If you’ve attended any finance panels recently or glanced at the latest fund launches, you’ve probably heard about tokenisation, as it’s everywhere these days. And with good reason: more than $34 billion in real-world assets have already moved on-chain, from tokenised US Treasuries to “digital gold” and even real estate. All of which makes it easy to believe that finance has finally reached its programmable, borderless future. But look closer, and the reality proves more intricate. According to recent res ...