When traditional assets like stocks and government bonds can be transferred globally in seconds and combined freely like LEGO to create new variations, the entire financial system may indeed be reshuffled.

**Don't just talk the talk, see who has truly made tokenization happen**

Many projects are still discussing "asset tokenization" in their PPTs, but there are already public chains that have moved tangible assets like U.S. Treasury bonds and NVIDIA stocks onto the blockchain, achieving fully decentralized trading and settlement. This transformation is quite crucial:

In the past, everyone was speculating on concepts and expectations, but now these tokenized assets can be traded in real-time and freely combined; previously, DeFi was just something people did for themselves, but now traditional financial hard currencies like Tesla stocks and U.S. Treasuries can also become building blocks on the blockchain, freely assembled. The market reassessing the value of certain projects is largely because they have genuinely implemented this.

**Where is the technical barrier? Not just any chain can withstand it**

Tokenizing assets is not as simple as just issuing a coin; it involves a complete reconstruction of the underlying financial infrastructure. Projects that can successfully navigate this path typically possess several core capabilities:

**A foundation specifically designed for high-frequency trading** - replacing the traditional AMM model with an on-chain order book, coupled with second-level block confirmations, institutional large orders will not be crushed by slippage, and complex strategies can also run.

**A Subtle Balance of Compliance and Decentralization** — Collaborating with licensed custodians to anchor assets while using cross-chain verification nodes to ensure transparency, solving the long-standing issue of "compliance leading to centralization".

**Programmable Imagination Space** — These on-chain stocks and government bonds are not static; developers can design various derivatives and yield strategies based on them, and the boundaries between traditional finance and DeFi are starting to blur.

The gap in underlying capabilities determines who can truly carry institutional-level funds and who can only remain in the experimental stage. As tokenization shifts from a slogan to infrastructure, the competitive logic of the entire sector is quietly being rewritten.