Morning Edition · Friday, August 21, 2026Published at 1:52 AM EDT · New York
The Binance founder accepts fragmented liquidity as the cost of speed, but the institutions actually issuing tokenized deposits are choosing permissioned systems for privacy and compliance reasons.

Changpeng Zhao, the Binance founder known as CZ, argued this week that countries should tokenize assets broadly to attract foreign capital. Asked about issuing the same asset across competing networks, he was explicit about the trade-off: "…
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Part of a tracked trend
Tokenized Equities Push Onto Public Blockchains
Over 3-6 months, exchanges and banks accelerate moving real equities on-chain — tokenized stocks with on-chain dividends and composable trading — turning the contest over open vs. closed tokenization venues into a concrete product race.
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