The rails already run corporate actions today. In August 2026, @Equiniti and @Bullish completed a dividend for Elemental Royalty Corp. in which eligible holders could elect to receive payout in Tether Gold. The shares were not tokenized, but the on-register mechanism is the one this extends to shares. Reply to @CoinDesk: Today a single trade threads through brokers, clearinghouses, depositories, custodians, and transfer agents before ownership updates, on a T+1 cycle. Issuer-sponsored tokenization collapses that: the operational burden sits with the transfer agent, so for a company already using one it is an extension of the existing relationship, not a new build.