This report, co-authored by Standard Chartered and Synpulse, is a comprehensive analysis of real-world asset tokenization in the context of cross-border trade scenarios. The report details how tokenization will become a game changer for global trade, providing investors with unprecedented liquidity, divisibility, and accessibility by transforming trade assets into transferable instruments.

Traditional financial assets can experience significant fluctuations due to macro market impacts, whereas trade assets differ in this aspect. While trade is closely linked to the economy, economic recessions will affect bank lending. However, the significant trade finance gap still provides a good opportunity for investors to enter the market, as small and medium-sized enterprises continue to require substantial financing, creating ongoing investment opportunities. To some extent, trade assets are able to withstand global economic downturns.

At the same time, due to the relatively short cycles of these trade assets, low default rates, and high financing demand, we believe they are better suited to become underlying assets for tokenization. Furthermore, the tokenization of trade assets can provide numerous benefits for all participants and processes in the complex scenarios of global trade, whether in 1) the payment of cross-border trade amounts, 2) the financing needs among various trade participants, or 3) utilizing smart contracts to enhance trade efficiency and reduce complexity and improve transparency.

Standard Chartered expects that by 2034, the overall demand for real-world asset tokenization will reach $30.1 trillion, with trade assets becoming one of the top three tokenized assets, accounting for 16% of the total tokenized market within the next decade.

Therefore, we have compiled this report to provide reference for market participants and investors. The article explores the transformative power of trade asset tokenization and shares why now is the perfect time to adopt and scale trade asset tokenization. Additionally, it examines the four key benefits of embracing tokenization and presents actions that investors, banks, governments, and regulators can take now to capture this opportunity and shape the next chapter of finance.

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Real-world asset tokenization: A game changer for global trade

In the past year, we have witnessed rapid developments in tokenization, reflecting a significant shift toward a more accessible, efficient, and inclusive financial system. In particular, the asset tokenization of trade assets represents a transformation in our understanding of value and ownership, as well as a fundamental change in investment and exchange mechanisms.

Through Standard Chartered's successful pilot in the Project Guardian initiative led by the Monetary Authority of Singapore, the feasibility of asset tokenization as an innovative 'from initiation to distribution' structure has been demonstrated, along with the potential opportunities it presents for investor participation in financing real-world economic activities.

Standard Chartered has further advanced this vision in the Project Guardian initiative, being the first to create an initial token issuance platform for real-world assets. They successfully simulated the issuance of $500 million asset-backed securities (ABS) tokens backed by trade finance assets on the public blockchain Ethereum.

The success of this project demonstrates how open and interoperable networks can be used in practice to facilitate access to decentralized applications, stimulate innovation, and promote growth within the digital asset ecosystem. This pilot project proves the practical application potential of blockchain technology in the financial sector, particularly in enhancing asset liquidity, reducing transaction costs, and improving market access and transparency. Through tokenization, trade assets can be accessed and traded more effectively by global investors, transforming trade assets into transferable instruments and unlocking previously unimaginable levels of liquidity, divisibility, and accessibility. It not only provides investors with a new opportunity to balance their portfolios with digitally tokenized assets that have traceable intrinsic value but also helps close the global trade finance gap of $2.5 trillion.

1. What is Asset Tokenization?

As the financial world undergoes rapid digitalization, digital assets stand at the forefront, fundamentally changing how we perceive and exchange assets. Traditional finance, in conjunction with innovative blockchain technology, will lead a new era of digital finance, fundamentally reshaping our understanding of value and ownership.

Before 2009, the idea of transferring value through Digital Assets was still unimaginable. Value exchange in the digital realm continued to rely on intermediaries acting as gatekeepers, creating inefficient processes. Despite the ongoing debate within the financial industry about the precise definition of Digital Assets, one cannot deny that they are ubiquitous in our technology-driven lives. From the information-rich digital files we use daily to the content we consume on social media, they permeate every corner of our modern existence.

The introduction of blockchain technology has changed the game. It is radically transforming financial markets. What was once unimaginable is becoming a reality, and tokenization has become a key element in expanding the digital asset market, moving it from niche and experimental to widely accepted and mainstream.

'Tokenization' essentially refers to the process of issuing digital representations of traditional assets in the form of tokens on a distributed ledger.

