An interesting point is that market infrastructure companies are now highlighting: tokenized securities will significantly increase costs, and liquidity will become severely fragmented if we do not achieve workable interoperability.

The core issue is actually quite simple. Imagine you have tokenized securities spread across different platforms and blockchains, but those systems cannot communicate well with each other. What happens then? Your liquidity gets split into separate pools, making it harder to enter or exit large positions without significant slippage. And that costs money, quite a lot actually.

Market infrastructure companies rightly warn that without true interoperability, we will revert to the old situation: fragmented markets, higher transaction costs, and less efficient price discovery. Essentially the same problem we've had in traditional finance for decades.

The interesting part is that the industry knows this. The question is only whether the different parties are willing to work together on standards. That requires some compromises, but the alternative – fragmented liquidity and higher costs for everyone – is not really attractive. This remains one of the crucial challenges for the tokenized securities space in the coming years.