Tokenization Adoption Hinges on Convenience, Not Rights

The tokenization industry has split into two camps: one that puts registered shares on-chain and another that builds tokens giving economic exposure. Tessera is part of the latter, focusing on permissionless access for retail investors.

RWA.xyz counted 4,010,763 addresses holding tokenized stocks as of September 28, a 67% increase in thirty days. This includes bStocks with 1,402,291 holders, xStocks with 666,831 holders, and Superstate Opening Bell with only 84 registered shares.

Notably, StonkFun, a Solana launchpad on Raydium's LaunchLab, allows users to pair tokenized stocks with other assets. This convenience has led to $630.4 million in volume since September 8, with a peak of $63.0 million on September 21.

The author argues that retail investors prefer tokens that are easy to hold and move, valuing convenience over rights. They cite the SEC's Innovation Exemption, which requires venues to verify token holders' rights and privileges.