Binance founder Changpeng Zhao (CZ) has once again found himself at the center of the debate over the future of real-world asset tokenization. Against the backdrop of this sector's rapid growth, he highlights not only the colossal potential for attracting capital but also a systemic risk that could slow down the development of the entire industry.
Tokenization as a magnet for investment
In my assessment, CZ is consistently promoting the idea of tokenization as a tool of national scale. He rightly notes that issuing digital securities on the blockchain is a powerful catalyst for attracting foreign direct investment (FDI). The logic is simple: why would a country refuse the opportunity to sell its assets to a global audience of investors 24/7, bypassing traditional barriers?
The market is already confirming he is right. According to my data, the value of tokenized real-world assets has reached $38.4 billion, showing growth of 2.16% over the past 30 days. At the same time, the number of holders has increased by an impressive 79.74%, reaching 2.379 million. However, there is also a worrying signal: the total value of represented assets has declined by 4.66% to $342.63 billion, which could indicate a revaluation or volatility in the underlying assets.
The fragmentation problem
The main risk Zhao talks about is the issuance of the same assets on multiple incompatible blockchains. Such fragmentation, in his view, splits liquidity and creates chaos. This is not just a theoretical concern. The largest players in financial infrastructure — Clearstream, DTCC, and Euroclear — together with Boston Consulting Group have dedicated a separate report to this issue, emphasizing that fragmentation "locks" assets in separate pools and increases operational costs.
Zhao himself sees the solution in high interchangeability between issuers. He is confident that the market will eventually self-organize, and issuers will learn to interact effectively. I share this optimism, but with a caveat: without standardization of protocols and cross-chain solutions, we risk getting not a global market but a set of isolated "digital offshore zones."
A look to the future
It is telling that Zhao is not alone in his support. Robinhood CEO Vladislav Tenev this week called tokenization the best way to modernize the US financial system. This is a signal that the idea is moving beyond crypto enthusiasts and gaining recognition in traditional fintech.
My expert opinion: Fragmentation is a "growing pain," but it is precisely this that will determine who becomes the leader of the new financial era. Projects that can offer solutions for interoperability and unified liquidity will gain a colossal advantage. Investors should closely watch those who solve this problem rather than simply issuing another token.