Chabon Roy

problems.
The difference comes down to where the asset actually lives, who holds it, and what happens when something goes wrong.
Tokenization:
- The bond still sits with a custodian
- The token is a representation that tracks it
- If the custodian fails, the token is a claim on a broken process
Every tokenized asset needs reconciliation between the onchain record and the off-chain reality → settlement depends on intermediaries → reporting means cross-referencing two systems.
The wrapper adds a layer. It does not remove one.
Native issuance:
- The asset is created onchain as the legal record
- Settlement is atomic, custody is protocol-level
- Corporate actions execute in code, no reconciliation required
Dusk is built for native issuance. The protocol handles issuance, settlement, and corporate actions natively.
NPEX, an AFM-regulated exchange, is pursuing the DLT-TSS license to natively issue securities on Dusk.
Native issuance is how markets come onchain.#DUST $BNB

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$BNB Another one day
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