Fed Paper Tokenization is a New and Rapid Financial Innovation in the Crypto Market

Author: Web3 Xiao Lu

The Federal Reserve has analyzed tokenization from three perspectives: scale, advantages, and risks.

In a working paper on tokenization released by the Federal Reserve on September 8th, it was stated that tokenization is a new and rapidly growing financial innovation in the cryptocurrency market. It analyzes tokenization from three perspectives: scale, advantages, and risks. Firstly, the concept of tokenization is introduced, which refers to the process of constructing digital representations (cryptographic tokens) for non-cryptocurrency assets (underlying assets). In this process, tokenization establishes a link between the cryptocurrency asset ecosystem and the traditional financial system. In the case of a sufficient scale, tokenized assets may transfer the risk of volatile fluctuations from the cryptocurrency market to the underlying asset market in the traditional financial system.

The following is a compilation of this 29-page paper to further understand RWA and tokenization, underlying assets and cryptocurrency assets, regulation and financial stability. Borrowing a quote from the principal: “Any financial technology is accompanied by risks, and the deep integration of regulatory technology, RWA, and DeFi will be an important driving force for the future development and iteration of cryptographic technology.”

This is another RWA research report following the compilation of previous reports on Binance (tokenization of real-world assets RWA, bridging TradFi and DeFi), Citigroup (the next billion users and trillion-dollar value of blockchain, money, tokens, and games), and our own research report on RWA: in-depth analysis of the current implementation path of RWA and the outlook for future RWA-Fi. Enjoy:

The link to the Federal Reserve working paper is as follows:

https://www.federalreserve.gov/econres/feds/tokenization-overview-and-financial-stability-implications.htm

1. What is Tokenization

“Tokenization” refers to the process of linking the value of underlying assets (Reference Assets) to the value of cryptographic tokens. Strictly speaking, tokenization allows token holders to legally dispose of underlying assets. So far, most tokenization projects in the market have been initiated by small VC-backed cryptocurrency companies. However, traditional financial institutions such as Santander Bank, Franklin Templeton, and JPMorgan Chase have also announced their tokenization pilot projects related to cryptocurrency assets.

Like stablecoins, tokenization also has different characteristics depending on the design. Generally, tokenization usually includes the following five characteristics: (1) based on blockchain; (2) ownership of underlying assets; (3) a mechanism to capture the value of underlying assets; (4) a way to store/custody assets; (5) a redemption mechanism for tokens/underlying assets. Overall, tokenization connects the cryptocurrency market with the market where underlying assets are located, and the design of tokenization schemes distinguishes various tokens and affects the traditional financial market to varying degrees.

The first factor to consider in tokenization scheme design is the underlying blockchain. The blockchain is used for token issuance, storage, and transactions. Some projects issue tokens on permissioned private blockchains, while others issue tokens on permissionless public blockchains. Permissioned blockchains are typically controlled by a centralized entity that approves selected participants to enter a private ecosystem. On the other hand, issuing tokens on permissionless blockchains (such as Bitcoin, Ethereum, Solana, etc.) allows for public participation with fewer restrictions, but the issuer has less control over the tokens. Tokens on permissionless blockchains can also be integrated into decentralized finance (DeFi) protocols, such as decentralized exchanges. Examples of tokenized project cases on permissioned and permissionless blockchains are shown in Figure 1.

Another factor to consider is the underlying assets of the tokens. Underlying assets can be classified in various ways, such as on-chain assets and off-chain assets, intangible assets and tangible assets, etc. Off-chain underlying assets are independent of the crypto market and can be tangible (such as real estate and commodities) or intangible (intellectual property and traditional financial securities). Tokenizing off-chain/underlying assets typically involves an off-chain custodian, such as a bank, to assess the value of the underlying assets and provide custody services. Tokenizing on-chain/crypto assets requires the inclusion of smart contracts to provide custody and asset valuation for crypto assets.

The last factor to consider is the redemption mechanism. Similar to some stablecoins, issuers allow token holders to redeem their tokens for underlying assets. This redemption mechanism connects the crypto market with the underlying asset market. Additionally, tokenized assets can be traded on secondary markets, such as centralized crypto exchanges and DeFi exchanges. Although some security tokens involving other on-chain debts or shares do not include a redemption mechanism, they still grant token holders other rights, such as cash flow disposal rights related to their underlying assets.

