The tokenization discussion is evolving. The real challenge is no longer only: “How do we tokenize assets?” It’s: “How do tokenized assets actually settle?” Every tokenized bond, fund, or Treasury product still needs a cash leg. That means deciding between: - stablecoins - tokenized deposits - central bank money - or traditional fiat rails connected externally And that decision shapes: - regulation - liquidity - interoperability - settlement finality - counterparty risk This is where firms like JPMorgan Kinexys become important. Because tokenization is moving beyond issuance… …and into the mechanics of market infrastructure itself. The opportunity is not just digital assets. It’s programmable settlement: ✓ atomic DvP ✓ near real-time finality ✓ synchronized cash + asset transfer ✓ reduced reconciliation layers The future likely won’t run on: one chain, one token, or one settlement model. It will be an interoperable financial environment where assets, cash, and existing banking rails operate together.