According to a report released on Friday by Greg Cipolaro, the Global Research Director at NYDIG, on December 13, tokenization of stocks will not immediately bring significant benefits to the cryptocurrency market. However, if such assets can be better integrated with blockchain, their benefits will gradually become apparent. "The initial returns of the networks that support these assets (such as Ethereum) are relatively modest, but as the accessibility, interoperability, and composability of the assets improve, the returns will increase in tandem," Cipolaro wrote in the report. He added that initial returns primarily come from transaction fees generated by tokenized asset trading, and the blockchain that holds these assets will also "enjoy increasingly enhanced network effects" due to storage needs. "In the future, these real-world assets may be integrated into the decentralized finance ecosystem, becoming collateral for loans, lendable assets, or trading targets," Cipolaro stated, "but this will take time and may only be realized after technological advancements, infrastructure improvements, and regulatory evolution." He also pointed out that constructing tokenized assets with composability and interoperability is not an easy task because "there are significant differences in their forms and functions," and they are distributed across public and private networks. For example, the private blockchain Canton Network created by Digital Asset Holdings currently holds tokenized assets worth $380 billion, accounting for 91% of the total 'represented value' of all real-world assets. Ethereum, as the most mainstream public blockchain, has deployed $12.1 billion in real-world assets. Cipolaro emphasized that even in open networks like Ethereum, the design of tokenized assets can vary significantly. "These assets typically fall under the category of securities and still rely on traditional financial brokers, KYC/qualified investor certification, whitelisted wallets, and transfer agents," he stated. However, he also mentioned that companies are achieving advantages such as "near-instant settlement, 24/7 operation, programmable ownership, transparency, auditability, and collateral efficiency optimization" through blockchain technology.
