PRIVATE SHARES ARE A REAL TEST FOR TOKENIZATION

Private-company shares may become one of the hardest tests for tokenization.

Unlike public equities or tokenized treasuries, private shares are tied to limited supply, restricted transfers, complex ownership records, investor eligibility, and thin liquidity. Recent moves by major financial institutions to explore tokenized depositary receipts show why this asset class is becoming more relevant to RWA.

But turning private shares into tokens does not remove that complexity. It brings it closer to the surface.

The real question is not whether private-company shares can be represented digitally. It is whether the infrastructure around them can support real asset sourcing, custody, rights, transfer controls, settlement, compliance, and investor protection.

The next phase of RWA will not be defined by what can be tokenized, but by what can be trusted, transferred, and settled at scale.

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