Yuki Yuminaga on Why Tokenized Assets Are Broken Onchain

Asset tokenization transforms on-chain finance by moving beyond speculative crypto assets to include commodities, precious metals, and yield-bearing foreign currencies. The primary beneficiaries of this shift are issuers and downstream lending protocols that enable capital efficiency through collateralization. Current tokenization models suffer from liquidity fragmentation and high settlement friction, often requiring inefficient AMM bootstrapping. Tenbin addresses these challenges by hedging underlying assets via CME futures, providing near-instant atomic minting and redemption without the delays of physical custody. This approach prioritizes liquidity depth and price parity with traditional markets, facilitating a transition from AMMs to order-book-based trading. By enabling 24/7 access to stable, yield-bearing assets, tokenization creates a robust foundation for institutional and retail capital to move on-chain, ultimately positioning tokenized assets as a superior, more functional alternative to their traditional off-chain counterparts.