Understand tokenization
with one email every Tuesday.
Every Tuesday, what's happening in tokenization and business financing, explained for those who issue or want to understand it.
- In each issue:
- The story
- Inside the market
- The mechanics
- For the journey
Good morning, and welcome to issue 1.
- The honest table: bank, crowdfunding, MARF or tokenize.
- What has been financed with tokenized securities.
- Personal guarantee or collateral: what you're risking.
The bank's cheapness is paid for in collateral.
In August, new loans of up to 250,000 € to companies came out at 3.60 % on average, with no fees.
But 39.2 % of SMEs that got credit in 2025 were asked for collateral. Sometimes, a personal guarantee: if the company doesn't pay, you pay.
Inside the market
21 ISSUANCESThe CNMV register lists 21 tokenized security issuances since February 2025: 17 bonds (obligations) and 4 shares.
The mechanics
Personal guarantee or collateral
With collateral, a specific asset is tied to the debt. With a personal guarantee, the asset tied up is you: you are liable with everything you have and will have.
The debt is the company's. The assets at stake, yours.
For the journey
- [The ECB lays the pipeline.] Pontes allows wholesale operations with tokenized assets to be settled in central bank money. Three Spanish banks are in.
- [In the U.S., real shares.] The SEC allows trading, for now, tokenized listed shares if they grant the same rights as traditional ones.
- [Brazil also wants a pilot.] The CVM, its regulator, is studying a 60-day pilot to issue, trade, and settle tokenized securities.
What did you think of this issue?
Reply to this email: we read everything.
The HokenFi team
HokenFi is software for issuing and managing security tokens. It does not provide investment services or advice: the regulated steps are carried out by the authorized entities chosen by each issuer. Nothing in this newsletter is an investment recommendation.
You receive this newsletter because you subscribed at hokenfi.com. Unsubscribe.
Unknown Gravity, S.L. · Calle Marqués de Larios, 4, floor 1, 29005 Málaga · hokenfi.com