According to CoinMeta, and as reported by Ledger Insights, over the past approximately 18 months, the market value of tokenized stocks has increased from around $350 million to about $2.2 billion. The European Securities and Markets Authority (ESMA) has warned that issuing multiple different tokenized versions of the same stock can lead to liquidity fragmentation. Currently, many “wrapped” products that are 1:1 backed by real stocks still record the ownership of the underlying stocks off-chain, while adding an intermediary layer. Additionally, some cash transactions are still settled through traditional channels, so full-on-chain atomic settlement has not yet been achieved. ESMA also points out that major predictive market platforms generally lack EU authorization at present, and if related event contracts constitute financial instruments, they usually require obtaining the corresponding licenses.