On-chain tokenized stocks have been gaining significant momentum recently. According to the latest data, the total global asset value of tokenized stocks has surpassed $1 billion. Seems unimpressive? Look at it from another angle: the same period last year was only about $20 million, which means the market has expanded over 50 times in just one year. This growth rate is indeed a bit crazy.

The market is mainly divided among a few leading platforms. One accounts for nearly 60% of the share (about $620 million), another follows closely with 17.7%. The remaining share is spread across several participants. The landscape is still rapidly evolving, but the Matthew effect has already become apparent.

Why has this track suddenly become so hot? There are several main reasons. After traditional stocks are brought on-chain, settlement becomes faster, transparency increases, and global investors can participate anytime and anywhere. For institutions that pursue compliance and legitimacy, these products are becoming increasingly attractive. The gradual improvement of regulations and iterative upgrades of infrastructure further stimulate market demand.

But there is no free lunch. Challenges in this field are numerous. The global regulatory framework is still in exploration, with significant policy differences among countries, leading to rising compliance costs. More critically, whether the anchoring mechanism and redemption guarantees between on-chain assets and real-world assets can truly achieve 100% correspondence directly affects investor confidence. Any problem in one link could shake the entire ecosystem.

The future is clear but also steep. Traditional financial giants are beginning to take blockchain seriously, and the specific direction of regulation is gradually becoming clearer. What comes next, the market will provide the answer.