Tokenized stocks are 0.016% of foreign-held US equities. The interesting part is the credit. On-chain stock exposure crossed $6 billion: $3.2 billion tokenized, $3 billion in synthetic perps. 4.21 million holder addresses, 97.5% of them holding less than $100. Foreign investors hold $19.86 trillion of US equities off-chain. Kamino lends up to 73% against the S&P 500 token at 5.75%. A non-US retail investor who cannot borrow through a traditional broker can do this today. But weekend perp pricing is the binding constraint: correct direction 69% of the time, yet pricing only a quarter of the actual move. Until that closes, lending limits stay where they are. The next stage requires existing shareholders to tokenize positions they already hold. Interactive Brokers has $930 billion in client equity, mostly non-US. Overnight trades at the firm rose from 3.8 million to 10.9 million in twelve months. Moving 5% of those client assets on-chain would be $46 billion. At that size, the market stops being an experiment. #Tokenization #RWA #DigitalAssets #DeFi #M55Capital