I just read notes from several market infrastructure companies flagging serious issues with tokenized securities. Turns out, the problem isn't just about technology, but more about economics and market fragmentation.

So here’s the deal: if securities keep being tokenized but there's no interoperability between platforms, what happens is costs become higher and liquidity gets fragmented. Imagine you have the same asset across different blockchains or platforms, but you can't trade it smoothly in one place. That’s their main concern.

Interestingly, this warning comes from parties with direct stakes in market infrastructure. They see that if fragmentation continues, market efficiency will actually decline. Transaction costs could rise, and institutional investors will think twice before entering.

This is probably an important note for regulators and project developers pushing for tokenization. If this is to truly go mainstream, interoperability is no longer optional but a must-have. Otherwise, tokenized securities might just become niche products, not the game-changer everyone expects.