Tokenization ≠ value by default ​ Tokenizing assets alone doesn't create demand or liquidity. Distribution does. ​ 2 case studies/insights from Consensus HK on value capture ​ 1. Tron Capturing Value from Cross-border Payments ​ - USDT has ~$180B market cap - Half of them is on Tron - Main usage in cross-border payments, remittances in emerging markets for the past 6 years - Tron captures large fee ($1-2m daily) and activity (>$20B daily vol) despite not issuing USDT ​ Tron is not the asset issuer but it captures a lot of value by being the distribution rail for emerging markets (LATM, Africa, etc) ​ 2. Hyperliquid Gold vs Real Tokenized Gold ​ - Paxos Gold + Tether Gold = the largest official tokenized gold issuers - Hyperliquid Gold (a synthetic perp) does 5–10× more volume than both combined - Hyperliquid Gold has no custody, no physical redemption, no compliance-heavy structure associated with normal RWAs ​ Perps bypasses the entire RWA compliance stack. It proves that traders value liquidity + speed over realness. ​ Perps likely to dominate RWAs before regulated spot markets mature.