II. Current tokenization market size and categories of tokenized assets

According to publicly available information, we estimate that as of May 2023, the tokenization market size on permissionless blockchains is 2.15 billion USD. These assets are typically issued by DeFi protocols like Centrifuge and traditional financial companies like LianGuaixos. Due to the different tokenization schemes, there is no unified standard, making it difficult to obtain a comprehensive set of data. Therefore, we will use public data from the DeFiLlam platform to demonstrate the thriving development of tokenization in DeFi. As shown in Table 1, the total value locked (TVL) of the entire DeFi market has remained relatively stable since June 2022. Table 2 shows that the TVL of real-world assets (RWA), compared to similar assets or the entire DeFi market, has been continuously growing since July 2021. Many new tokenization projects have recently been announced, including various categories of underlying assets such as agricultural products, gold, precious metals, real estate, and other financial assets.

A recent typical tokenization project involves agricultural products such as SOYA, CORA, and WHEA, which refer to soybeans, corn, and wheat respectively. The project is a pilot program initiated by Santander Bank and crypto company Agrotoken in Argentina in March 2022. By embedding the underlying asset recourse in the tokens and building infrastructure to validate and process transactions and redemptions, Santander Bank is able to accept these tokens as collateral for loans. Santander Bank and Agrotoken expressed their hope to promote the tokenization of commodities in larger markets such as Brazil and the United States in the future.

Another type of underlying asset for tokenization is gold and real estate. As of May 2023, the market size of tokenized gold is approximately $1 billion. Two tokenized golds account for 99% of the market share: LianGuaix Gold (LianGuaiXG) issued by LianGuaixos Trust Company and Tether Gold (XAUt) issued by TG Commodities Limited. Both issuers set a token unit equivalent to one ounce of gold, which is stored by the issuers themselves in accordance with the standards set by the London Bullion Market Association (LBMA). LianGuaiXG can be redeemed for equivalent US dollars, while XAUt is redeemed by the issuer through selling on the Swiss gold market. Overall, the two models are essentially the same and have the same value as gold futures.

Compared to commodities such as agricultural products and gold, real estate as an underlying asset faces challenges in standardization, weak circulation, difficulty in assessing value, and more complex legal and tax issues. These pose significant challenges for real estate tokenization. Real Token Inc. (RealT) is a real estate tokenization project that collects residential properties and tokenizes their equity. Each property is independently held by a limited liability company (LLC), and the properties themselves are not tokenized. Instead, the shares of the LLC are tokenized, allowing multiple investors to co-own each property. The project primarily provides a way for international investors to invest in US real estate with rental income as a return. As of September 2022, RealT has tokenized 970 properties with a total value of $52 million.

Tokenization of financial assets involves underlying assets such as securities, bonds, and ETFs. Unlike directly holding securities, the price of tokenized securities may differ from the price of the securities themselves. On the one hand, this is because tokens are traded 24/7, and on the other hand, it is based on the programmability of tokens and their composability with DeFi, which can bring different liquidity to tokens. We use Table 345 to show the differences in the prices of META securities and the corresponding security token prices of MEAT, as well as the differences in trading volume (based on Bittrex FB).

Traditional compliant exchanges can tokenize securities, and tokens can also be issued directly on the blockchain. Akionariat, located in Switzerland, provides tokenization services for Swiss companies. US listed companies such as Amazon (AMZN), Tesla (TSLA), and Apple (AAPL) have tokens traded on Bittrex and FTX.

In early 2023, Ondo Finance issued tokenized funds, with the underlying assets of these tokenized funds being US Treasury bonds and corporate bond ETFs. The shares of these tokenized funds represent the shares in the corresponding ETFs. In addition, Ondo Finance holds a small amount of stablecoins as liquidity reserves. Ondo Finance acts as the manager of tokenized funds, Clear Street acts as the broker and custodian of the funds, and Coinbase acts as the custodian of stablecoins.

III. Benefits of Tokenization

Tokenization brings many benefits, including allowing investors to enter previously inaccessible markets with high investment barriers. For example, tokenized real estate allows investors to purchase a small fraction of a specific commercial building or residential property, which is different from real estate investment trusts (REITs) as investment vehicles for real estate portfolios.

