I noticed an interesting discussion in the ecosystem — infrastructure companies are increasingly raising the question of why tokenized securities haven't taken off as many expected.

It's all about simple issues: costs. When each platform creates its own standard, it results in fragmented liquidity. Imagine — you have a tokenized share on one exchange, but it's incompatible with another. It's like having money in different currencies without exchange rates.

The problem is that there is no single main gateway through which all these assets flow. Every market player tries to become the center of the universe, but instead, it results in a fragmented mess. Transaction costs increase because you constantly need to convert between incompatible systems.

Companies working with market infrastructure are clearly concerned. They see the potential of tokenization but understand that without standardization and interoperability, it will remain a niche product for enthusiasts.

Basically, this whole story shows that technology is only half the equation. The other half is consensus and cooperation among market participants. Until that happens, tokenized securities will remain stuck in place.