#代币化趋势 The data in a16z's annual report is highly valuable. The figure of $4.6 trillion in stablecoin trading volume itself demonstrates a fact — on-chain financial infrastructure has already reached a considerable scale, laying the foundation for large-scale tokenization applications.

Focusing on the tokenization aspect. Tokenizing traditional assets is not a new concept, but based on the statements in a16z's report, the push next year is expected to accelerate significantly. The most direct impact of tokenizing US stocks, commodities, and indices is the change in liquidity structure — this means the depth of on-chain asset allocation will greatly increase, and the pattern of capital inflows and outflows will also generate new tracking value.

From the perspective of on-chain signals, the following areas should be closely monitored: first, the movements of mainstream exchanges and institutions regarding RWA-related contracts; second, the specific role positioning of stablecoins in the circulation of tokenized assets; third, the timing of large fund inflows and outflows and their correlation with traditional markets. These can help assess the actual pace of the tokenization trend.