According to CoinMeta, a report from the European Securities and Markets Authority shows that the market value of tokenized stocks has grown from approximately 300 million euros to nearly 1.9 billion euros in 18 months. The agency warns that issuing different versions of tokenized products for the same stock can lead to fragmented liquidity. These tokenized products are essentially packaged securities, with the ownership records of the underlying stocks stored off-chain. Multiple intermediary arrangements increase complexity and risk, and many transactions have not yet achieved atomic settlement.