CoinMeta data: The International Monetary Fund ( IMF ) pointed out in its latest report that the tokenization market is growing rapidly, but its overall scale is still small, with insufficient liquidity and a highly fragmented market. Currently, the average daily trading volume for tokenized assets is around $300 billion to $350 billion, while the scale of other tokenized assets is about $65 billion. The study found that more than half of tokenized stock transactions occur outside of traditional market trading hours, and approximately 80% of the transactions involve less than one share, reflecting the market's demand for 24/7 trading and trading of small shares. IMF believes that legal rights protection, clarity of regulatory rules, platform interoperability, and secure and reliable settlement assets are the four key conditions for further development of the tokenization market. As the market scale expands, tokenization may also amplify systemic risks through leverage, liquidity runs, and interconnections between financial institutions.