Several leading institutions have concluded that tokenized real-world assets represent the next structural layer of capital markets. The question is no longer which technology makes this possible, but which institutions control the rails it runs on.

A wave of crypto project shutdowns in 2026 is exposing something the bull market obscured: many token models were never built to survive stress. The question is not which projects ran out of luck, but which ones were structurally fragile from the start.