Tokenization refers to the process of issuing digital representations of real or traditional assets in the form of a token on a distributed ledger.

These tokens essentially serve as digital certificates of ownership that enhance operational efficiency and automation. Notably, it is closely related to the concept of fragmentation, where a single asset can be divided into smaller transferable units. However, the most revolutionary aspect is that tokenization enhances access to new asset classes and improves financial market infrastructure, opening the door to innovative applications and new business models in decentralized finance (DeFi).

2. The Development of Tokenization

Tokenization can be traced back to the early 1990s. Real Estate Investment Trusts (REITs) and Exchange-Traded Funds (ETFs) were among the first to achieve decentralized ownership of physical assets, enabling investors to own a portion of tangible assets such as buildings or commodities.

Until 2009, the world witnessed the birth of Bitcoin, a digital currency that challenged the concept of traditional third-party intermediaries. It sparked a revolution, followed by Ethereum entering the scene in 2015. Ethereum is an innovative software platform powered by blockchain technology that introduced smart contracts capable of supporting the tokenization of any asset. It laid the groundwork for the creation of thousands of tokens representing various assets, such as cryptocurrencies, utility tokens, security tokens, and even non-fungible tokens (NFTs), showcasing the potential applications of tokenization in representing digital and physical projects.

In the following years, a series of new phenomena emerged: Initial Exchange Offerings (IEOs) and Initial Coin Offerings (ICOs). The U.S. Securities and Exchange Commission (SEC) coined the term 'Security Token Offering (STO)' in 2018, paving the way for regulated tokenized offerings and giving rise to compliant solutions.

These developments pave the way for the tokenization of real-world assets to take center stage. They continue to act as catalysts for transformation and technological improvements in the financial services sector, laying the groundwork for ongoing new applications. The financial services industry continues to actively explore the potential of tokenization. Driven by client demand and the potential opportunities tokenization presents for banks and the global digital economy, financial institutions are increasingly seeking to integrate digital assets into their services.

A major example of such initiatives is the Guardian project, a collaboration between the Monetary Authority of Singapore (MAS) and industry leaders aimed at testing the feasibility of asset tokenization with DeFi applications. These industry pilots will further reveal the opportunities and risks brought about by the rapid innovation in digital finance tokenization.

Case A: Project Guardian Asset-Backed Securities (ABS) Tokenization Project

Standard Chartered showcased a bold vision in the Project Guardian initiative: how to use blockchain networks to advance the development of a safer and more efficient financial network. This is a collaboration between MAS and industry leaders, with participating institutions conducting market case studies to design a blueprint for leveraging the innovative potential of blockchain and DeFi for future market infrastructure.

Standard Chartered has taken this vision further by pioneering a token issuance platform for real-world assets, successfully simulating the issuance of $500 million asset-backed securities (ABS) tokens backed by trade finance assets on the public blockchain Ethereum. Through this initiative, Standard Chartered tested the end-to-end process from creation to distribution, including simulating default scenarios.

  • Tokenization: Trade finance receivable assets are tokenized in the form of non-fungible tokens (NFTs).

  • Risk-based Allocation: NFTs are structurally designed based on expected risks and returns (Senior and Junior Tranche), ensuring strict cash flow allocation.

  • Fungible Token Creation: Based on the underlying asset's NFTs and structured design, two categories of FT tokens are created. Senior FT tokens provide fixed yields, while junior FT tokens offer excess spreads.

  • Distribution and Access: Finally, these tokens are distributed to investors via Initial Token Offerings (ITO).

The successful pilot of Project Guardian demonstrates how open and interoperable blockchain networks can be used in practice to facilitate access to decentralized applications, stimulate innovation, and promote growth in the digital asset ecosystem. Applications can extend to the tokenization of financial assets such as fixed income, foreign exchange, and asset management products, enabling seamless cross-border trading, distribution, and settlement.

At the same time, by tokenizing the financing needs in cross-border trade scenarios, this new digital asset class is introduced to a broader group of investors, helping to improve liquidity in the trade finance market.

3. What Else Can We See Beyond Trade Asset Tokenization?

Tokenization is not just about creating a new way to invest in digital assets and bringing much-needed transparency and efficiency to trade finance; it can also engage more deeply in trade finance, simplifying the complexities of supply chain finance.

