a semi-weird angle on tolerance for tokenized stocks: it's (tax saved by going onchain) + (DeFi revenue) v.s. premium paid onchain for reliable asset real talk, what's the actual value prop of tokenized equities atm? - NOT accessibility: Europe & Asia have mature brokers (IBKR, Saxo, Futu, Tiger...) - NOT 24/7: unless you’re a high-frequency(now no liquidity) or news-driven, no one really cares the real (slightly taboo) adoption drivers: 1. tax arbitrage — buying on DEX can be somewhat “liberating” 2. deFi composability — TradFi stocks ≠ money, but in DeFi it is. you can collateralize, loop, plug into any smart contract it’s not just that "stocks are accessible globally”, it’s that stocks become programmable, composable assets. yes, liquidity poor, premiums high. MMs don’t want to LP in AMMs, 35–50+bps doesn't worth it as they'll get picked off on news during the weekend. offchain price discovery will just fundamentally introduce that difficulty. but in every chicken–egg problem, someone’s got to kickstart it.