Tens of billions now sit on-chain via tokenization, driven by private credit and money-market products. Yet next to the hundreds of trillions in traditional capital markets, it still looks like a rounding error. The reasons are structural: fuzzy legal ownership, fragmented platforms that split liquidity, inconsistent rules across borders, and thin secondary markets. Instant settlement sounds powerful until institutions lose the risk-management buffers they’re used to. Scale comes from fixing those gaps, clear legal claims, real interoperability, deeper liquidity, and focusing first on high-velocity uses like collateral and short-term cash. Do that, and even modest penetration of existing asset classes turns multi-trillion. The early numbers prove it works. The next chapter is about removing the remaining friction.