Real World Asset Tokenization: The Missing Half

Larry Fink says every asset can be tokenized and that digital verification is the thing still missing. Here is what a closed environment of known and approved parties, a complete ontology and post-quantum signatures actually change. Larry Fink has spent two annual letters telling the market that tokenization is coming, and one line in the middle of them telling the market why it has not arrived yet. Almost everyone quotes the first part. Almost nobody builds for the second. In his 2025 chairman's letter he wrote that every stock, every bond and every fund, indeed every asset, can be tokenized, and that if it happens it will revolutionise investing. Then he added the sentence that actually matters: "If we're serious about building an efficient and accessible financial system, championing tokenization alone won't suffice. We must solve digital verification, too." "If we're serious about building an efficient and accessible financial system, championing tokenization alone won't suffice. We must solve digital verification, too." In the 2026 letter he came back to it. He compared tokenization to the internet in 1996, noted that half the world's population already carries a digital wallet on a phone, and said tokenization could accelerate a broader investing…