Post #2164

Tokenized stocks are in their awkward "teenage phase." Stablecoins and T-bills scale fast because they’re simple – one asset, one claim, clean yield. Stocks are messy: voting rights, dividends, thousands of tickers, different wrappers from Securitize, Ondo, DTCC, Robinhood, Tradexyz, and most people still think they’re interchangeable. They’re not. What you own depends on the model: direct tokenization, entitlement layers, indirect structures, or perp-style exposure. Same stock token label, completely different legal reality and risk stack, and that’s exactly why liquidity is fragmenting before it consolidates.