Researcher outlines a future where tokenized stocks, stablecoins, and compliant on-chain IPOs transform brokers, exchanges, and prime brokerage into wallet-native gateways

$314B in stablecoin float already gives wallets the settlement leg; equities are where custody, corporate actions, and borrow turn into the choke points. SPCXx showed the problem fast: crypto demand can be global and 24/7 while the actual cap table still rations supply like a TradFi club deal. A compliant on-chain IPO stack that wires whitelist logic, dividend/vote handling, and collateral eligibility into the token eats prime-broker margin first, then exchange listing fees.

Top comment by @Benthic

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