Credit Transmission: Typically, trade finance is only open to established tier-one suppliers, while deeper suppliers—smaller SMEs within the supply chain—are often excluded from trade finance. Tokenization can enhance the overall resilience and liquidity of the supply chain by enabling SMEs to rely on anchor buyers' credit ratings.

Creating liquidity: There is often much hype surrounding tokenization's potential to unleash tremendous value, particularly in inefficient and illiquid markets. There is a growing consensus in the market that, due to reduced transaction costs and enhanced liquidity, investors tend to adopt tokenized assets. For institutional supply-side players, the attractiveness seems to lie in acquiring new capital, enhancing liquidity, and streamlining operational efficiency.

Moreover, Standard Chartered believes that the true transformative power of tokenization is much larger. The next three years will be a critical juncture for tokenization, with new asset classes rapidly being tokenized, and trade finance assets taking center stage as a new asset class. Industry development is reaching a new level, with public utilities gaining more returns than isolated efforts.

To provide a channel for accessing new asset classes, banks play a crucial role in providing trust and connecting existing traditional financial markets with new, more open, token-supported market infrastructures. Maintaining a position of trust is fundamental to verifying the identities of issuers and investors, conducting KYC/AML checks, and granting credentials to participate in this new interoperable financial ecosystem.

Standard Chartered envisions a future where traditional markets and tokenized markets coexist and eventually merge, creating an urgent need for an open and licensed multi-asset and multi-currency digital asset infrastructure to supplement traditional markets. Compared to the closed-loop markets of the past, ownership and utility are shared among a broader range of market participants, striking a balance between inclusivity and security. Such infrastructure can not only facilitate efficiency and innovation but also address current industry pain points, such as duplicate investments and isolated, fragmented development that hinder growth and collaboration.

4. What Drives the Tokenization of Trade Assets?

Because tokenization brings unprecedented liquidity, divisibility, and accessibility to asset classes that have been seen as complex over the past decade, the current macro and banking environment serves as a catalyst for adoption.

4.1 SMEs: Unlocking Trillions of Dollars in Opportunities to Bridge the Trade Finance Gap

Standard Chartered expects global trade to grow by 55% over the next decade, reaching $32.6 trillion by 2030. Digitalization, the expansion of global trade, increased market competition, and enhanced inventory management are driving this expansion. However, there is a huge gap between trade finance demand and supply, particularly for small and medium-sized enterprises in developing countries.

The trade finance gap has been rapidly increasing—from $1.7 trillion in 2020 to $2.5 trillion in 2023. This growth represents a 47% increase in demand. It is the largest single-period increase since this metric was introduced, with various factors, including COVID-19, economic difficulties, and political instability, making it harder for banks to approve trade financing.

Additionally, the International Finance Corporation (IFC) estimates that there are 65 million enterprises in developing countries (40% of formal micro, small, and medium enterprises) with unmet financing needs. While the plight of small and medium-sized enterprises has been widely recognized, a critical segment remains unaddressed: the 'missing middle'.

The 'missing middle' or mid-market enterprises (SMEs) are a group that investors find difficult to access. SMEs sit between large investment-grade enterprises and small retail and micro enterprises, particularly active in rapidly developing regions such as the Middle East, Asia, and Africa. They represent a large and undeveloped market, offering significant opportunities for investors.

This investment opportunity is also able to withstand economic downturns. As trade is closely linked to the economy, economic recessions will impact bank lending. However, the significant trade gap presents a good opportunity for investors to enter the market, as small and medium-sized enterprises continue to require substantial financing even during economic slowdowns, creating ongoing investment opportunities.

It is also noteworthy that, according to data from the Asian Development Bank, the $2.5 trillion global trade finance gap accounts for 10% of all trade exports. Given that current trade finance covers 80% of today's exports, an additional 10% may represent further undisclosed trade finance gaps, as businesses either did not seek such financing or were unable to obtain it. This means that the total undisclosed trade finance gap could potentially reach $5 trillion in total opportunities.

4.2 Undeveloped Yield Markets for Investors

Trade finance assets are attractive but underinvested. They generate strong risk-adjusted returns and possess some unique characteristics:

  • Allows for risk diversification. Trading assets have short durations and can self-liquidate, being viewed as low-risk investments with relatively low correlation to the stock and bond markets. This makes them a more stable asset class while still providing strong risk-adjusted returns.

