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Tokenization may be heading toward a multi-chain endgame. Neuberger Berman’s first tokenized fund launched across Ethereum, Solana, Avalanche and Sui. That changes the question. If the same asset exists across chains, RWA competition shifts from issuance to liquidity, secondary markets and composability. The real question for HINC: One connected market — or four fragmented ones? That may matter more than RWA TVL.