According to @julian2kwan, tokenization will only scale when four core market infrastructures are proven under real conditions: stress-resilient custody, regulation that survives scrutiny, reporting and reconciliation that withstand high volumes, and settlement rails that function on bad days as well as good ones, source: https://x.com/julian2kwan/status/2006397552380227748. He states that institutional pressure is shifting focus from narratives to concrete questions about where systems fail at scale, who carries responsibility, and how issues are resolved when things go wrong, source: https://x.com/julian2kwan/status/2006397552380227748. He forecasts 2026 as the point when the gap between talk and infrastructure starts costing money, marking a quieter but real phase for tokenization, source: https://x.com/julian2kwan/status/2006397552380227748. He adds that this phase is what IXS was designed to address, source: https://x.com/julian2kwan/status/2006397552380227748.