The Tokenization of Financial Services: “A Change Is Gonna Come”

In this article, the author argues that within five years tokenization will have advanced far enough that “tokenized assets” will simply be known as assets. He sets out the eight steps by which an asset is brought on chain, and the third-party risk and Investment Company Act exposure that follow for regulated institutions, before surveying the sectors where live activity has overtaken pilot projects — money market funds, Treasuries, private credit, tokenized deposits, real estate,