  • Broad range of investment options. There is a variety of trading assets available to meet the specific risk preferences of investors. Coupled with emerging markets and frontier markets that are harder to access, such as Ghana, Ivory Coast, Bangladesh, or Saudi Arabia, this asset class can meet the needs of a wide range of investors.

  • Low default risk and high recovery rates. Most importantly, trade finance assets have an impressive performance record. Compared to public credit, trade finance exhibits a relatively low default rate and higher recovery rates in the event of default, demonstrating that the risk-adjusted return of trade assets outperforms other debt instruments.

Despite institutional investors' insufficient investment in such assets due to a lack of understanding, inconsistent pricing, lack of transparency, and operational intensity, tokenization can help address this issue.

4.3 Banks are incentivized to adopt tokenization and utilize blockchain-based digital initiation distribution models to unlock capital in frontier markets.

Basel IV is a comprehensive set of measures that will significantly impact how banks calculate risk-weighted assets. Although full adoption is not expected until 2025, banks will need to develop growth strategies under Basel IV by modernizing distribution business models.

Through blockchain-based initiation and distribution, banks can derecognize assets from their balance sheets, thereby reducing regulatory capital to cover risks and facilitating efficient asset initiation. Banks can leverage tokenization by distributing trade finance instruments to capital markets and emerging digital asset markets. This 'digital initiation distribution' strategy for their trade finance assets can enhance banks' return on equity, expand funding sources, and improve net interest income.

The global trade finance market is vast and ready for tokenization. Most trade finance assets between banks can be tokenized and converted into digital tokens, allowing global investors seeking returns to participate.

4.4 Real Demand Driving Growth

According to a report by EY Parthenon, the demand for tokenized investments is set to soar, with 69% of buying companies planning to invest in tokenized assets by 2024, up from 10% in 2023. Furthermore, by 2024, investors plan to allocate 6% of their portfolios to tokenized assets, rising to 9% by 2027. Tokenization is not a fleeting trend; it represents a fundamental shift in investor preferences.

However, the supply side of the market is still in its infancy, with the total value of real-world asset tokenization (excluding stablecoins) expected to be around $5 billion by early 2024, primarily involving commodities, private credit, and U.S. Treasury bonds. In contrast, Synpulse expects the accessible scale, including the trade finance gap, to reach $14 trillion.

According to current market trends, Standard Chartered forecasts that by 2034, the overall demand for real-world asset tokenization will reach $30.1 trillion, with trade finance assets becoming one of the top three tokenized assets, accounting for 16% of the total tokenized market within the next decade. As demand may outstrip supply in the coming years, it has the potential to help address the current $2.5 trillion trade finance gap.

5. Embracing the Four Benefits of Tokenization

Asset tokenization has the potential to reshape the financial landscape, offering increased liquidity, transparency, and accessibility. While it holds promise for all market participants, realizing its full potential requires the collective efforts of all stakeholders.

Trade finance stimulates the global economy, but traditionally, these assets have primarily been sold to banks. Tokenization opens the door to a broader group of investors and ushers in a new era of growth and efficiency.

5.1 Improving Market Access

Today, institutional investors are eager to enter new, fast-growing markets. Emerging markets can be an attractive option for diversified investments. However, due to a lack of necessary local expertise and effective distribution networks, investors are unable to fully capitalize on the opportunities presented by emerging markets.

This is where the advantages of tokenization lie. By distributing trade finance assets through digital tokens, banks can enhance net interest income and optimize capital structure, while investors, businesses, and communities relying on trade finance can benefit from increased accessibility. A close examination of Standard Chartered's early collaboration with the Monetary Authority of Singapore in the Project Guardian can highlight the transformative power of tokenization. The pilot project demonstrates how an open, interoperable digital asset network can unlock market access and enable investors from different ecosystems to participate in this tokenized economy, paving the way for more inclusive growth.

5.2 Simplifying Trade Complexity

Due to the multi-party and cross-border nature of global capital and goods trade flows, trade finance is often perceived as a complex scenario. This asset class has a low level of standardization, with varying ticket sizes, timing, and underlying commodities, making large-scale investment challenging.

Tokenization provides a platform that can address this complexity.

