While everyone is still debating bull and bear cycles, a more fundamental transformation is accelerating: global financial assets are migrating to blockchain at an unprecedented scale.

This isn’t marketing hype from any particular project. Just look at what’s happened in the past six months:

**Institutions’ choices reveal their real intentions**
Bitcoin is being hoarded as “digital gold”—that’s a defensive allocation. But traditional financial giants like Goldman Sachs and JPMorgan are testing bond issuance and equity settlement systems on the Ethereum network. They’re not after speculative assets, but rather the foundational pipelines capable of supporting the transfer of trillion-dollar assets. What’s the difference? One is a gold bar in a safe, the other is the monetary system used for global trade.

**Dormant assets are being awakened**
Stocks, bonds, real estate—these assets have limited liquidity in the traditional financial system. Once tokenized on-chain, they can be traded globally 24/7, shattering entry barriers. BlackRock has already issued tokenized fund products worth billions of dollars on the Ethereum network, and this is just the beginning. When real estate, art, and private equity can all be split into tradable digital shares, what magnitude of liquidity will be unleashed?

**The real battleground for national teams**
Don’t be mistaken—regulators have never really cared about cryptocurrencies themselves, but about who gets to set the rules for the next generation of financial infrastructure. Whoever controls the standards and protocols for on-chain assets will essentially hold the operating system for the Wall Street of the future. This is a silent war over financial discourse power.

**What does this mean for ordinary participants?**
This is no longer just about price speculation. The wave of asset tokenization will first propel those mature ecosystems and highly institutionally recognized public blockchains to become the “central clearing systems” of the new financial era. Wealth doesn’t disappear—it simply shifts from paper ledgers to globally shared distributed ledgers.

What do you think will be the first traditional assets to be massively tokenized? Government bonds, publicly listed company equity, or commercial real estate?