The tokenization of U.S. stocks has failed to capture significant market demand, according to recent analysis. Despite the promise of 24/7 trading for global investors, the total value locked (TVL) in tokenized U.S. stock projects is only $1.2 billion, a mere 0.00166% of the $72 trillion U.S. stock market. In contrast, tokenized U.S. Treasuries have reached a TVL of $15.2 billion, highlighting a preference for more stable, income-generating assets. The analysis suggests that current tokenization efforts have focused too heavily on trading aspects, neglecting the true needs of on-chain users who seek high leverage or stable income. Projects like Saturn's USDat and RWAlpha.ai are cited as successful examples of leveraging asset characteristics, offering stable returns rather than speculative trading opportunities. As Wall Street giants enter the tokenization space, the focus may need to shift towards structured products that provide traditional financial returns on-chain.