ETFs transformed how capital accesses markets, not how markets are built. They bundled existing assets into efficient, liquid vehicles and standardized distribution at scale. It was a meaningful innovation, but it stopped at the wrapper.

Tokenization operates at the asset level. It changes the asset itself. When ownership rights, transfer restrictions, eligibility rules, and corporate actions are embedded directly into code on a shared ledger, issuance, servicing, and settlement collapse into a single native workflow. The result is not a new product format, but a new market structure.

This distinction matters because the next wave of growth is not in public beta exposure, but in private…

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