Tokenization
Tokenization means representing ownership of a real-world asset as an on-chain token. The interesting part is what that enables — and what it doesn't.
What changes
Fractional ownership becomes easy. Settlement is fast. Programmability opens up automated workflows (interest payments, collateral management). Global market access, subject to local rules.
What doesn't
Tokenizing a bond doesn't change the credit risk of the issuer. Tokenizing a house doesn't change the housing market. The underlying economics stay the same.
Where the volume is
Tokenized US Treasuries have crossed several billion dollars. Tokenized private-credit funds and money-market funds are the next wave. Real estate remains slow due to legal complexity.