Tokenization vs Embedded Finance: Meaning, Differences, Use Cases and Impact

What Is Tokenization in Finance?

Tokenization in finance refers to the process of turning real, regulated financial value—such as deposits, cash, securities, collateral, bonds, or assets—into digital representations that can move, settle, and operate on synchronized, programmable financial infrastructure. These digital representations are not speculative crypto-assets; they are fully regulated financial instruments backed by existing banking, capital markets, and custody frameworks. Tokenization enhances how financial value is stored, transferred, settled, reported, and audited. It enables instantaneous settlement, automated compliance, precise liquidity management, and highly efficient cross-border financial operations that far outperform traditional rails.

Tokenization improves financial infrastructure by reducing reconciliation gaps, shortening settlement cycles, increasing transparency, and streamlining lifecycle management across payments, securities, FX, collateral, and treasury operations. Banks adopt tokenization because it reduces operational risk, increases liquidity efficiency, and prepares institutions for real-time programmable finance.

What Is Embedded Finance in the Context of Tokenization??

Embedded finance refers to the integration of financial services—such as payments, lending, insurance, cards, treasury, or bank accounts—directly inside non-financial platforms and digital workflows. Instead of offering financial products through standalone banking interfaces, embedded finance places financial capabilities at the point where users transact, manage business operations, shop, or consume services. This allows businesses to offer banking features without owning a license, while banks and fintechs provide the back-end compliance and infrastructure.

Embedded finance improves distribution, customer experience, and monetization. It helps platforms convert transactions into financial relationships, improve retention, reduce friction, and unlock new revenue streams. For users, it simplifies access to financial tools by integrating them into familiar environments like ecommerce platforms, delivery apps, SaaS dashboards, or creator ecosystems.

Tokenization vs Embedding: What Is the Core Difference?

Tokenization transforms the structure and movement of financial value.
Embedding transforms the distribution and delivery of financial services.

A simple way to understand the difference:

Tokenization = How money and assets move
Embedding = Where financial services appear

Tokenization solves backend infrastructure problems such as settlement risk, liquidity fragmentation, compliance automation, and data reconciliation.
Embedding solves frontend experience and distribution problems such as friction in checkout, low lending adoption, poor onboarding experiences, and limited financial access for users.

Tokenization is the engine.
Embedding is the interface.
They complement each other but serve completely different purposes.

Beginner-Friendly Explanation: Tokenization vs Embedding in Simple Terms

Tokenization makes financial assets behave like digital objects that move instantly and automatically based on rules. It improves the plumbing of finance.

Embedding brings financial tools—like payments, loans, or bank accounts—directly into the apps, platforms, and services people already use. It improves the way users access finance.

Tokenization upgrades the internal machinery of finance.
Embedding upgrades the customer experience of finance.

Both matter, but they serve different layers of the ecosystem.

Infrastructure Explanation: How Tokenization and Embedding Differ for Banks, Markets, and Platforms

Tokenization modernizes the technical foundation of financial markets. It re-engineers settlement, compliance, liquidity management, and data synchronization. Tokenized financial assets settle instantly, carry embedded compliance rules, and move across interoperable networks with high auditability. This changes how banks manage treasury, collateral, securities, and cross-border payment flows.

Embedding modernizes product delivery. It allows platforms to offer financial services without building banking infrastructure. Through APIs and modular orchestration layers, companies integrate payments, credit, or insurance directly into their user experience. Embedding strengthens customer engagement, increases monetization, and makes financial products easier to adopt.

Tokenization creates operational excellence.
Embedding creates commercial advantage.

How Tokenization Works in Banking and Capital Markets

Tokenization works by converting the state of financial assets into digital tokens stored on synchronized ledgers. The token and the ledger act as a unified system of record.

Key components include:

• Asset representation: a regulated financial instrument mapped into a digital form
• Ledger infrastructure: where the tokenized asset lives and updates instantly
• Smart or programmable logic: rules defining when and how the asset moves
• Compliance logic: KYC, AML, eligibility, and jurisdiction checks embedded at the point of transfer
• Settlement engine: real-time DvP, PvP, and conditional settlement processing
• Interoperability layer: connecting tokenized systems with existing financial infrastructure

Tokenization eliminates the need for reconciliation, streamlines auditing, and reduces risk because financial actions and settlement occur at the same moment.

