Non tradfi people talk about tokenizing stocks on bitcoin layer 2s and I vaguely remember something about inscription tokens like runes or brc20 as well.
However, from what JPM and other behemoths have hinted at via pilot programs, stocks will likely be tokenized on eth for US markets— unclear if on private layer 2s or main chain.
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I’ve heard the same things, and wouldn’t be surprised if it started out on ethereum or solana.
But I also think that it will eventually happen on Bitcoin… and will be laughably clunky and difficult to use initially, but then will become the worldwide standard.
Similar to the progression of bitcoin itself, nostr, and other open source projects.