Stock tokenization is becoming a bridge connecting traditional finance and the crypto world, promising to enhance the efficiency of global capital markets. However, it harbors significant risks in legal certainty, asset transparency, and regulatory compliance, reminding us of the historical lessons from the P2P storm. New-generation exchanges like Hyperliquid and QiBitDEX, built on native L1 and on-chain order books, are trying to solve the trust issue with technology, while Ethereum is becoming the main beneficiary of this wave.
I. Opportunities of the era: The enormous potential of stock tokenization to reshape capital markets
"Stock tokenization" is rapidly evolving from a marginal concept to the focus of global fintech. Driven by positive policy, it is seen as a strategic tool to consolidate capital market leadership and facilitate the convenient flow of global funds. Its core significance lies in the fact that it is not only a technological innovation but also a key bridge connecting traditional finance (TradFi) and decentralized finance (DeFi).