How Embedded Finance Works in Platforms, Marketplaces, and SaaS Systems

Embedded finance relies on a combination of APIs, orchestration layers, underwriting engines, payment gateways, and regulated banking partners. Platforms do not build the underlying financial infrastructure—they integrate it.

Core mechanics include:

• Financial APIs for payments, banking, lending, and insurance
• Workflow integration into the platform’s user experience
• Embedded onboarding and risk evaluation
• Compliance and licensing handled by regulated partners
• Revenue sharing between the platform and the financial provider
• Data-driven personalization for credit and financial recommendations

Embedded finance enables platforms to operate like financial companies while maintaining focus on their core services.

Why Financial Institutions Invest in Tokenization

Banks, regulators, FMIs, and large corporates invest in tokenization because legacy financial architecture cannot support real-time, global, programmable financial activity. Tokenization reduces risk, accelerates settlement, increases liquidity efficiency, and enables new financial instruments that cannot function on legacy rails.

Institutions pursue tokenization for:

• Real-time settlement
• Automated lifecycle management
• Intraday liquidity optimization
• Cross-border interoperability
• Automated compliance
• Improved risk visibility
• Regulatory reporting accuracy

Tokenization is not a product; it is a long-term infrastructure transformation.

Why Platforms and Enterprises Invest in Embedded Finance

Businesses adopt embedded finance because it improves customer experience, increases revenue, and enables them to offer financial services without regulatory burden.

Benefits include:

• Higher conversion
• Better retention
• Lower checkout friction
• New revenue streams
• Better data for underwriting
• Stronger customer relationship

Embedding allows platforms to become financial ecosystems, not just service providers.

Real-World Examples of Tokenization

Leading examples across global finance include:

• JPMorgan Onyx: tokenized deposits, tokenized collateral, intraday repo
• Citi Token Services: tokenized liquidity management
• HSBC Orion: tokenized debt issuance and lifecycle management
• MAS Project Guardian: tokenized funds, tokenized FX, tokenized asset interoperability
• BIS initiatives such as mBridge and Mariana: cross-border tokenized settlement

These are infrastructure transformations focused on settlement, liquidity, and compliance.

Real-World Examples of Embedded Finance

Embedded finance examples include:

• Shopify: embedded payments, embedded lending
• Uber: embedded driver payouts, embedded wallets
• Amazon: embedded business lending, embedded pay-later
• Stripe: embedded banking and financial products for platforms
• Apple: embedded payments, credit, installments

These examples focus on distribution, experience, and monetization.

What Tokenization Solves That Embedding Cannot

Tokenization solves infrastructure-level challenges that embedding cannot address.

Tokenization resolves:

• Settlement latency
• Operational risk
• Compliance fragmentation
• Liquidity immobility
• FX settlement mismatches
• Multi-ledger reconciliation
• Collateral inefficiencies

Embedding does not modify settlement rails, liquidity systems, or core financial infrastructure.

What Embedded Finance Solves That Tokenization Cannot

Embedded finance solves user-facing, distribution, and experience challenges that tokenization cannot address.

Embedding resolves:

• Poor checkout experiences
• Low lending conversion
• Friction in financial onboarding
• Limited access to financial tools
• Incomplete financial products within user workflows

Tokenization cannot improve user experience or distribution channels; embedding does.

Risks and Limitations of Tokenization

Tokenization carries infrastructure and operational risks such as:

• Smart contract vulnerabilities
• Ledger interoperability failures
• Regulatory uncertainty
• Key management complexity
• Cybersecurity threats
• Integration challenges with legacy systems

Institutions must implement governance, controls, and regulatory compliance for safe deployment.

Risks and Limitations of Embedded Finance

Embedded finance carries business and compliance risks such as:

• Poor partner risk management
• Underwriting exposure
• Fraud and KYC challenges
• Platform dependency
• Data privacy concerns
• Regulatory scrutiny of BaaS partnerships

Businesses must manage risk-sharing and governance with regulated financial partners.

Regulatory Perspective: Tokenization vs Embedding

Tokenization is shaped by frameworks from:

• FCA
• MAS
• BIS
• PSD2/PSD3
• MiCA
• OCC
• SWIFT / ISO 20022

These focus on:

• Asset classification
• Settlement risk
• Compliance triggers
• Cross-border interoperability

Embedded finance is shaped by frameworks for:

• Consumer protection
• Lending regulation
• Payment services licensing
• Data privacy
• Banking-as-a-service oversight

Tokenization falls under market and institutional regulation.
Embedding falls under consumer and distribution regulation.

