Everyone building tokenized assets is chasing the same prize which is liquidity. Instant settlement. 24/7 markets. Collateral that can move anywhere. For me, liquidity is the unlock. But acceptance is the collision point and algorithmic decision-makers are the deadline. The clearest way to describe where we are now is: Liquidity is not issued. It is accepted. An instrument that settles in seconds but takes weeks to accept is not liquid. It is stranded. Static whitelists work for a small, stable universe of familiar assets. They do not scale to thousands of assets whose backing, controls, authority and eligibility can change continuously. The 2nd force has a hard edge. An algorithm making decisions in milliseconds cannot read a PDF, chase an email or wait for a committee. When the counterparty becomes software, evidence must become machine-verifiable. Otherwise, the human review queue becomes the ceiling on the entire system. Tokenization does not unlock liquidity by making assets move faster. It unlocks liquidity when counterparties can decide, safely and immediately, whether to accept what arrives.

Let's tokenize everything. Tokenization is one of the best ways for countries to "raise money", or attract FDI (Foreign Direct Investment). Which country/company won't want to sell their (tokenized) stocks to everyone in the world? I support tokenization on all blockchains. While this creates the "fragmented liquidity" problem, it is the fastest way to grow the sector, with multiple players pushing. Fragmentation can be somewhat addressed if there is high interchangeability amongst different issuers, which is important.