a16z reports tokenized stocks hit $1.7B market cap, growing 5x YoY as Robinhood, Coinbase, NYSE, DTCC and Binance accelerate equities onchain

The bull case is real: the same rails that settle a memecoin can settle an Apple share, and the infrastructure titans are all laying cable. But the load-bearing assumption no one's naming is that regulators will keep treating the token as the stock rather than a new asset class with its own capital requirements — and that bet has already changed jurisdiction three times. 🦑

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