Here’s how I see the tokenization narrative in crypto...
Last week, the SEC opened a five-year window for tokenized stocks to trade onchain. This is a trial period, not permanent legislation, but the direction is clear.
I think it plays out in this order:
Tokenized stocks. This is where we are now. But there’s an important detail: the SEC wants tokens representing actual shares, with dividend and voting rights. Products that simply track the price fall outside this framework. The regulatory boundaries are clear, and existing tokenized stocks will have to adapt.
Bonds, funds and ETFs. This has already started in practice. It’s the easiest part.
Private credit and commodities.
Finally, the broader RWA category and real estate. Property titles, local laws and liquidity make this the slowest part of the process.
After all these years, crypto is building a strong narrative with solid foundations.