Over time, asset tokenization has evolved from a cutting-edge concept into an unstoppable trend. By 2025, this trend has permeated every aspect of the financial markets.

Looking back ten years ago, when I participated in drafting the preliminary plan for asset tokenization for a large financial institution, the idea of migrating securities trading to a public blockchain infrastructure was still quite controversial. However, we already realized at that time that as the financial system became programmable, the entire structure of the capital market would inevitably undergo fundamental changes.

Today, this prediction is becoming a reality at an astonishing pace. The scale of on-chain physical assets has already surpassed $24 billion, more than doubling compared to two years ago. Nearly 200 institutions, including traditional financial giants and tech innovation companies, have begun to transfer actual assets to the blockchain. Some fintech companies have taken a crucial step, no longer content with merely providing modern interfaces for the traditional financial system, but instead starting to build entirely new financial infrastructures by directly issuing bonds on public blockchains.

Recently, a well-known online trading platform announced the launch of "stock tokens," which are tokenized stocks, ETFs, and private company equity issued on the Ethereum Layer 2 scaling solution Arbitrum. This move is undoubtedly an important milestone in the industry. The company's CEO has further revealed that they are developing a dedicated blockchain network aimed at providing a round-the-clock, efficient trading environment for tokenized assets.

These developments clearly indicate that asset tokenization is moving from theory to practice and is reshaping the entire financial ecosystem. With more and more institutions getting involved, we have reason to believe that by 2025, asset tokenization will become mainstream in the financial markets, bringing unprecedented opportunities and challenges for investors and businesses.