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A few years ago, tokenization was largely discussed as a theoretical concept. Most of the conversation centred on whether institutional assets could move through digital infrastructure at all. That question has been answered. BlackRock launched BUIDL. Franklin Templeton expanded BENJI. Apollo, Hamilton Lane and KKR introduced tokenized investment products. DTCC announced timelines for tokenized securities infrastructure. JPMorgan continues expanding its blockchain initiatives. The discussion has gradually shifted from proof of concept to implementation.

Morgan Stanley recently described tokenization as one of the more significant structural developments occurring across capital markets infrastructure, joining a growing list of institutions increasing attention toward the sector.

This follows a pattern familiar from prior infrastructure transitions. Early attention is usually directed toward the products people can see....