The programmability of tokens and the ability to use smart contracts allow additional functions to be embedded in tokens, which may also be beneficial to the underlying asset market. For example, liquidity savings mechanisms can be applied to token settlement processes, which are difficult to implement in the real world. These blockchain characteristics may lower the entry barriers for a large number of investors, making the market more competitive and liquid, as well as facilitating better price discovery.

Tokenization can also facilitate lending by using tokens as collateral, as discussed earlier in the case of tokenizing agricultural products, because directly using agricultural products as collateral can be costly or difficult to implement. In addition, settlement of tokenized assets is more convenient compared to underlying real-world assets or financial assets. Traditional securities settlement systems, such as Fedwire Securities Services and the Depository Trust and Clearing Corporation (DTCC), generally settle transactions on a gross or net basis throughout the settlement cycle, usually one business day after the transaction.

ETFs are the closest financial instruments to tokenized assets, and existing empirical evidence suggests that tokenization can also improve the liquidity of underlying asset markets. The academic literature on ETFs demonstrates a strong positive correlation between ETFs and the liquidity of underlying assets, and finds that additional trading activity in ETFs leads to higher information exchange/circulation of underlying assets in ETFs. For tokens, mechanisms similar to ETFs imply that greater liquidity of tokens in the crypto market may be more beneficial for price discovery of underlying assets.

IV. Impact of Tokenization on Financial Stability

The tokenized market with a market size of less than one billion dollars is relatively small compared to the entire cryptocurrency market or the traditional financial market, and it does not pose a systemic financial stability issue. However, if the tokenized market continues to grow in terms of quantity and scale, it may bring financial stability risks to the cryptocurrency market and the traditional financial system.

In the long run, the redemption mechanism established between the tokenized asset ecosystem and the traditional financial system in tokenization may have potential impacts on financial stability. For example, at a sufficient scale, the emergency sell-off of tokenized assets may have an impact on the traditional financial market because the price discrepancies in the cryptocurrency market provide market participants with arbitrage opportunities to redeem tokenized assets. Therefore, a mechanism may be needed to address the value transmission in these two markets.

In addition, the lack of liquidity in underlying assets may pose problems for tokenized assets. Examples may include real estate or other assets with low liquidity. This issue has also been discussed in the academic literature on ETFs, where there is a strong correlation between the liquidity, price discovery, and volatility of underlying assets in ETFs.

Another financial stability risk is the issuer of token assets itself. Token assets with redemption options may face similar problems as asset-backed stablecoins such as Tether. Uncertainty about any underlying assets (especially lack of disclosure and information asymmetry of issuers) may increase the incentive for investors to redeem underlying assets, leading to the sell-off of tokenized assets.

This transmission of liquidity may also be exacerbated by the characteristics of the cryptocurrency market. Cryptocurrency exchanges allow continuous trading of cryptocurrency assets 24/7, while most underlying asset markets are only open during business hours. The mismatch in trading hours may have unpredictable effects on certain investors or institutions.

For example, an issuer of tokenized assets with redemption options may face sell-offs of tokens during weekends, as the underlying assets are held off-chain and traditional markets are closed for trading during weekends, making it difficult for redeemers to quickly obtain the underlying assets. This situation may further worsen as the decline in the value of tokenized assets may threaten the solvency of institutions holding a significant portion of them on their balance sheets. Additionally, even if institutions can obtain liquidity from traditional markets, they may have difficulty injecting it during the time period when traditional markets are closed.

Therefore, a large-scale sell-off of tokenized assets may quickly reduce the market value of holding asset institutions and issuers, affecting their borrowing capacity and thus their ability to repay debts. Another example may be related to the automatic margin call mechanism of DeFi exchanges, which triggers liquidation or token redemption requirements, which may have unpredictable effects on the underlying asset market.

With the development of tokenization technology and the tokenized asset market, tokenized assets themselves may become underlying assets. Considering that the prices of cryptocurrency assets fluctuate more than similar underlying assets in the real world, the price fluctuations of such tokenized assets may transmit to the traditional financial market.

As the market for tokenized assets continues to expand, traditional financial institutions may participate in various ways, including directly holding tokenized assets or holding tokenized assets as collateral. Examples of this may include Santander Bank using tokenized agricultural products as collateral to provide loans to farmers. As mentioned above, we also see cases like Ondo Finance tokenizing US government money market funds.

