21Shares co-founder Ophelia Snyder warns tokenization enthusiasm is outpacing Wall Street readiness, citing unprepared financial infrastructure for institutional adoption

$15.1B in tokenized Treasuries is already onchain, but the top products still behave like permissioned receipts: BUIDL, USDY, BENJI and OUSG depend on whitelists, fund-admin NAVs and issuer-controlled transfers. The nasty edge case is a weekend collateral move or redemption where the token leg clears instantly and the cash, compliance, margin and recordkeeping legs wait for TradFi ops. Until broker-dealers and custodians can net that whole stack 24/7, DeFi gets composable wrappers while Wall Street keeps the kill switch.

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