Tokenized stocks face the problem of liquidity fragmentation. Take $TSLA stocks for example When it onboarded onchain, you can have: + Custodial stock tokens + Linked securities + Security-based swaps + Tokenized funds + Stock perps They all give exposure to TSLA, but they are different financial instruments, so liquidity cannot simply be merged into one pool. And even within the same structure, @Ondo, @xStocksFi, or @RobinhoodCrypto can issue their own versions. Same underlying, but different market makers, venues, and liquidity The advantage is that more platforms also bring new users and new demand into US equities. But more access also creates more liquidity islands. At some point, tokenized stocks may need their own liquidity orchestration layer. It would route liquidity and handle settlement, compliance, redemption, and different legal structures. Who becomes the liquidity layer for tokenized stocks?