for securities, there is actually no 'liquidity problem' that is solved or substantially helped solely by tokenization

liquidity is primarily a legal/regulatory problem, secondarily a business problem (e.g. why let real markets decide your valuation when private markets can pump it?), and only thirdly a liquidity/market mechanisms problem (maybe could be helped by AMMs and other DeFi stuff, or 24/7 trading infra, etc.). . .

crypto can however help a ton with programmability/composability, governance, deal making, etc.

naturally L1s and L2s and DeFi apps will be most interested in trying to get stonks that *trade actively onchain* (this pumps MEV, REV, helps justify performance-based L1 / L2 marketing metrics, etc.) and will try to fund/subsidize that aspect (including even hand-holding companies to IPO), but imo it's a bit of a red herring, real value unlock for securities is programmability. . .