Tether playbook for physical assets beyond USD is underrated. 

Custody the asset, tokenize it, build trusted brand for exposure to it, profit.

Take sports cards.  Buy 100 canonical Victor Wembanyama rookie cards and custody them. Mint 1M WEMBY tokens as ERC20. 10,000 WEMBY

Nick Tomaino

who is building this?

https://x.com/ntmoney/status/1914677346961170903?s=46&t=CJb1D8GzV2qvXPeMRuc_Wg

how'd they make money? USD is in a special position that can generate yield risk free

even tokenizing something as easy as tokenize as BTC (WBTC) has bad unit economics. 

before the rate environment changed everyone was skeptical of stablecoins making money too -- they were 'accessories' that exchanges needed