From Pilot to Production: What It Actually Takes to Operate Tokenized Capital Markets

Tokenization is not a new asset class, it is an infrastructure upgrade.
The key message is that the hard part is not putting an asset on-chain. The hard part is operating it: issuer onboarding, transfer agency, servicing, compliance, fund administration, lifecycle management, and distribution.

• Tokenization is moving from pilot phase to real adoption.
• Execution is now the bottleneck, not concept validation.
• Servicing and regulated infrastructure are where long-term value and defensibility sit.