India’s richest state Maharashtra moves to tokenize state assets to fund power infrastructure

This is a notable test of whether tokenization can move beyond private credit and treasuries into sovereign-adjacent infrastructure, with a subnational government rather than a crypto-native issuer setting the terms. The revenue-share structure matters more than the token wrapper: it turns transmission lines into yield-bearing instruments whose performance depends on regulated tariffs and grid utilisation, not on crypto market sentiment. Maharashtra's scale and its parallel push for a property-tokenization law suggest a jurisdiction trying to build legal rails, not just pilot a product. The open question is whether the policy advances to actual issuance and how revenue-sharing rights would be enforced and traded.