Recent market data is quite interesting — the total market capitalization of tokenized stocks circulating on-chain has just surpassed the $1 billion mark. Just twelve months ago, the entire market had expanded by more than fifty times. This growth rate is indeed rapid.

Currently, among the main participants, one platform holds a dominant advantage, with its tokenized stock assets exceeding $600 million, accounting for over 58% of the market. The second-tier players are smaller but still hold nearly 18% of the share. The remaining small and medium platforms share the rest of the pie.

Why is this business growing so rapidly? The reason is actually quite simple. Moving traditional stocks onto the blockchain speeds up trading and settlement significantly, making the entire process much more transparent, and allowing global investors to participate more easily. Plus, as the market's appetite for compliant products grows, platforms are upgrading their infrastructure, opening up space for innovation.

But on the other hand, this path is not without challenges. The global regulatory framework is still in exploration, with significant differences across countries, and compliance costs could rise at any time. More importantly, how do these on-chain stock assets fully link to the real stock market? How can they be guaranteed to be redeemable at any time? If these issues are not well resolved, investor confidence can easily collapse.

Looking ahead, traditional financial institutions are beginning to explore blockchain technology, and regulatory pathways will become clearer. The ceiling for this market may be higher than we currently imagine.