something now. It was like $300 million two years ago, and now it's $11 billion. I don't think any part of crypto has grown that fast. So it kind of fills that way for tokenization that we're at the end of the beginning. Now the beginning has happened. Now we need to get into the real growth because the space is so massive. As we discussed before, just taking, you know,

1% or 2% of stocks on chain doubles the size of crypto. So, so that the fact that we have

tens of billions of dollars still feels like very, very early days.

Bankless Nation, I'm here with Carlos Domingo from Securitize and Michael Blagrin from the

New York Stock Exchange.

Carlos, welcome back to Bankless and Michael, welcome to Bankless for the first time.

Great to be here.

Thanks for having me.

There was a announcement out of both of your guys,

this neck of the woods from the securitized New York Stock Exchange,

Neck of the Woods,

last week about a partnership between your guys' two companies,

about getting tokens, securities, tokenized on public blockchains.

Now, I want to drill down into the details of that announcement

because I just want to learn a little bit more about what this partnership means, how it works, and like some of the net products are at the end of it.

And so we're going to go line by line. I just want to start reading off some of the first lines in this announcement just because I want to get down to the actual

nuances of it all. The first line is securitize is named as the first digital transfer agent

for the New York Stock Exchange. What is a digital transfer agent? What role does that do in the whole world of securities and trading them and all that kind of stuff?

I guess I can take that one since I was securitized.

So every publicly traded company or every ETF, anything that trades on a national exchange,

has a transfer agent which is responsible for keeping the books and records of who holds the securities, which in publicly trade companies, most of the, the only thing you see is DTCC, because all the shares are under DTCC. Most people don't realize that when you are, when you hold shares on Rockwood, you actually don't own the shares. The shares are on there. The central security is depository.

But in any case, you need a transfer agent. So if you wanted to issue tokens outside of, you know,

...