The Rollup Yuki Yuminaga on Why Tokenized Assets Are Broken Onchain
Mar 16, 2026
Yuki Yuminaga, co-founder of Tenbin and tokenization protocol builder, explains what’s broken with onchain tokenized assets and how to fix them. He discusses the core onchain liquidity problem and why prices diverge from offchain markets. He compares perps to tokenized spot, explains tokenizing CME futures instead of physical custody, and outlines infrastructure needed for global onchain markets.
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Issuers And Lenders Capture Tokenization Value
- Tokenization winners are issuers and lending protocols that let tokenized assets be collateral for borrowing and strategies.
- Yuki argues lenders like Aave benefit because people want to hold tokenized assets and then collateralize them to borrow or leverage on-chain.
Onchain Liquidity Lags Offchain Markets
- On-chain tokenized assets suffer because price discovery and main liquidity still live off-chain, so on-chain pricing and depth lag.
- Yuki says we must equalize off-chain and on-chain liquidity and pricing for tokenization to scale.
Minting Frictions Create Persistent Price Gaps
- Tokenized hard assets often trade at persistent premiums or discounts driven by mint/redemption frictions and settlement delays.
- Yuki notes tokenized gold frequently trades ~1% off spot due to redeems taking hours to days and mint fees.