Most people still think tokenized stocks are mainly a trading story. I don’t think that’s the real unlock anymore. Trading is the easy part. Any asset can become tradable onchain. The hard part is turning that asset into something lenders, borrowers, and credit markets can actually plan around. That’s where most tokenization narratives still break. Because once an asset enters a lending market, nobody cares only about exposure anymore. They care about duration, refinancing risk, liquidation paths, funding stability, and whether borrowing costs suddenly go feral in the middle of a volatile week. That’s why @TermMaxFi feels structurally important right now. Not because fixed-rate lending is “better.” But because tokenized assets probably don’t become real credit infrastructure without fixed terms, fixed costs, and known risk parameters somewhere in the stack. “Known rate. Known term. Known risk.” That line sounds simple, but it quietly solves one of the biggest problems in onchain credit: underwriting something whose variables keep drifting every block. The interesting part is that tokenization itself is slowly becoming commoditized. Treasuries, gold, credit, stocks… everything is moving onchain now. What’s scarce is predictable credit infrastructure sitting underneath those assets. Feels like the next RWA race won’t be about who tokenizes the most assets. It’ll be about who makes those assets usable as long-term collateral without turning risk management into a guessing game.