05 February 2026
Introduction: From Experiment to Market Structure
Tokenized securities are moving from pilot to production. Equities, ETFs, and commodity exposures are increasingly issued and represented on-chain, reshaping how securities are issued, traded, and settled. The appeal of tokenization is now well understood: assets become programmable, ownership can be fractionalized, settlement shortens from days to near-instant, collateral becomes composable, and trading is no longer constrained by geography or market hours.
What is changing is not the potential of tokenization, but how it reshapes market structure, and the competitive dynamics this creates.
As securities move on-chain, the traditional separation between issuance, clearing, settlement, custody, and trading begins to converge. Functions that once required multiple intermediaries increasingly fold into integrated workflows.
The central question is no longer whether securities move on-chain, but who controls the end-to-end infrastructure that investors actually use.
Read the full article here.