A number of the big banks have built proprietary tokenization technology. HSBC, for example, has Orion. UBS has Tokenize. Goldman’s has the Goldman Sachs Digital Asset Platform. Most (maybe all) of these solutions limit participation to institutional and/or accredited investors, settle either in fiat or a CBDC, offer no integration with Bitcoin or Tether, and rely on the usual host of conventional capital market participants like transfer agents, custodians, and depositories with no effort at disintermediation. The future of finance looks a lot like the past.