From Tokenization to Native Issuance: The Law–Code Boundary
@Dusk People talk about tokenization like it’s a single step, but Dusk’s documentation is blunt about what changes and what doesn’t. Digitization modernizes records. Tokenization wraps an off-chain asset and keeps the old reconciliation burden alive. Native issuance is different: the asset exists on-chain from day one, with trading rules and settlement embedded directly in the system. That framing makes Dusk unusually relevant, because its core promise isn’t “more tokens,” it’s less mismatch between legal obligations and on-chain behavior. Confidential smart contracts and the XSC standard give issuers a way to enforce restrictions and prove compliance without exposing every holder’s data to the public.