Tokenization is not just a new way to obtain investments; it is also a driver of deep financing. Typically, trade finance is only available to established tier-one suppliers, while 'deeper' suppliers are often excluded from trade finance. As a solution, token-supported deep supply chain financing can eliminate complexity.

In addition to providing the much-needed transparency and efficiency for trade finance, tokenization can enhance the overall resilience and liquidity of supply chains by allowing small and medium-sized enterprises to rely on the credit ratings of anchor buyers.

Case B: Project Dynamo: Utilizing Digital Trade Tokens to Address Trade Complexity

The Project Dynamo initiative is a collaboration between Standard Chartered, the Bank for International Settlements Hong Kong Innovation Hub, the Hong Kong Monetary Authority, and technology companies, representing a typical example of utilizing digital trade tokens to address trade complexity.

This collaborative effort has led to the development of a prototype platform where anchor buyers use tokens to make programmable payments to suppliers across their entire supply chain. Smart contract technology is used to automatically execute and redeem these tokens based on specific events (such as triggering eBL or ESG conditions), enabling efficient and transparent trade processes. Major buyers can also use tokens to make conditional payments to their SME suppliers, with tokens only converting to cash upon meeting preset conditions (such as proof of delivery or electronic bills of lading).

Token holders also have various ways to handle tokens. They can hold tokens, sell tokens for financing, or use them as collateral for loans. The tokenization of ownership transfer provides greater flexibility for deep suppliers in managing funding efficiency.

Its benefits are not limited to individual participants. Digital trade tokens are issued in the form of 'stablecoins' and are backed by dedicated bank funds or bank guarantees. Coupled with the programmability and transferability provided by blockchain infrastructure, institutional investors are more confident in investing in small and medium-sized enterprises and supply chain financing (previously seen as high-risk areas).

The Project Dynamo initiative is just the beginning. It lays out a blueprint to address the challenges faced by suppliers (especially small and medium-sized enterprises) in accessing deep supplier financing by providing more adaptive and effective financing and payment methods. Ultimately, it creates a new financing channel for those who previously had no access to traditional financing options.

Case C: Optimizing Trade Processes/Financing Using CBDC Programmability

While tokenization brings exciting possibilities for addressing the complexities of the trade ecosystem, the programmability of Central Bank Digital Currency (CBDC) also introduces another game-changing factor. These digital versions of fiat currency issued by central banks can utilize the automatic execution capabilities of smart contracts to enable programmable transactions, further simplifying trade and supply chain financing processes.

Imagine a scenario where a large company with a good credit record (anchor buyer) has a network of suppliers, many of whom are SMEs with limited access to loans. With programmable CBDCs, the anchor buyer can instruct their bank to program the CBDCs payable in the future and directly distribute them to suppliers, who can then use these CBDCs to improve operational capital efficiency or pay deeper suppliers.

This streamlined process offers numerous advantages for deep supply chain financing:

  • Enhanced Flexibility: Deep suppliers can use digital currency as collateral for borrowing fiat currency, unlocking new financing options and increasing operational flexibility.

  • Smoother Credit Assessments: Banks can leverage customer information collected through payment data to streamline the credit assessment process for SMEs, thereby reducing operational costs and risks banks face when collecting data.

  • Scalability and Transparency: CBDCs make SMEs' operations more scalable, making it easier for all parties in the supply chain to report on ESG management and sustainability.

  • Stability and Confidence: On a broader scale, CBDCs enhance the stability and transparency of the entire supply chain.

In the above scenario, smart contracts play a crucial role in automating payment and financing processes.

Pre-Defined Contract: By utilizing smart contracts, CBDCs can be programmed and combined with payment and trade information to become a new trade finance tool.

Purpose-Bound Payment: Deep suppliers that do not meet credit requirements can use tokens as collateral to obtain financing related to the issuance purpose.

Purpose-Bound Financing: Such CBDCs can be transferred by anchor buyers to their suppliers, who can immediately use them as a form of payment to deep suppliers.

Obligation Fulfilment: Once the conditions in the smart contract are met, the smart contract will execute itself, and the CBDC restrictions will be lifted automatically.

5.3 Digital Securitization

While securitizing trade assets as financial products in traditional finance has been effective, it is only applicable to a limited subset of asset types, such as working capital loans and import-export financing assets. Tokenization significantly expands this investable asset set.

