Tokenization’s Digital Oz 1/4 Tokenization is sold as efficiency: 24/7 markets, faster settlement, lower costs, more access. What is actually live right now is much narrower. Distributed on-chain real-world assets (excluding stablecoins) sit in the tens of billions — roughly $38–46 billion. Tokenized Treasuries are around $13–15 billion. That is real growth, but still a small fraction of the markets they claim to upgrade. The working version so far is mostly controlled infrastructure that lets the same securities move and be posted as collateral more easily inside existing rails, not an open system where anyone freely multiplies claims.