The Future of Tokenization and Embedded Finance (2025–2030 Outlook)

By 2030:

• Tokenization will underpin global settlement, liquidity, FX, collateral, and securities operations.
• Embedded finance will become the default way businesses deliver payments, banking, lending, and insurance.
• Banks will distribute tokenized infrastructure through embedded channels.
• Platforms will integrate tokenized payments and tokenized deposits into everyday workflows.
• Regulators will introduce unified frameworks that support infrastructure-level tokenization and distribution-level embedding.

Tokenization and embedded finance together define the future of digital financial ecosystems: fast, integrated, programmable, and seamlessly delivered.

How Tokenization Changes the Core Engineering of Money, Value, and Settlement

Tokenization represents the most fundamental shift in financial architecture since the introduction of electronic payment systems. Instead of treating financial transactions as messages that must be reconciled later—like SWIFT MT or ISO 20022 messages—tokenization treats transactions as synchronized digital actions where the movement of the asset and the updating of the ledger occur at the exact same moment. This eliminates multi-step settlement chains, reduces operational dependency on overnight batch processes, and creates a unified source of truth that synchronizes buyers, sellers, custodians, intermediaries, and regulators.

Tokenization is especially transformative in markets with high settlement risk or operational friction. Securities settlement, repo markets, cross-border FX, corporate liquidity management, collateral transfers, and intraday funding operations all benefit from tokenization because it provides deterministic outcomes. When a token moves, finality is guaranteed, compliance is checked, eligibility is confirmed, and risk exposure is updated instantly. It replaces multi-layered workflows with real-time programmable actions.

This represents a profound shift for treasury, trading desks, clearing members, custodians, and central banks because it allows them to operate with deeper precision, lower risk, and granular real-time visibility into how money and assets behave across global markets.

How Embedded Finance Changes Access, Distribution, and Product Availability

Embedded Finance does not change the engineering of financial transactions; instead, it changes where financial services appear and how users consume them. In a world dominated by digital platforms—commerce, mobility, creator tools, SaaS systems, logistics platforms—users expect financial functions to appear seamlessly within their workflows. Embedded Finance responds to this expectation by enabling businesses to offer payments, lending, cards, insurance, and treasury capabilities without building regulatory infrastructure.

The power of Embedded Finance lies in its ability to convert transactional interactions into financial relationships. A marketplace that originally only facilitated sales can now offer instant seller payouts, working capital loans, insurance protection, or business bank accounts. A ride-hailing platform can offer driver wallets, micro-lending, fuel cards, and instant withdrawals. A SaaS platform can offer integrated invoice financing, subscription payouts, and automated reconciliations.

Embedded Finance democratizes access to financial capabilities, turning platforms into financial ecosystems and dramatically expanding the reach of regulated institutions. It changes customer engagement, monetization, and retention models across every industry.

Why Tokenization and Embedded Finance Operate at Completely Different Layers of the Financial Stack

Tokenization lives at the infrastructure layer.
Embedded Finance lives at the distribution layer.

These two layers rarely overlap in technical function but deeply influence each other in economic outcome.

Tokenization focuses on how money and assets move deep inside financial systems. It changes settlement rails, liquidity models, collateral operations, and cross-border financial mechanics. It impacts institutions like banks, brokers, custodians, regulators, and FMIs.

Embedded Finance focuses on how financial tools reach end users in their operational or consumer workflows. It impacts platforms, merchants, SMBs, SaaS products, and digital service providers.

The two movements together create a dual transformation:

• Tokenization makes financial systems realtime and programmable.
• Embedded Finance makes financial services accessible, integrated, and personalized.

This dual structure defines modern digital finance: strong infrastructure underneath, seamless delivery on top.

How Tokenization Enhances Liquidity, Collateral, and Treasury Management

Liquidity is the lifeblood of financial institutions and corporates. Traditional treasury systems rely on delayed reporting, manual reconciliations, and fragmented visibility across markets. Tokenization transforms liquidity management by creating real-time synchronization of balances, exposures, and available funds across geographies and currencies.

