Recently, market infrastructure companies have been focusing on a key issue: what happens when tokenized securities cannot interoperate with each other's systems? The simple answer is — costs increase, liquidity disperses.

This is actually a very serious problem. When there is no coordination among tokenized assets traded on different platforms, the market becomes fragmented. Investors cannot find the best price, transaction costs rise, and overall market efficiency declines.

Even in today's 24/7 crypto markets, time zone differences are significant. For institutions trading between Boston time and Tokyo time, coordination is critical. Tokenized securities are the same — if all markets do not operate under the same standards, liquidity disperses.

Market infrastructure firms emphasize that this interoperability issue must be addressed. Without interoperability, costs for institutional investors will increase substantially. Additionally, the integrity of the market is called into question.

Media outlets are also starting to highlight this issue. Especially news platforms closely following the crypto sector warn that these infrastructure problems could impact long-term market development. From institutions trading in Boston time to investors in Tokyo, everyone now understands the necessity of standardization.

In short, the future of tokenized securities depends on interoperability. If this is not resolved, the market will remain fragmented, and everyone will pay more.