ETFs rewrote the market structure of the 1990s, and tokenization is rewriting this cycle. 24/7 arbitrage, on-demand minting, continuous trading after market close — this is no longer just packaging; it's a migration of the underlying infrastructure.

CryptoWorld News reports that CoinDesk says tokenization is viewed as an ETF-style market-structure revolution. In the 1990s, ETFs were considered a new packaging of traditional assets, but in reality they triggered a revolution in market structure. Tokenization and the ETF market-structure revolution are similar in several key respects: tokenized assets are not just one-time “issuances,” but can be minted or burned on demand based on pools of underlying assets or rights. The trading mechanism of tokens is the same as that of ETFs, and the arbitrage mechanism helps keep prices fair. One important feature of the tokenized market is that it can keep trading even when the underlying market is closed, giving investors the ability to adjust risk across different time periods. With more participants joining and risk-management tools improving, this 24/7 market will become increasingly natural.