Broader participation
Digital infrastructure could improve access in some settings. Investor eligibility, distribution, and venue rules remain consequential.
ON-CHAIN MARKETS
Today’s Public Markets.
Tomorrow’s Market Infrastructure.
A company can prepare for today’s public markets while considering how the infrastructure underneath them may evolve.
CURRENT MECHANISMS
Different functions.
Different obligations.
Issuance, ownership records, transfer, custody, settlement, and trading are distinct functions. Moving part of that process onto a blockchain does not make the other functions disappear.
A tokenized security’s rights depend on its legal and contractual structure. An issuer-sponsored token and a third-party representation can create different rights and risks. Technical form alone does not establish ownership rights, investor eligibility, or a permitted trading venue.
Reference: SEC staff statement on tokenized securities — January 28, 2026. Requirements should be reviewed for the specific company and proposed structure.
MPM THESIS
Infrastructure could
expand the possibilities.
Faster settlement
New systems could shorten parts of the settlement process. Cash, custody, interoperability, and operational controls must align.
More continuous markets
Technology could support longer operating windows. Venue permissions, counterparties, and liquidity determine practical availability.
CONDITIONS FOR ADOPTION
Evaluate the whole
operating system.
Network choice is one part of a larger assessment. Ethereum, Base, and other appropriate networks can be considered alongside permissioning, custody, security, interoperability, transaction costs, and operational suitability. No integration or partnership is implied.
The relevant questions are practical: what rights does the holder receive, who maintains authoritative records, how are transfers controlled, where may the security trade, and what happens when a system fails?
COMPANY RELEVANCE
Start with the need.
Then assess the technology.
For many companies, the immediate priority remains financial readiness, capitalization, a suitable public-market pathway, and credible communications. Infrastructure strategy deserves attention when it addresses a defined business or market need.
MPM’s work here is research and strategy. The thesis is not a claim that MPM operates a trading venue or has deployed a tokenization platform. Implementation would require separate technical, legal, and operational assessment.
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