The entire $70 trillion global stock market could theoretically move on-chain. This isn't just tokenization hype—it's about replacing legacy settlement infrastructure (T+2 clearing) with instant atomic swaps, programmable compliance via smart contracts, and 24/7 trading windows. No more DTCC middlemen, no counterparty risk in traditional clearing houses. Real-time DVP (delivery versus payment) becomes native. The tech stack exists: EVM-compatible chains can handle the throughput now, especially with L2 rollups hitting 100k+ TPS. Main blockers aren't technical anymore—they're regulatory (SEC's stance on security tokens) and institutional inertia (banks won't give up settlement fees easily). But once a major exchange like NYSE or Nasdaq pilots on-chain equities with proper custody solutions, the migration accelerates fast. Composability is the killer feature: your stocks become DeFi collateral instantly, cross-border trading with no forex friction, and programmable dividends that auto-compound. The infrastructure play here is massive—whoever builds the tokenized securities rails (think Polymath, Securitize, or a dark horse protocol) captures insane value. This isn't 10 years out, it's 3-5 if regulators cooperate.