In addition, although similar in nature to JPMorgan’s use of money market fund (MMF) equity as collateral for repurchase and securities lending transactions, Ondo Finance’s initiative may have a more profound impact on traditional financial markets. Ondo Finance’s tokens are deployed on the public blockchain Ethereum, rather than on the institution’s own private permissioned blockchain, which means that Ondo Finance has no control over how users and DeFi protocols interact. As of May 2023, Ondo Finance’s tokenized funds account for 32% of the entire tokenized asset market. According to DeFiLlama, Ondo Finance is the largest tokenized project in this category, and its token OUSG can also be used as collateral for the Flux Financ lending protocol.

Finally, similar to the role of asset securitization, tokenization may package underlying assets with higher risks or lower liquidity into secure and easily tradable assets, potentially leading to higher leverage and risk-taking. Once the risks are exposed, these assets can trigger systemic events.

Conclusion

This article aims to provide an overview of asset tokenization and discuss the potential benefits and risks to financial stability. Currently, the scale of asset tokenization is very small, but tokenization projects involving various types of underlying assets are under development, indicating that asset tokenization may occupy a larger portion of the crypto ecosystem in the future. Among the potential benefits of tokenization, the most prominent is the reduction of barriers to entry into markets that were previously inaccessible and improvement of liquidity in these markets. The financial stability risks brought by asset tokenization mainly manifest in the interconnectedness between tokenized assets in the crypto ecosystem and the traditional financial system, which may transmit risks from one financial system to another.

Appendix: Information on Some Asset Tokenization Projects

Digital Bonds Issued by the European Investment Bank

The European Investment Bank has issued multiple blockchain bond products. The first bond was issued through the HSBC Orion platform, combining private and public blockchains, with a total size of £50 million. The blockchain serves as the record of bond ownership and manages floating rate instruments and bond lifecycle events. The bonds will be held in the form of digital accounts through the HSBC Orion platform.

The second bond was issued through Goldman Sachs’ private blockchain GS DAP, with a total size of €100 million and a term of 2 years. The bonds are represented in the form of security tokens, which investors can purchase using fiat currency. Goldman Sachs Europe, Santander Bank, and Société Générale act as joint lead managers and settle with the issuer in the form of CBDC. These tokens are provided by the Banque de France and the Central Bank of Luxembourg. Société Générale Securities Services (SGSS Luxembourg) serves as the on-chain asset custodian, and Goldman Sachs Europe serves as the custodian of the CBDC account.

The characteristic of this bond is T+0 instant settlement, and secondary trading can only be conducted over-the-counter and settled in fiat currency off-chain. The bond interest is paid in legal euros, and Goldman Sachs Europe division serves as the payment agent to distribute these funds to bondholders.

Morgan Stanley’s Onyx Platform

Morgan Stanley’s Onyx platform has the ability to tokenize assets and trade encrypted assets. Onyx is based on a licensed blockchain and primarily serves institutional clients, providing cross-currency transactions for digital yen and digital new yuan, and services for Singapore government bond issuance. In the future, Morgan Stanley stated that it will facilitate ledger transactions for US Treasury bonds or money market funds on the Onyx platform.

The Onyx platform has also completed day-time repurchase agreement settlement between Morgan Stanley brokers and banking entities. Both the collateral and cash portions of repurchase transactions can be settled using the Onyx platform. For cash transactions in repurchase agreements, settlement is conducted using their JPM Coin, a blockchain-based banking account system. Since its launch in 2020, the platform has generated $300 billion in revenue.

Obligate

Obligate is a blockchain-based debt tokenization protocol that allows companies to issue bonds and commercial bills directly on the blockchain. The protocol supported German industrial company Siemens in issuing euro-denominated bonds on the Polygon network, with a total debt size of $64 million. Obligate also provided support to Swiss commodity trading firm Muff Trading AG. When investors purchase these bonds, they receive ERC-20 tokens in their encrypted wallets. According to their website, all future bonds will be priced in USDC, and issuers must go through the KYC process.

Investors will be able to access Obligate through existing encrypted wallets. For each investment, investors hold corresponding eNotes (ERC-20), which have the rights to receive payment upon maturity or receive collateral in the event of default.

