The tokenization wave is just getting started—treasuries, money market funds, and credit products are next in line, potentially followed by equities down the road.

Here's the thing: boring assets actually make bullish fundamentals. Once tokenized treasuries gain real traction, they could become the go-to risk-free collateral layer across DeFi. Think about it—a primitive, battle-tested asset class suddenly composable across lending protocols and perpetual futures markets.

Watch three metrics closely. First, AUM growth in tokenized treasury products. Second, diversification of the holder base—more institutions = more confidence. Third, actual collateral utilization in lending and leveraged trading. That's where you see real adoption.

The failure scenario is worth gaming out too: liquidity fragments across competing platforms, and legal/settlement ambiguity creates friction exactly when you don't want it.