Tokenized stocks are becoming a distribution game, not a tech play.

Putting equities onchain is solved. Most protocols just buy shares via a broker and wrap them. The tokens are basically identical, so whoever gets in front of the most eyeballs wins.

Exchanges have the upper hand because users are already there. Binance bStocks and Kraken xStocks dominate alongside Ondo. They control most of the wrapped stock market.

But distribution only matters if trading costs are low. Investors will always pick the cheapest, most liquid version.

Winners will combine maximum reach with the deepest liquidity. If you can't do both, you're getting priced out.