According to a research report by Grayscale, tokenization refers to registering ownership of assets on the blockchain infrastructure. Assets can benefit from the functionality of the blockchain in the form of tokenization, including more efficient settlement and the ability to interact with smart contracts. In most cases, modern financial systems are already quite efficient, and tokenization itself may not immediately lead to efficiency gains. Instead, we believe the main benefits may come from integrating users, assets, and applications into a common global platform. From the perspective of the crypto market, while various assets may benefit from the trend of tokenization, the most promising assets may be protocols that can provide a universal global platform. Currently, Grayscale research believes that the Ethereum blockchain is most likely to achieve this goal in the future. In addition, the report states that the first application of tokenization technology is stablecoins, which tokenize the simplest and most liquid asset: cash. Following stablecoins, the next tokenized asset to be widely adopted is gold. The latest wave of tokenization is mainly concentrated in two different markets: US government bonds and closely related assets, as well as credit products.