Franklin Templeton

Franklin Templeton, a US asset management company, offers tokenized US government money market funds based on the Stellar and Polygon public blockchains. Investors can purchase Benji tokens, with each token representing a share in the tokenized fund. The target for each share is to maintain a stable $1 share price and can be redeemed at any time. Ownership of shares is recorded on the proprietary system on the Stellar blockchain network.

92.5% of the assets in this tokenized fund come from US institutions, with the remaining portion in cash. Investors can make purchases through the Benji Investments application. The tokenized fund currently manages assets exceeding $272 million.

Ondo Finance

Ondo Finance offers several tokenized fund products, including OUSG, OSTB, OHYG, and OMMF, with the underlying assets being Blackrock US Treasury ETF, PIMCO Enhanced Short Maturity Active ETF, Blackrock iBoxx High Yield Corporate Bond ETF, and American Mark Fund, respectively. The earnings from OMMF tokens are airdropped daily to token holders, while the earnings from other tokens, such as OHYG, are automatically reinvested in the corresponding assets. Token holders can receive traditional fund accounting reports from third-party service providers to verify fund assets.

Tokens can be redeemed daily, but it may take several days to settle. If the fund has US dollars on hand, redemption occurs immediately. If not, the fund will sell ETF shares, transfer the dollars from Clear Street to Coinbase, exchange the dollars for USDC on Coinbase, and then pay USDC to token holders.

RealT

Real Token Inc. (RealT) tokenizes equity in residential properties by collecting them. Each property is independently held by a limited liability company (LLC), and the properties themselves are not tokenized. Instead, the shares of the LLC companies are tokenized. Therefore, the shares of each company that owns a property are fractionalized and can be jointly held by investors. The project primarily provides international investors with a way to invest in US properties and earn rental returns. As of September 2022, RealT has tokenized 970 properties with a total value of $52 million.

Legally, RealT is a company registered in Delaware called Real Token LLC. The existence of this entity simplifies the process of tokenizing property by placing each property under a series of LLC companies and providing share ownership for returns.

RealT tokens can be used as collateral for the RMM DeFi lending protocol, which is based on Aave V2. So far, only non-US users have access to the RMM protocol and can borrow stablecoin DAI.

MatrixDock

MatrixDock issues its stablecoin (STBT), with each stablecoin pegged to 1 US dollar. The stablecoin is supported by US government bonds and repurchase agreements with a maturity date of no more than 6 months. STBT can be minted or redeemed by depositing USDC/USDT/DAI. Once the purchase of the underlying assets is “confirmed,” the deposited USDC/USDT/DAI will be minted into STBT tokens. Redemption can be done through the MatrixDock application or by transferring STBT to the issuer’s dedicated address, with a T+4 deadline (only on New York banking days). If a holder redeems STBT before maturity, the execution price is calculated by dividing the settlement price of the government bonds by the fair market value (FMV) of the previous day.

Lofty

Lofty tokenizes US properties based on the Algorand blockchain. Its operation is very similar to RealT. After transferring the property from the seller to Lofty, Lofty places each property in an independent LLC company and tokenizes the shares of the LLC company. The income from holding these tokens comes from rental income and property appreciation of the underlying assets. Since the underlying assets are a legal interest and not the assets themselves, it is unlikely to be possible to redeem them.

Tangible

Tangible is an NFT marketplace for real-world assets, allowing users to convert wine, gold bars, watches, and real estate into NFTs. Real-world assets are stored and kept in Tangible’s secure storage facilities. Users can purchase NFTs with the platform’s native stablecoin (Real USD, primarily supported by interest income from real estate, with an expected APY between 10% and 15%) or tokens like DAI. Only when a holder has all the fractions of an NFT can all the NFTs be redeemed as underlying assets.

Aktionariat

Aktionariat is a legally compliant digital platform limited to Switzerland. The Aktionariat platform provides tools for tokenizing shares for other companies and enables their trading. As Aktionariat has the ability to hold and trade tokenized stocks as well as traditional stocks, the price of the stocks will depend on the total supply, including the listed shares, and the valuation of the company. Aktionariat maps and updates the shareholder register in real-time by tracking the transaction addresses on the blockchain and the addresses stored in the off-chain database. However, due to the distinction between shareholders and token holders, token transfers may not result in changes to the register. Companies can also convert back to traditional share ownership by repurchasing their tokens from shareholders and “burning” the tokens.

