Secondary liquidity is the unglamorous problem that decides whether a tokenised fund is a product or a demo. Issuing a tokenised money-market fund (MMF) or bond fund is now routine; letting a holder offload it before maturity, at a fair price, without routing back to the administrator, is not. This theme tracks how the market is trying to solve that, and it is deliberately structured as a skeleton: the problem framing below is general market-structure reasoning, while every specific claim about named market makers, venues, or licences is marked research-needed until it can be cited.

The problem

A payment stablecoin is liquid because it is fungible, redeemable on demand at par by design, and supported by deep two-sided markets whose whole purpose is to hold the peg. A tokenised fund interest is none of those things. It carries a net asset value that moves, it usually redeems only on the administrator's calendar and cut-offs, and it is often restricted to whitelisted holders under a securities wrapper. So a holder who wants out before redemption needs a counterparty willing to take the position on a secondary market, and that market has to exist under a licence that permits it.

That is the gap: the primary-issuance story is solved, the secondary-trading story is where licensing, market-making, and venue infrastructure still have to be assembled. Until they are, "tokenised and tradable" mostly means tokenised and redeemable, which is a weaker claim.

Market-maker role

Research needed. Which firms are quoting two-sided markets in tokenised fund interests, on which venues, and under what inventory and capital model. Distinguish genuine market-making from occasional bilateral matching. Cite each named participant.

The licensing burden

Research needed. The licence or status a venue needs to run a secondary market in tokenised securities in each relevant jurisdiction (for example a recognised-market-operator or equivalent regime), and which players hold it. This is the highest-risk section to guess; leave empty until a regulator filing or primary document is on file.

How others solve it

Research needed. A cross-player comparison of approaches (on-chain order book, dealer balance sheet, redemption-only with tight cut-offs, an affiliated venue). This will be backed by the comparative matrix at /comparisons/secondary-liquidity/ once each row carries a per-cell source.