The Conversation (0)
Oct. 30, 2026 07:11AM PST
Tokenized assets promise global access, but without liquid secondary markets, investors face illiquidity risks. Vladimir Tikhomirov of Theorem points out that true market functionality requires more than just blockchain.
Tokenizing real-world assets like stocks, funds or real estate expands global investor access, but turning an asset into a digital token does not automatically create a functioning market.
In a recent discussion, Vladimir Tikhomirov, founder of Theorem, highlighted the critical infrastructure gaps still hindering the full potential of tokenized finance.
The primary bottleneck remains liquidity. Without liquid secondary markets, investors risk getting locked into illiquid holdings subject to long redemption windows. True secondary trading is necessary to enable continuous price discovery, allow risk management and narrow spreads.
Furthermore, robust pricing relies on combining initial issuer valuations with active open-market trading.
On the settlement side, multi-chain deployment is easily managed via arbitrage, though cross-border regulatory compliance remains complex. On-chain cash equivalents are also shifting toward yield-bearing tokenized US Treasury bills over traditional stablecoins to optimize capital efficiency.
Ultimately, on-chain markets will win by offering superior flexibility such as 24/7 trading, composable collateral and custom pairs, provided developers build the necessary lending protocols, exchanges and liquidity foundations.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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Meagen moved to Vancouver in 2019 after splitting her time between Australia and Southeast Asia for three years. She worked simultaneously as a freelancer and childcare provider before landing her role as an Investment Market Content Specialist at the Investing News Network.
Meagen has studied marketing, developmental and cognitive psychology and anthropology, and honed her craft of writing at Langara College. She is currently pursuing a degree in psychology and linguistics. Meagen loves writing about the life science, cannabis, tech and psychedelics markets. In her free time, she enjoys gardening, cooking, traveling, doing anything outdoors and reading.
Meagen has studied marketing, developmental and cognitive psychology and anthropology, and honed her craft of writing at Langara College. She is currently pursuing a degree in psychology and linguistics. Meagen loves writing about the life science, cannabis, tech and psychedelics markets. In her free time, she enjoys gardening, cooking, traveling, doing anything outdoors and reading.
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Meagen moved to Vancouver in 2019 after splitting her time between Australia and Southeast Asia for three years. She worked simultaneously as a freelancer and childcare provider before landing her role as an Investment Market Content Specialist at the Investing News Network.
Meagen has studied marketing, developmental and cognitive psychology and anthropology, and honed her craft of writing at Langara College. She is currently pursuing a degree in psychology and linguistics. Meagen loves writing about the life science, cannabis, tech and psychedelics markets. In her free time, she enjoys gardening, cooking, traveling, doing anything outdoors and reading.
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