Tokenized deposits, tokenized collateral, and tokenized liquidity pools allow treasury teams to automate intraday sweeps, reduce trapped liquidity, optimize cross-entity flows, and execute FX conversions instantly. In a tokenized environment, collateral becomes mobile, cash becomes programmable, and treasury decisions become data-driven rather than reactive.

This is why leading institutions—including JPMorgan, Citi, HSBC, and MAS—are investing heavily in tokenized liquidity networks. The efficiency gains are quantifiable: reduced cost of capital, faster funding, higher asset utilization, and lower operational overhead.

How Embedded Finance Enhances Customer Experience, Conversion, and Revenue Models

While tokenization delivers infrastructure efficiency, Embedded Finance delivers commercial and customer-facing value. Platforms that integrate financial capabilities see significant increases in retention, lifetime value, purchase frequency, and transactional volume.

A platform offering embedded lending converts more sales because customers receive instant financing at checkout. A creator platform offering embedded payouts reduces churn because talent receives payments instantly. A marketplace offering embedded insurance increases trust and increases the total value of goods sold. A SaaS platform offering embedded banking becomes an essential operational system, making it difficult for customers to switch to competitors.

Embedded Finance shifts financial power from standalone banks to platform ecosystems. It gives platforms a structural advantage because they own customer relationships, behavioral data, pricing influence, and distribution channels.

Comparing Tokenization and Embedded Finance Through Real Institutional Examples

JPMorgan’s Onyx platform demonstrates the power of tokenization: instant repo settlement, tokenized collateral, atomic DvP, and real-time liquidity flows. The value generated is internal, operational, and institutional. Trading desks, treasury teams, and corporate clients benefit from reduced risk and improved settlement mechanics.

In contrast, Shopify Capital demonstrates the power of Embedded Finance: merchants receive working capital loans inside their operational dashboard, with repayment automatically deducted from future sales. This increases adoption, reduces friction, and strengthens Shopify’s ecosystem value.

HSBC Orion tokenizes bonds for faster lifecycle management and institutional-grade settlement.
Uber embeds payments, wallets, and instant payouts to improve driver experience and retention.
Citi tokenizes liquidity for multinational treasury optimization.
Stripe embeds banking tools, cards, underwriting, and payouts into digital platforms.

These examples illustrate the divide clearly:

Tokenization optimizes infrastructure.
Embedded Finance optimizes user experience.

Why Tokenization Cannot Replace Embedded Finance and Embedded Finance Cannot Replace Tokenization

These frameworks are not substitutes; they serve distinct and complementary purposes.

Tokenization cannot improve user-facing distribution, commerce flows, or platform-based customer journeys. It does not improve checkout conversion, embedded lending adoption, or insurance attachment rates. Tokenization is invisible to the end user.

Embedded Finance cannot improve settlement risk, collateral mobility, or institutional liquidity. Embedded financial functions do not fix reconciliation delays or reduce FX settlement mismatches. Embedded tools operate at the user interface, not the financial core.

A modern financial ecosystem needs both:

• Tokenization to build the infrastructure of the future
• Embedded Finance to deliver services directly where users operate

This dual-stack model will define fintech innovation from 2025 to 2035.

Regulatory Considerations for Tokenization vs Embedded Finance

Tokenization is guided by market and infrastructure regulation:

• FCA digital asset frameworks
• MAS Project Guardian and tokenized asset pilots
• EU MiCA and PSD3 roadmap
• OCC interpretive letters
• BIS interoperability and unified ledger standards
• SWIFT / ISO 20022 messaging modernization

The focus is on asset classification, settlement integrity, compliance visibility, and systemic risk mitigation.

Embedded Finance is guided by consumer and product regulation:

• Lending and underwriting rules
• Payment licensing requirements
• Banking-as-a-service oversight
• Data protection and privacy rules
• Cross-border consumer compliance
• Risk-sharing frameworks between platforms and banks

The focus is on consumer protection, transparency, and responsible offering of financial services.

The Interplay Between Tokenization and Embedded Finance: Where They Meet

Tokenization strengthens embedded financial products.

For example:

• Tokenized payouts can settle instantly through embedded wallets
• Embedded lending can rely on tokenized collateral
• Embedded treasury tools can use tokenized liquidity pools
• Embedded marketplaces can use tokenized payment rails for faster merchant settlement
• Embedded FX tools can rely on tokenized cross-border liquidity corridors

This convergence transforms finance into a synchronized, programmable, user-centric ecosystem.

