From the perspective of the crypto market, it might feel like the demand for asset tokenization isn’t that big. But we need to look at it from the perspective of U.S. policymakers and what they’re trying to achieve: they’re going all-in on migrating all assets/securities from off-chain to on-chain, using blockchain technology to reconstruct the traditional financial market. In the future, there won’t be a distinction between on-chain and off-chain stocks—stocks will be issued directly on the blockchain. This aligns with what the Nasdaq CEO mentioned about tokenizing IPOs directly in the future. Using blockchain ledger systems to transform traditional centralized financial databases, securities have evolved from 100 years of paper-based records, to the electronic records formed over 30 years ago, to the database systems of the past decade. The future is distributed ledger systems.