Tokenization has three paths.
Synthetic claims, backed claims, and native issuance (noncustodial).
Long term native issuance wins. Teams like Securitize are pushing for it, but that means unwinding most financial infrastructure around securities. Easy a 5-10 year process, even with friendly regulation.
Financial institutions are bringing tokenized products to market right now but they can't wait. Synthetic wrappers of SPVs will dominate in the near term.
