In a report released on the 7th, Multicoin co-founder Tushar Jain stated that he does not believe that public stock offerings will be the first tokenized securities to be adopted by the mass market. Markets with lower liquidity, higher opacity, and more benefits from tokenization are more likely to be adopted first. This could be startup equity, as there is no reason to pay Carta or Angelist to manage it when blockchains can manage cap tables for free. It could be fixed income instruments that Figure has been researching for years. It could be LP interests in funds.