Zhao argues tokenizing stocks as blockchain assets would let
global investors buy fractions instantly, skipping borders and brokers, while
sovereign stablecoins pegged to local currencies ease on-chain trading.
Real-world asset tokenization excluding stablecoins reached
$29 billion by early 2026, with tokenized U.S. Treasuries and equities leading
the surge—platforms like Ondo already offer over 260 U.S. stocks to non-U.S.
users in some areas.
No country has fully tokenized its exchange yet, but Nasdaq, NYSE, and others are building 24/7 platforms amid growing momentum.