Liquidity, not novelty, determines tokenization’s value
Liquidity, not novelty, determines tokenization’s value
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The article argues that the true value of tokenization stems from the liquidity of high-demand assets, such as dollars and bonds, which facilitates continuous settlement and collateralization, rather than the inherent novelty of the technology itself.
Liquidity, not novelty, determines tokenization’s value
High-demand assets enable continuous settlement, collateralization, and network effects. Programmability on dollars and bonds compresses financial frictions where trillions already flow.