By Dennis Droushiotis · CURRENT

Start with the claim.
Then the token.

Putting an asset onchain does not create a buyer, a redemption right or a liquid market.

In Centrifuge's 2026 survey of 150 industry operators, 86% put scaling distribution ahead of launching new products. This is operator opinion collected by an industry provider—not proof of investor demand. But it points to a commercial question worth asking before another asset is issued.

What does the holder actually get?

A token might represent a fund interest, a debt claim or another contractual right. Those structures are not interchangeable. The documents must explain the issuer, cash flows, transfer restrictions and what happens if a responsible party fails.

Technology can improve the record and automate parts of administration. It cannot substitute for understanding the claim. That needs to be clear before the product is marketed.

Transferable is not the same as liquid.

A token may move around the clock while buyers remain scarce or redemptions follow a separate schedule. Trading with another holder and redeeming with an issuer are different exit routes, with different conditions.

CURRENT's view: distribution belongs in product design, not in the launch checklist. Identify the intended holder, why this format is useful to them and how they can enter and exit. A credible route to buyers matters more than the number of networks on which a token appears.

Before asking “Can we tokenize it?”, answer “Who wants this claim, on these terms?”