➥ tokenization’s next bottleneck is collateral mobility most of the market still focuses on how much value has moved onchain i'm starting to care much more about how much of that value can actually be reused once it gets there that’s a very different stage of adoption since tokenized stocks are already moving beyond simple spot trading Robinhood says its stock tokens are being built to plug into lending pools and be used as collateral across DeFi Ondo designed its tokenized equities around the same direction → assets that can eventually be borrowed against, cross-collateralized & used across third-party protocols → Ondo tokenized stocks have started being used as collateral for perp trading as well if i hold tokenized NVDA, for example, the useful end state isn't just: buy NVDA onchain → sell NVDA onchain it could become: hold NVDA → post it as collateral → borrow USDC → trade or deploy that USDC elsewhere → keep the original equity exposure now the same asset is supporting more than one economic activity that is much closer to how mature capital markets work and it changes which protocols i think benefit from tokenization - @Ondo / @RobinhoodCrypto bring the assets onchain - @Morpho / @eulerfinance / @VenusProtocol-style lending markets can turn those assets into borrowing power - @FluxFinance_ was an early example of this model, supporting tokenized securities as collateral rather than treating them only as assets to hold - @HyperliquidX / HIP-3-style markets can use tokenized or TradFi exposure as part of the collateral + derivatives layer - @lifiprotocol + other routing infra can solve the distribution problem by making tokenized assets accessible across more wallets, protocols & chains then underneath all of this, oracles, liquidation infra & stablecoins become even more important so i think tokenization is entering a second phase - phase 1 was issuance: bring Treasuries, stocks, funds & commodities onchain - phase 2 is capital utility: make those assets borrowable, marginable, transferable & usable across different financial applications that second phase is probably where much more value gets created $1B of tokenized assets sitting in wallets is still useful but $1B that can move between lending, trading, collateral and settlement markets starts becoming financial infrastructure that’s why my RWA watchlist is shifting away from just issuers i’m increasingly watching the protocols that make tokenized assets liquid + collateralizable + composable because long term, i think the biggest winner could be whoever makes those assets useful across the largest part of the onchain economy