Tokenization wars

Coinbase isn’t alone in the race to tokenize real-world assets. Major institutions like JPMorgan, BlackRock, and Goldman Sachs are building their own platforms — but their approaches differ sharply. JPMorgan Onyx focuses on tokenized deposits and intraday repo, using a private permissioned blockchain. It’s designed for internal liquidity optimization, not open-market trading. Goldman’s GS DAP…