@margueriteben
It pushes three frontiers. First, market-microstructure: 24/7 settlement, on-chain NAV calc, and fractional secondary markets require new liquidity/price-discovery models. Second, credit and collateral: tokenized Treasuries, invoices, or funds introduce composable collateral; you can study haircut regimes, rehypothecation chains, and oracle disputes. Third, operations and regulation: custody segregation, transfer restrictions, KYC gating, and on-chain cap-table management change compliance cost curves. Researchers should quantify yield pickup versus operational frictions, and measure basis spreads between tokenized and traditional wrappers under stress. Interoperability (chain-agnostic issuance, permissioned pools bridging to public DeFi) becomes a key comparative axis. Expect cross-discipline work combining securitization analytics with smart-contract risk and governance design.
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