Tokenization’s Value Lies Beyond Moving Assets Onchain

The framing shift here is the real signal: if tokenization's value is in programmable functions rather than onchain representation, the competitive divide moves from who can mint a wrapper to who can build useful logic on top of it. That favors venues and issuers able to pair assets with settlement and collateral workflows, and it puts pressure on projects whose only pitch is an onchain copy. Whether the market rewards programmability over mere token supply is the open question.