Everyone says tokenization is being held back by regulation, custody infrastructure, or institutional conservatism. But I don't think that's true. The technology works. Assets settle perfectly onchain. Yields are competitive, ranging from safe US Treasury bets at 3% up to 10% for riskier instruments. Compliance frameworks exist. Custody solutions from reputable providers are live. But even with all that working smoothly, institutional adoption is only moving forward at a fraction of what its speed could ...