The tokenization pitch has always been the same: take a thing that exists, put it on a blockchain, make it move faster. Treasuries, money market funds, stocks have been put onchain. Wednesday produced something different. BlackRock developed three portfolio strategies for Ondo, and each one now trades as a single token that carries an entire allocation, rebalances itself, and moves peer-to-peer between wallets. Nothing like it exists in a brokerage account.