Moody's believes that over time, public blockchain networks such as Ethereum will become more interconnected with traditional infrastructure, which will enhance the use cases of blockchain and promote industry growth. Asset tokenization converts assets such as funds, real estate, or art into digital tokens, enabling storage and transfer using DLT. Progress has been made in the past year, with the total value of real-world assets tokenized on public blockchains increasing from $1 billion to $2 billion in the past 12 months, with Ethereum currently hosting the vast majority of them. One factor hindering the adoption of tokenization is the lack of reliable digital cash, which leads market participants to settle transactions off-chain or use stablecoins.