Wall Street Wants to Tokenize Everything. But Who’s Buying?

Tokenization reached nearly $40 billion in November 2026 as Wall Street banks and asset managers accelerate efforts to put traditional assets onchain, yet demand beyond tokenized stocks remains the sector's central test. The article argues that converting an asset into a token does not by itself create buyers, with interviews pointing to weak appetite for many tokenized products outside equities. The tension matters because tokenization's growth case rests on real distribution and liquidity rather than issuance alone. What to watch next is whether demand broadens beyond tokenized stock into other asset classes as more Wall Street offerings come to market.