Two research notes this week point to the same gap. Centrifuge reports that of 542 tokenized assets it tracks, only 12% meet the bar for deep DeFi integration, with an industry average score of 2.04 out of 5. Grayscale finds that while tokenized-stock spot volume neared $3 billion in a single week, as of August 31 only about 5% had actually been deployed into lending or collateral markets, with the rest used mainly for around-the-clock speculation. Putting an asset on-chain and making it usable on-chain are two different things. Most tokenized assets today are still static wrappers around off-chain assets, not live assets that can be pledged, divided, and composed. The hard part of the next phase is not issuance. It is utility.