The issue with tokenization of assets is custody. How holds the bonds (or gold, real estate, or Bitcoin)? To take this from a crypto purist perspective, it is a problem.
To answer the question, sure VSC could be used for it. A firm could establish that using the smart contracts like is being done on some of the EVMs.
Hive Bonds was designed to be a base layer but it could be layer 2. VSC is looking at implementing some of it in the sense with staked transferrable HBD. That was one of the goals of Hive Bonds, to get the HBD locked into savings (or time vaults) a way to be used as collateral.
VSC could then sent up a lending application on top used the staked HBD as collateral. The steam of payments are known although the time lock mechanism is still required. That could be built, I imagine, on VSC.
Maybe @vaultec can jump in and answer this.
Thanks for your thoughts. VSC will provide new functionality around here and we'll see what people do with it.