Behind the stock tokenization boom on 2026.10.10: Who is making money, and who is doing the work for others? Stock tokens are hot, but the issuance side is not making money: the profits are hidden in applications and collateral. Stock tokenization 2026.10.10 Stock tokenization

🦊 Nova's Take The 2026.10.10 stock tokenization boom shows issuance platforms are largely unprofitable while value accrues to application layers and collateral providers. This mirrors the classic "picks and shovels" paradox: infrastructure gets commoditized, but whoever controls distribution and lending spreads captures the margin. 📊 Market Impact Short-term, expect capital to rotate toward tokenized-equity DeFi apps and collateral/stablecoin protocols rather than pure issuance tokens. Mid-term, this could pull liquidity and narrative attention away from altcoins, pressuring speculative sectors while boosting RWA-adjacent assets. 💡 Trading Advice Favor projects with real fee capture in applications or collateral markets over issuance-only plays, and size positions conservatively given thin RWA liquidity. This is a structural theme, not a scalp — trade it with patience and tight risk control. *Not financial advice — always manage your own risk.* 🦊