I have been working on this piece for a while - Tokenization Value Chain
This paper is my attempt to put all of these puzzles into one practical framework.

I wanted to map it from end to end, not only the technology behind issuing a token, but the actual work that has to happen around it.

The paper breaks the process into six phases: issuance and structuring, distribution, secondary trading, settlement, custody and asset servicing.

For each phase, I describe the main steps, the inputs and outputs, the participants involved, common mistakes, and some practical considerations.

There is also a separate layer covering the things that affect the whole value chain: legal certainty, identity and eligibility, chain standards, data and valuation, and cash and liquidity.

I included examples from APAC as well, mainly to show how different parts of this infrastructure are already being implemented by local and global players presented in the region: banks, exchanges, tokenization platforms, custodians and market infrastructure providers across the region.

Writing this took longer than I originally expected because tokenization becomes much more complex once you move beyond the token itself. Issuance is only one part of it. Distribution, settlement, custody, legal ownership, servicing and the connection to existing financial infrastructure matter just as much.