Historically, investing was not designed for broad participation. Early capital markets were largely dominated by institutions, wealthy families, and insiders who had the relationships and wealth needed to access these exclusive opportunities. But over time, this structure started to change.
The expansion of public markets, the rise of brokerage accounts, and the digitization of trading platforms opened new avenues for investing. For the first time, a broader segment of the population could buy shares in a company, hold bonds, and participate in financial growth beyond their immediate reach.
Investing became a more accessible component of economic life. But in reality, that expansion has never truly been complete.
On March 23, Larry Fink released his Annual Chairman’s Letter, describing the system’s growing imbalance, noting that “capitalism is working, just not for enough people.” While financial markets have generated significant returns, those gains have largely stayed central to individuals and institutions that already hold assets. Many workers, despite participating in the broader economy, remain on the margins of capital markets and do not benefit from these pathways to wealth creation.
In the same letter, Fink also frames tokenization as a potential upgrade to financial systems that have long limited how markets are accessed and structured. By recording ownership of assets, such as bonds, funds, real estate, and other commodities onchain, tokenization can make these assets easier to issue, transfer, and access.
As of early 2026, more than 5.2 billion people globally use some form of digital wallet, shifting the point of access to financial services away from traditional institutions and toward user-held platforms. Tokenization enables investment products to reach people through the digital wallets they already use.
In his letter, Fink compared the current stage of tokenization to the early days of the internet. In the mid-1990s, the internet did not replace newspapers, banks, retailers, or communication networks. Instead, it created new rails that connected systems that previously operated in silos, making information cheaper to distribute and easier to access.
Tokenization has a similar potential. While it might not replace traditional markets overnight, it changes the infrastructure beneath them by making assets easier to issue, transfer, and hold across digital platforms. Just as the internet turned information into something that could move globally, tokenization makes ownership more accessible across financial systems, opening investment opportunities to people who have previously lacked access.
Improving access, however, requires more than digitizing ownership. Tokenized assets must operate within regulatory frameworks, maintain investor protections, and integrate with trading and lending systems that support their lifecycle. Without that foundation, tokenization risks becoming another technical layer that does little to change how markets function or who they serve.
This is where purpose-built infrastructure becomes relevant. Mavryk Network, for example, is a Layer-1 blockchain designed specifically for real-world assets, helping to reduce traditional barriers to assets such as real estate. Its approach reflects the idea that tokenized RWAs cannot be treated like ordinary crypto tokens. They need infrastructure that can support regulated issuance, custody, trading, and lending from the outset, so assets can move onchain without losing the legal and financial constraints that give them real-world value. In doing so, Mavryk is preparing these assets to interact with institutional-grade systems while still making them more accessible to a broader range of users, creating a more connected ecosystem.
As financial systems continue to evolve, the question is not only about how markets operate but also about who they are built to serve. Fink’s argument ultimately places tokenization within this debate, as part of a broader effort to address the growing divide between those who participate in financial growth and those who do not.
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