𝗧𝗼𝗸𝗲𝗻𝗶𝘀𝗲𝗱 𝗦𝘁𝗼𝗰𝗸𝘀 𝗛𝗮𝘃𝗲 𝗮 𝗦𝘂𝗽𝗽𝗹𝘆 𝗣𝗿𝗼𝗯𝗹𝗲𝗺
Crypto platforms raced to tokenise SpaceX shares before the IPO. The tech worked fine. The problem: they couldn't actually source the underlying stock.
This is the dirty secret of tokenised equities. You can wrap anything in an ERC-20 or SPL token in minutes. But if the wrapper has no reliable claim on the real asset, you've just built a synthetic with counterparty risk dressed up as innovation.
We've seen this pattern with 300 token launches. The hard part is never the smart contract. It's the liquidity backing, the redemption mechanism, the market making that keeps the peg tight when demand spikes. SpaceX exposed that most "tokenised stock" platforms skipped the boring infrastructure and went straight to the marketing.
If the backing asset can't be acquired, settled, and redeemed on demand, is it a tokenised stock or just a prediction market with extra steps?