How Tokenization vs Embedded Finance Impacts Banks, Platforms, and Regulators Differently

Banks gain infrastructure advantage through tokenization but distribution advantage through embedded channels.
Platforms gain monetization advantage through Embedded Finance but operational reliability through tokenized rails.
Regulators gain visibility and control through tokenization but broader market participation through embedded distribution models.

This creates a triangular structure:

• Banks build the rails
• Platforms own the customer interface
• Regulators monitor the synchronized network

The interplay is structural and long-term.

Why Tokenization Creates Structural Efficiency While Embedded Finance Creates Commercial Efficiency

Tokenization upgrades the underlying engineering of financial systems by modernizing how assets settle, how liquidity moves, how compliance executes, and how risk is measured. Its benefits appear inside institutions: banks, corporates, FMIs, custodians, trading systems, and treasury operations. The efficiencies generated by tokenization reduce operating cost, enhance capital efficiency, lower fail rates, and create deterministic settlement environments that minimize counterparty exposure.

Embedded Finance, in contrast, generates commercial efficiency by transforming how consumers and businesses access financial products. Rather than visiting banks or completing complex onboarding processes, users encounter financial capabilities within the platforms they already use daily. This accessibility reduces friction, strengthens engagement, accelerates acquisition, and opens new revenue opportunities for platforms. Embedded Finance operates where users transact; tokenization operates where financial value is engineered.

When combined, tokenization ensures the infrastructure is fast and liquid, while Embedded Finance ensures services reach customers in the most efficient, convenient manner possible.

How Tokenization and Embedded Finance Influence the Economics of Digital Platforms and Financial Institutions

Tokenization shifts the economic structure of institutions by reducing costs associated with settlement delays, reconciliations, collateral inefficiencies, and intraday liquidity constraints. When settlement becomes instant and programmable, institutions can operate with lower capital buffers, fewer operational resources, and higher asset utilization. The economics improve because friction is removed.

Embedded Finance shifts the economics of platforms by allowing them to monetize financial flows directly. Platforms move from being service providers to financial ecosystems, earning revenue from payments, lending, insurance, wallets, cards, and treasury-like functions. The economics improve because platforms capture value previously earned by banks.

Together, tokenization and Embedded Finance are redefining the role, economics, and competitive structure of global finance.

How Tokenization Transforms Cross-Border Settlement Compared to Embedded Finance

Tokenization dramatically improves cross-border financial operations by eliminating the latency, correspondent bank chains, currency cutoff windows, and settlement mismatches that characterize traditional international flows. When financial assets are represented as tokens, they can move with real-time finality across synchronized ledger networks. Compliance can be applied instantly, FX can be settled using programmable PvP, and liquidity can be allocated dynamically based on real-time data.

Embedded Finance does not directly impact the mechanics of cross-border settlement. Instead, it changes how users initiate and experience cross-border payments. Platforms like marketplaces, logistics companies, and SaaS billing systems can embed global payments directly into their user experience, making international transactions feel seamless. The underlying settlement still depends on infrastructure. Tokenization improves that infrastructure.

This demonstrates a clear functional split: Embedded Finance shapes user-facing experience, while tokenization shapes backend infrastructure.

How Tokenization Strengthens Compliance, Audit, and Transparency Compared to Embedded Finance

Compliance in traditional finance is complex, fragmented, and often retrospective. Tokenization embeds compliance directly into the transaction workflow. Before an asset moves, the system can verify identity, jurisdiction, eligibility, sanctions status, and risk scores. Audit logs are generated automatically, and regulators can gain real-time visibility into flows without relying on after-the-fact reporting.

Embedded Finance improves compliance in a different way. By controlling the user interface and journey, platforms can collect better data, ensure cleaner onboarding, and reduce friction during KYC and verification. However, Embedded Finance does not change the underlying compliance mechanics. The back-end infrastructure still determines how compliance functions at the settlement level.

This again highlights a core distinction: tokenization strengthens compliance architecture, while Embedded Finance strengthens compliance interactions with users.

