CoinMeta data: According to the International Monetary Fund, as of July, the scale of tokenized real-world assets reached $65 billion, which is significantly smaller than the global capital market assets of $300 trillion. Among these, tokenized credit products amounted to about $30.4 billion, money market funds to about $17.5 billion, and tokenized stocks to about $2.3 billion. The liquidity of tokenized stocks is lower than that of traditional markets, with actual volatility approximately 1.5 times that of traditional stocks. Legal uncertainties, insufficient interoperability, and a lack of settlement assets limit the development of tokenization. Increased market connectivity and leverage may amplify liquidity risks. Currently, the systemic risks posed by tokenized assets are limited.