Tokenized assets currently account for only 0.01% of the global stock and bond market value, but Grayscale predicts this will grow 100x in the future. The pain points of traditional assets are obvious: large scale but poor liquidity, complex structures with high barriers to entry, and extremely high cross-border settlement costs. A huge amount of high-quality assets are locked within local institutions, like unsold real estate that no one cares about. The emergence of RWA as an efficient alternative is inevitable. Just like how ETFs simplified asset allocation, the internet turned information from monopolized to low-cost replication, and stablecoins brought the US dollar into a 24/7 global network. When more granular divisions, faster settlements, and lower barriers become the default options, asset migration is just a matter of time. The key lies in who lays the groundwork first, and how the SEC's regulatory stance on RWA next year will determine the winners and losers in this space.