Apple · Wall Street · Tokenization · CoinDesk
Mierzwa raised a hypothetical example involving Apple shares trading on blockchain markets during the weekend
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“You shouldn’t see that much of a discount,” she said.
Key facts
- Wendland said the biggest opportunity may not even be 24/7 trading
- Last week, Bullish (BLSH), the owner of CoinDesk, added another layer to that trend when it announced a $4.2 billion deal to acquire transfer agent Equiniti
- If collateral normally moves on a T+1 or T+2 basis and now it’s moving more real-time, the throughput of that collateral mobility is much faster,” Wendland said
- Mark Wendland, CEO of Canton Strategic Holdings, described the divide as the difference between “true native issuance” and tokenized lookalikes
Summary
Tokenization is moving from experimental “wrappers” toward blockchain-native securities, as shown by Bullish’s $4.2 billion deal for transfer agent Equiniti to issue and record shares directly on-chain. Index providers and large asset managers are wrestling with how to treat tokenized shares in measures such as float-adjusted market capitalization, given custody limits, multiple token versions of the same stock, and 24/7 trading. Proponents say true onchain issuance could unlock faster settlement, more efficient collateral use and richer ownership data for issuers, but it also creates new challenges around pricing, benchmarks and market structure as traditional and tokenized markets converge. When tokenized securities trade around the clock, it gives investors more flexibility to lend or pledge shares as collateral and provides issuers with better data on who owns and trades their stock. But turning traditional securities into blockchain-based assets is proving much harder than simply creating digital tokens that mirror stocks.