Dharma Insights — Operational№ 215 · Web3
← The Signal№ 215 · Web3 · February 5, 2026 · 1 min read

Tokenization 2

Tokenization 2.0 isn’t about assets anymore. It’s about who controls the financial stack. The RWA shift is vertical, not incremental. We’re moving from: tokenized assets → full-stack financial infrastructure What…

Tokenization 2.0 isn’t about assets anymore.
It’s about who controls the financial stack.

The RWA shift is vertical, not incremental.

We’re moving from:
tokenized assets → full-stack financial infrastructure

What actually matters:

Asset origination — real, yield-bearing collateral institutions trust
Execution layer — RWA-native settlement, not generic chains
Omnichain plumbing — liquidity without fragmentation or state drift
Regulation as infrastructure — BD / ATS / TA embedded, not bolted on
Distribution — assets deployed where liquidity already lives

Miss one layer and you’re not a platform — you’re a dependency.

The payoff?

• Compliance becomes an SDK
• RWAs become institutional-grade collateral
• DeFi finally gets real balance sheets
• Tokenization shifts from product → operating system

Most teams are still debating what to tokenize.
The real race is about owning the full stack.

That’s where durable RWA value will be built.

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