Why Tokenization Reduces Systemic Risk While Embedded Finance Expands Access

Systemic risk arises when settlement delays, liquidity constraints, and data mismatches create vulnerabilities during market stress. Tokenization reduces systemic risk by ensuring real-time settlement finality, transparent asset states, and automated risk calculations. Because asset movement is synchronized, institutions face less uncertainty and can respond to market shocks faster.

Embedded Finance does not reduce systemic risk. Its impact is market expansion and democratization. Platforms can offer financial products to underserved users, SMEs, contractors, and creators without building regulatory infrastructure. This expands financial access and creates new economic participation channels.

Tokenization protects the system.
Embedded Finance expands the system.

Both roles are essential but operate at different levels of the financial stack.

How Tokenization vs Embedded Finance Redefines the Role of Banks

Banks operate in two ways: as infrastructure providers and as product providers. Tokenization strengthens banks’ infrastructure role by allowing them to offer programmable money, real-time settlement systems, tokenized deposits, tokenized collateral pools, and global liquidity corridors. These capabilities allow banks to become infrastructure engines for the next generation of digital finance.

Embedded Finance strengthens banks’ product distribution role. Rather than serving customers directly, banks offer financial products through platforms that own customer relationships. Banks remain the regulated backbone, absorbing risk and compliance responsibilities, while platforms act as brand and interface layers.

Banks evolve simultaneously into digital infrastructure providers and embedded product suppliers.

Why Tokenization Matters for Large Corporates, While Embedded Finance Matters for Platforms and SMEs

Large corporates depend on liquidity, treasury management, FX operations, and cross-border movement. They benefit directly from tokenized deposits, tokenized liquidity pools, instant settlement, and programmable cash flow operations. Tokenization enables corporates to optimize capital, reduce funding costs, and execute treasury operations in real time.

Platforms and SMEs benefit more from Embedded Finance because they operate within digital workflows where finance can be embedded to improve operations and unlock revenue. Tools like embedded payouts, embedded lending, embedded insurance, and embedded payments reduce friction and strengthen competitiveness.

Corporates need tokenized infrastructure.
Platforms and SMEs need embedded products.

Each technology aligns with a different economic segment.

Understanding Tokenization vs Embedded Finance Through the Lens of Market Infrastructure

Market infrastructures—CSDs, exchanges, clearing houses, and central banks—are adopting tokenization to modernize securities lifecycle management, collateral mobilization, and cross-border settlement. Tokenization enables them to run transparent, synchronized, low-risk financial systems that reduce failure rates and improve market stability.

Embedded Finance plays almost no role in market infrastructure. FMIs are not user-facing platforms; they operate deep inside financial plumbing. Their concerns are settlement integrity, operational resilience, risk management, and regulatory oversight.

The separation is structural: tokenization belongs to FMIs; Embedded Finance belongs to platforms.

The Role of Interoperability in Tokenization vs Embedded Finance

Interoperability is a critical requirement for tokenization. Banks, corporates, FMIs, and regulators must ensure tokenized assets can move across networks, institutions, and jurisdictions. Standards from BIS, MAS, SWIFT, and ISO 20022 guide this development.

Embedded Finance does not require interoperability between institutions. Instead, it requires seamless integration between platforms and financial service providers. API design, orchestration, KYC flow management, and ledger abstraction form the core of Embedded Finance interoperability.

Tokenization requires multi-institution ledger interoperability.
Embedded Finance requires multi-system API interoperability.

Both are forms of integration, but at completely different layers of the stack.

The Long-Term Evolution of Tokenization vs Embedded Finance (2025–2035)

Tokenization will mature into a new settlement and liquidity fabric for global finance. By 2035, tokenization is expected to play a foundational role across wholesale monetary systems, bank-to-bank settlement, securities infrastructure, FX markets, collateral operations, and corporate treasury networks. This means most interbank and institutional flows will be programmable, real-time, and synchronized.

Embedded Finance will continue transforming how individuals and businesses interact with money, credit, and financial products. Platforms will increasingly function as distribution engines for banks, and financial products will feel less like standalone offerings and more like integrated capabilities inside everyday digital workflows.

Tokenization will modernize finance from the bottom up.
Embedded Finance will modernize finance from the top down.

The convergence of these two movements defines the future of global finance: deeply integrated, seamlessly delivered, and powered by real-time programmable infrastructure.

Readers can explore more explainers related to Tokenization HERE.

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