Tokenization promises benefits TradFi struggles to deliver — fractional access, global investor pools, instant settlement, and automated compliance via smart contracts. The pitch is real; the friction is legal and operational.
Split a $10M building into millions of tokens and retail can invest in real estate that once required large tickets and accredited status. Liquidity still depends on secondary market depth — tokens do not guarantee buyers.
Tokenized T-bills as collateral on lending protocols and yield-bearing stablecoins in DEX pools show where composability matters. RWAs become Lego bricks in DeFi only when legal and oracle layers permit.