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Deep Dive: How Equity Tokenization Is Breaking TradFi Barriers

chamath.substack.com · saved by 1 readers

Since the start of 2025, the market capitalization of equity tokens has risen nearly 3.5x. But with this new level of access comes a new kind of complexity...

Modern equity markets sit on infrastructure built long before digital networks existed. Global equity markets exceed $150 trillion in value, yet trading hours remain limited, settlement still depends on layers of intermediaries, and access to many of the highest-growth companies remains restricted to a small group of investors. These structural limits define how capital moves, who can participate, and how quickly ownership can change hands. Market infrastructure providers are already exploring how tokenization could modernize this system. Institutions, including NYSE, Nasdaq, and DTCC,…