币界网报道：The crypto industry is witnessing a pivotal moment in asset tokenization, with stablecoins leading as the first major success, boasting over $250 billion in circulation for cross-border payments and crypto trading. Tokenized money market funds like BUIDL and ONDO are gaining traction, offering on-chain risk-free rates and liquidity solutions. Next, private funds and structured credit are poised for transformation, with firms like Apollo and Hamilton Lane already tokenizing assets to enhance transparency and efficiency. Smart contracts could revolutionize structured credit by automating processes and reducing costs while improving transparency—critical after the 2008 financial crisis. Equity tokenization is also advancing, with Galaxy, Kraken, and Superstate pushing initiatives amid regulatory discussions. However, challenges remain, including the lack of U.S. stablecoin legislation and KYC/AML scalability. The industry must balance public chain benefits with regulatory compliance to unlock tokenization's full potential—mirroring the internet's impact on information.