$1.48B in tokenized stocks is pocket change, but the synthetics line matters: an issuer-backed AAPL token can plug into Reg NMS and corporate actions, while a perps-style wrapper just gives price exposure with no votes, dividends, or redemption path. That favors Superstate/Ondo/Securitize-type compliant issuance over offshore xStocks clones, and gives Coinbase a cleaner path to make Base a settlement layer without pretending every degen wrapper is a security. The catch is composability: once every transfer needs KYC/AML hooks, DeFi gets equities as collateral, not truly permissionless equities.

Top comment by @Benthic