Xavier Lavayssière 🥐

Xavier Lavayssière in front of the Sibos Frankfurt main venue.

You say you work in finance but you didn't launch a stablecoin or a blockchain during Sibos?

Graph showing decline of usage for payments from 2.6% to 1.9%. Source: Kansas City Fed.

Kansas City Fed research last week also shows a slight decline in crypto payments, though I wonder if it is is statistically significant.

Bar chart showing a significant increase of payee's preference as a motivation to use crypto for payment in the U.S. Source : Kansas City Fed.

The top reason people use crypto for payments in the U.S.?

Payee preference.

And this factor is growing.

Indirect Tokenised Real Estate Crisis | Xavier Lavayssière Indirect Tokenised Real Estate Crisis A federal judge has issued a Temporary Restraining Order against RealT, one of the largest tokenised real estate platforms. The company has frozen payments to i...

More details: www.linkedin.com/posts/lavays...

Credit to @amondry.bsky.social and @outliermedia.org for their exceptional on-ground investigative reporting, mentioned several times by the city complaint. Additional ♥️ for reporting with direct links to academic and legal sources.

Investors worldwide have limited visibility on property management. The multiple companies registered in Michigan and Delaware create complex jurisdictional situations. Additional questions have been raised on the effective ownership of the deeds.

Buyers receive fractionalised tokens, traded online with access to whitelisted DeFi services for exchange and lending. However, this model presents practical and legal challenges.

This situation questions the indirect tokenisation model. With indirect tokenisation, investors purchase financial instruments backed by real estate. In RealT's case, tokens are shares of dedicated companies that own properties in Detroit.

The complaint includes thousands of pages documenting property malfunctions and neglect. Tenants were unaware of their new fractionalised owners and have little recourse to solve their practical challenges.

The judge's decision follows mounting scrutiny over property conditions in Detroit. The city took legal action in June citing "unsanitary and unsafe living conditions" and squatter-occupied vacant properties.

Text of the Temporary Restraining Order stating that "The city of Detroit is likely to prevail on the merits of its claims."

A federal judge has issued a Temporary Restraining Order against RealT, one of the largest tokenised real estate platforms. The company has frozen payments to investors, stating that the situation should return to normal.

Cooking

While looking for legal cases, I found this gem. Apparently, talking about NFTs and tokenisation is a sign that you should be institutionalised. 😅

Taming the legal creativity of the tokenisation ecosystem - OMFIF Towards legal clarity

What does a token represent exactly? A short summary of the tokenisation taxonomy.

www.omfif.org/2025/06/tami...

As I am preparing follow-up work, feel free to provide remarks and reach me for more information.

The third, incomplete tokenization, offers flexibility, as long as parties are clear about the rights associated with the tokens.

These three cases have distinct legal implications. The first, direct tokenization, only changes operational aspects. The second, indirect tokenization, introduces risks common with securitization, particularly when exotic structures are used.

- The asset is securitized using a fund or an SPV and the security is issued as a token. These "asset-backed tokens" are the most common for startups tokenizing “Real World Assets” in volume.

- The token has limited legal value, serving as an interface, or conversely, as a settlement mechanism.

In a nutshell, we can distinguish three high-level cases:
- The token is the full embodiment of the asset, like a paper share or a register entry. The asset is native to this token form, when laws allow for it.

"The definitive article on the topic"

What happens legally when we tokenize an asset? The result of two years investigating the legal foundation for tokenization has been published in Cambridge's European Journal of Risk Regulation.

In case we don't know what to throw at AI when it declares war on us, I suggest CSS files

Polyphrase screenshot

This morning, I woke up, and decided that I needed a better password generator.

Feedback appreciated

Xavier Lavayssière speaking at a conference on digital money and public finance management

Digital finance is fun. But can it improve citizens' lives?

Blades Of Glory Will Ferrell GIF ALT: Blades Of Glory Will Ferrell GIF

Bitcoiners when someone says Bitcoin Strategic Reserve

Decentralize everything! (Except my status and wallet)

Objectively, scams are an inspiring form of entrepreneurship.

First impressions of Bluesky:
++ Fewer inflammatory content
-- Fewer highly relevant news
+ Some traction in interactions
- Visual clutter of long user names
+ Cleaner interface

The truth is, books were never the main medium to share knowledge.

Visual dashboard of Stripe Black Friday transactions looking analogic

🤯 Absolutely jaw-dropping dashboard of Black Friday transactions from Stripe

Link to the full article ieeexplore.ieee.org/document/107...

Initial summary of the conference
www.linkedin.com/posts/lavays...