The tokenization of real-world assets (RWAs) promises to transform financial markets by enabling fractional ownership, global accessibility, and programmable settlement of traditionally illiquid assets such as real estate, private credit, and government bonds. While technical progress has been rapid, with over $25 billion in tokenized RWAs brought on-chain as of 2025, liquidity remains a critical bottleneck. This paper investigates the gap between tokenization and tradability, drawing on recent ...