That isn’t as obvious as it sounds.
Citrini argued that tokenization could lift the broader crypto ecosystem, but more assets moving onchain doesn’t automatically make bitcoin , ether or whichever blockchain hosts them the best trade.
Arthur Hayes, BitMEX’s co-founder and the chief investment officer of Maelstrom, framed that problem more bluntly.
RWA tokenization has been talked about for a decade, he said in a recent interview with The Rollup, and simply taking a security that already sits in a digital database and recording it somewhere else doesn’t necessarily create much value.
“Okay, doing better bookkeeping. Thank you,” Hayes said. “Where are you actually going to make money in tokenization?”
There are several possible answers.
Tokenized stocks can generate issuance fees, trading revenue, stablecoin demand, lending activity and collateral usage, but those economics can land in very different…
