Tokenized Tomorrow: Unleashing the Blockchain Revolution in Global Finance

The token is the easy part.

Everyone can draw a token. Far fewer can build the machine that lets it trade, settle, and stay legal. Douglas Borthwick has built it. As Chief Business Officer of INX, he brought the world's first SEC-registered security token IPO through 950 days of SEC review, and he wrote the book he wishes he had been handed.

Tokenized Tomorrow is a practitioner's manual, not a believer's forecast. It walks the real machine end to end: the legal wrappers, the cap table, the transfer agent, custody, the trading venue, and the settlement and stablecoin rails that make tokenized securities actually work. It names what tokenization changes and what it does not, and it is honest about what has failed.

Fully revised for 2026 and built on the rails now that they are live: BlackRock's BUIDL, tokenized US Treasuries, the GENIUS Act, Securitize going public, and a BlackRock S&P 500 ETF put on-chain.

Inside:

• The legal wrappers, Reg D through Reg S, and which one fits which raise
• Issuance, the cap table, and why a registered transfer agent is the hinge
• Secondary liquidity: what an ATS and a broker-dealer actually do, and why liquidity is where most projects die
• The 2026 evidence: tokenized Treasuries, Securitize's public listing, a tokenized S&P 500 ETF, real numbers and real dates
• What failed, and why, stated at full strength
• Who should tokenize what, and when to build versus buy

Read Write Own made the case for an ownership internet. This is the operator's manual.

For founders, CFOs, and finance professionals who want to know how tokenization actually works, not how it is pitched. No hype. The machine, and how to build on it.