Authors: Mikito Takayasu Affiliation: The University of Tokyo ORCID ID: 0009-0008-9398-5545 Submitted 10 February 2026; Revised 05 April 2026; Accepted 30 May 2026; Available online 19 June 2026; Version of Record 19 June 2026. https://doi.org/10.65326/u7y566831 Volume 3, December 2026, (10027) Abstract Tokenization promises to convert lumpy, illiquid real-world assets into divisible, transferable claims, yet secondary markets for these instruments remain thin and trading is