Tokenization of real-world assets is solved; distribution is not. The article breaks down two distinct distribution models: for retail, embedding yield inside existing apps users already use (Coinbase, Robinhood); for institutions, consolidating into one account with portfolio-level credit, multi-protocol hedging, and prime brokerage-style operations across Stellar, EVM, and Solana.
Denelle Dixon (CEO of Stellar Development Foundation) frames the RWA bottleneck: tokenization is complete, but distribution to actual holders is unsolved. The article distinguishes two separate problems. Retail distribution requires assets visible inside apps they already open—yield embedded in Earn products powered by Morpho and Aave, with no wallet friction. Institutional distribution is more complex: a single account spanning chains, one integrated credit line against the whole portfolio (not per-protocol collateral pairs), and the ability to hedge embedded RWA risks using perps and prediction markets. Gami is building this composability across Blend, Templar, and SushiSwap. The framework extends to agents operating under mandates: the same account structure that lets an institution allocate, finance, and hedge RWAs also lets it delegate those functions safely to an authorized agent. Stellar is building Untangled Prime to serve as that institutional account layer.
