The tokenization market has a hype problem. In a recent Hong Kong Economic Journal piece, Peter Brewin, PwC Hong Kong's Digital Assets Leader, put it bluntly: the real opportunity isn't slapping "tokenized" on random assets. It's in things people already want to buy. Government bonds. Private credit. Infrastructure that throws off cash flows. Hong Kong's Monetary Authority is actually building a platform for tokenized bond settlement. That's real. But here's the part most people skip over. @ag_dwf pointed out that issuing a token is the easy part. Legal ownership, custody, capital efficiency, liquidity. That's where projects actually fail. Think about tokenized gold. If you can't legally redeem the underlying across jurisdictions, you don't own anything. Same with tokenized money-market funds. If they're not meaningfully better than the traditional version, why would anyone switch? Getting an asset onchain is step one. The value only kicks in when you can actually use it as collateral or earn yield on it. Most projects aren't there yet.