I Watched Lehman Collapse: Tokenization Is Building the Same Risks — S&P's Andrew O'Neill

Andrew O'Neill is the Managing Director and Analytical Lead for Digital Assets at S&P Global Ratings, the 160-year-old institution that grades the world's sovereign debt, corporate bonds, and now, the tokenized assets flooding onto blockchains. He was an intern at JP Morgan in the summer of 2007, walking past Lehman Brothers' New York office as the financial system began to tear itself apart. Sixteen years later, he's watching the same patterns re-form in the $10 billion tokenized finance market, and he's naming names.

You'll also discover why S&P Global now refuses to rate any stablecoin without "exogenous collateral," what the $1.4 billion Bybit hack exposed about institutional cyber risk that nobody's talking about, and the one question Andrew says every investor must ask before touching a tokenized fund.

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