Benjamin Sarquis Peillard, founder of Cap, argues that simply placing real-world assets onchain is insufficient for true tokenization. He asserts that the sector must evolve beyond basic representation to deliver functional utility that matches traditional finance standards while leveraging blockchain advantages. Peillard identifies three critical requirements for viable tokenized bonds: instant settlement mechanisms that release tied-up collateral, smart contract-automated coupon payments, and the ability to pledge tokenized bonds as collateral within DeFi protocols. These features are presented as essential infrastructure for making onchain RWAs operationally effective rather than merely symbolic.