Tokenization as ETF-Style Market Structure: Creation/Redemption, Arbitrage, 24/7 Trading

For one CoinDesk opinion column, Michael Lie talk say tokenization fit replicate—and extend—the market structure revolution wey exchange‑traded funds (ETFs) bring. E talk say solid tokenized asset suppose fit get minted and burned on demand against the underlying basket of exposures (through authorized participants or smart contracts), same way ETF creation/redemption dey work. Lie main point be say price alignment dey come from arbitrage. If token dey trade above the value of im underlying holdings, arbitrageurs go mint new tokens; if e trade below, dem go redeem—so the “wrapper” price remain honest. E also mention say ETFs improve transparency cos dem trade baskets continuously on‑exchange, and tokenization fit build on top make issuance, transfers and outstanding supply dey observable near real time. Another stress na continuous trading. Tokenized instruments fit still trade even when the underlying markets shut, so prices fit reflect new information immediately instead of waiting for the next open. The article compare am to US‑listed ETFs wey hold non‑US equities and still dey trade during the US session using futures, FX and other correlated signals to estimate the “intrinsic fair value.” Lie conclude say tokenization success go depend less on novelty and more on whether e improve efficiency, access and system robustness—fit follow the same skepticism‑to‑scale path wey turn ETFs into a $10+ trillion market.