[Research: Tokenized Stocks Face Risks of Liquidity and Revenue Fragmentation] According to a report by Cointelegraph, Tiger Research has released a report stating that the U.S. SEC's move to allow third parties to list tokenized stocks could lead to two major structural risks: liquidity fragmentation and revenue fragmentation. Research Director Ryan Yoon noted that traditional finance views the breakdown of previously centralized liquidity as a serious structural threat. When the same publicly listed stock is tokenized across different blockchain networks and decentralized platforms, the trading volume and order flow that should have been concentrated in single venues like the NYSE or Nasdaq will be dispersed across multiple venues, resulting in price discrepancies between platforms, increased slippage for large orders, and reduced market efficiency. Revenue fragmentation follows market fragmentation, as financial revenues that should belong to domestic exchanges will flow overseas.