Agrotoken

Agrotoken offers a solution for tokenizing agricultural products such as soybeans, corn, and wheat, where each token represents 1 ton of the underlying commodity. The expiry date of the commodity can also be marked as 30, 60, or 90 days or renewed until the maximum contract date. Exporters or collectors will ensure the proof of grain reserves through oracles. The protocol operates on the Ethereum public blockchain, and each token is an ERC-20 token.

The project is a pilot program launched in Argentina in March 2022 by Santander Bank and the cryptocurrency company Agrotoken. By embedding the right of recourse to the underlying commodity in the token and building the infrastructure to validate and process transactions and redemptions, Santander Bank is able to accept these tokens as collateral for loans.

Through a partnership with Visa, Agrotoken has created a bank card that is accepted by 80 million stores and businesses associated with tokenized agricultural products. The company is effectively connecting Argentine farmers and exporters with the global commercial network that have surplus grains.

LianGuaixos Trust

LianGuaixos is a financial institution specialized in blockchain infrastructure and payment systems. It also acts as a custodian for various cryptocurrency projects, such as the stablecoin USDP and the tokenized gold LianGuaix Gold (LianGuaiXG). LianGuaiXG operates only on the Ethereum blockchain and is available for settlement around the clock, accounting for about half of the tokenized gold market. One LianGuaiXG token is equivalent to one ounce of gold and can be exchanged for the physical gold itself, as well as the rights to gold ownership/credit, or sold directly for US dollars through LianGuaixo’s platform. LianGuaixos is regulated by the New York State Department of Financial Services.

TG Commodities Limited

TG Commodities Limited is the issuer of Tether Gold (XAUt) and is based in London. Legally, it is not the same entity as Tether Limited (USDT), the stablecoin issuer in Hong Kong, but they will be considered as the same issuer. One XAUt is equivalent to one ounce of gold and can be exchanged for the physical gold itself or for fiat currency after selling the physical gold on the Swiss gold market. All XAUt tokens are backed by physical gold, and holders can search for specific gold bars associated with their XAUt on the Tether Gold website. Redemptions can only be made for whole gold bars, ranging from 385 to 415 ounces.

Toucan Protocol

The Toucan Protocol allows users with carbon credit quotas in carbon registries to tokenize them and enable transactions. The tokenized carbon credits are called TCO2 s, which are programmed as NFTs and can be differentiated by adding additional names (such as TCO2-GS-0001-2019) to specify the projects and specific situations of the carbon credit quotas. Toucan also manages two liquidity pools: the base carbon pool and the natural carbon pool, to enhance liquidity and aggregate similar carbon credits. The natural carbon pool only accepts TCO2 tokens generated from nature-based projects.

Centrifuge

Centrifuge is an open DeFi protocol and a real-world asset marketplace. Asset owners in the real world act as originators to create asset pools fully collateralized by real-world assets. The protocol is not limited to asset categories and has multiple categories of asset pools, such as mortgage loans, trade invoices, microloans, and consumer finance, etc. Additionally, Centrifuge can integrate with other DeFi protocols, for example, it hosts most of the RWA assets in MakerDAO.

The tokenization of real-world assets is initiated and established by asset originators, with each asset pool connected to a Special Purpose Vehicle (SPV) that obtains legal ownership of the assets from the asset originators to separate the SPV’s assets from the asset originators’ business. Real-world assets are tokenized as NFTs and associated with off-chain data. Investors deposit stablecoins (usually DAI) into the asset pool, and in return, they receive two types of tokens representing the asset pool, TIN and DROP tokens, based on their risk preference. TIN and DROP tokens can be redeemed periodically, and investors’ returns come from the fees paid by borrowers who obtain financing from the asset pool, and investors can also earn rewards from the platform token CFG.

Goldfinch

Goldfinch is a decentralized lending protocol that provides encrypted loans for fully collateralized off-chain assets. The protocol has three main participants: investors, borrowers, and auditors. Investors can also support the development of the protocol by providing funds to the Goldfinch Member Vault.

Borrowers are off-chain borrowing entities that propose transaction terms regarding loan amounts in the protocol, called loan pools. Investors can directly provide funds to the loan pool or indirectly participate by providing funds to the protocol through an automated allocation process. Investors can redeem their tokens on specific dates, such as once per quarter.

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