#代币化热潮 The wave of tokenization sweeps across the asset field, with physical assets such as real estate, artworks, and even accounts receivable accelerating onto the blockchain, split into digital tokens for circulation. Institutions such as BlackRock are entering the market, and Singapore and Hong Kong are promoting regulatory frameworks. The advantages are evident: increased liquidity and lowered investment thresholds. However, the boundaries of compliance are blurred, and there are still concerns about technological security. Under the resonance of capital and technology, the logic of asset circulation is being redefined.