Due to the short durations of trade assets, the entire process is operationally inefficient, and trade asset classes require comprehensive management solutions to track underlying assets, assess performance, and determine funding and payments.

All of these can be fully addressed through tokenization and the programmability of smart contracts, along with the complexities and diversity handled by AI automation. By automating processes, data management can be simplified and automated. Each token is traceable as it is linked to receivables. This aids in status monitoring, minimizes human error, promotes transparency for all stakeholders, and supports the assessment of receivables and financing amounts.

Programmability also simplifies the transfer of ownership during transactions, enhancing transaction efficiency.

As tokenization involves standardized representations of receivables, it creates a common language that can make receivables management across jurisdictions more straightforward.

5.4 Reducing Information Asymmetry

Utilizing blockchain to trace the underlying assets helps reduce information asymmetry between issuers and investors, thereby enhancing investor confidence.

Establishing a listing framework for tokenized assets is an important step in encouraging adoption and enhancing investor confidence, as publicly disclosing issuance documents makes it easier for investors to obtain relevant information necessary for due diligence. Listing tokens also ensures that issuers have a certain degree of transparency and meet regulatory disclosure requirements, which is crucial for many institutional investors.

Today's investors are more sophisticated, demanding higher transparency and control. We will soon see tokenized products emerge as a new way to reduce information asymmetry. Besides representing the underlying assets, tokens can also encompass additional functionalities, including online access to operational and strategic data from the aforementioned assets. For example, in the tokenization of working capital loans, investors can access operational parameters of the underlying business, such as profit margins or the number of potential customers in sales channels. This model has the potential to enhance investment returns and elevate transparency to a new level.

6. How to Participate in the Tokenization Market?

Asset tokenization has the potential to reshape the financial landscape, offering increased liquidity, transparency, and accessibility. While it brings hope to all market participants, unlocking its full potential requires the collective efforts of all stakeholders.

6.1 Adoption

For institutional investors seeking access to new asset classes or improved returns, tokenization can offer more specific and differentiated solutions to meet their clients' specific risk-return profiles and liquidity preferences.

Family offices and high-net-worth individuals (HNWIs) can benefit from more effective wealth growth through diversified and transparent product structures, unlocking previously inaccessible opportunities.

To seize this investment opportunity, investors should start from a solid foundation. As this is an emerging and evolving field, understanding new risks is crucial, so education should be the starting point for building expertise.

For instance, participating in pilot programs will allow investors and asset managers to experiment and build confidence in tokenized asset allocation.

7.2 Collaboration

The industry is at a turning point in fully embracing asset tokenization. Collaboration across the market is crucial to realizing the benefits of tokenization. Overcoming distribution challenges and achieving better capital efficiency requires collaborative efforts. Banks and financial institutions can expand their reach through collaborative business models, such as developing industry-wide tokenized utilities. Similarly, intermediaries like insurance companies can act as alternative distribution channels to broaden market access. Recognizing the transformative impact of tokenization on capital efficiency and operational efficiency, the industry must come together to leverage the power of shared infrastructure.

In addition to financial institutions, a broader ecosystem that includes technology providers and other participants must collaborate to create a supportive environment. Achieving interoperability, legal compliance, and efficient platform operations through standardized processes and protocols is crucial.

Tokenization efforts are currently in the early and fragmented stages, with an urgent need for industry-wide collaboration to address these critical issues and combine the robustness of traditional finance (TradFi) with the innovation and agility of DeFi. This strategy will pave the way for a more stable, unified, and mature digital asset ecosystem, balancing technological advancement with regulatory consistency and market stability.

7.3 Promotion

Finally, not only market participants but also governments and regulators play a key role in promoting the responsible growth of the digital asset industry. By formulating policies that encourage global trade and support communities (such as job creation), they can promote industry development while mitigating risks.

A clear and balanced regulatory framework can promote innovation while guarding against the pitfalls emerging in the crypto space.

Establishing public-private partnerships with banks and other financial institutions is also crucial. These collaborations can accelerate industry development by promoting responsible and sustainable growth.

Through this collaboration, regulators can ensure that the growth of the digital asset industry benefits the economy, improves global financial integration, creates jobs, and maintains market integrity and investor protection.

Report Link:

Real-world asset tokenization: A game changer for global trade by Standard Chartered & Synpulse

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