Tokenization, written from the desk
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Tokenization, from the desk
Six notes. Read in order if you are new. Jump if you already know which layer is lying.
The notes
in reading orderA token is not the building, the share certificate, or the treasury bill. It is a claim written on a ledger that is supposed to move when the claim moves. This page is the on-ramp.
Note 2 · 7 min readHow tokenization started, and the road it actually tookThe idea is older than Bitcoin. The working versions keep arriving a decade late, then all at once.
Note 3 · 3 min readTokenized stocks, without the brochureA tokenized stock is a claim that tries to follow a listed share. Whether it *is* the share is a legal question. Whether it *trades like* the share is a desk question. We keep those questions apart.
Note 4 · 3 min readThe people and institutions that made tokenization a marketMarkets remember products. They should remember who accepted the boring half of the work.
Note 5 · 3 min readIs the token the same as the stock?Four checks. If any fail, do not say “the same.” If they pass, you still have a number — the premium — and that number is the story.
Note 6 · 3 min readThe laws and pipes tokenization actually runs onSoftware does not retire a statute. The interesting builders accepted that and went to get licenses. This is the map of those licenses and the machines behind them.
Informational only. Not advice. Not an offer of securities.