Familiar assets, more useful

Tokenisation wins when a known asset becomes a better building block. The chain is not the prize.

A tokenised fund interest is valuable if, inside the law that applies, it can be held more widely, transferred in smaller amounts, posted as collateral, dropped into an automated portfolio, or settled against a payment. It is not valuable because it sits on a particular network.

The first phase of this market proved that a representation could exist. The next phase is a programmable capital market: continuous access, collateral that moves, delivery and payment that either both happen or neither does, compliance evaluated at the moment of transfer, and distribution through brokers and wealth platforms people already use.