The total market value of on-chain stock tokenized assets has surpassed $1.2 billion, reaching a new high. By observing the two waves of growth in September and December, it is clear that this track is moving from niche to scale. Interestingly, the development path of tokenized stocks is remarkably similar to the trajectory of stablecoins in 2020 — at that time, stablecoins were considered niche products, but within just a few years, they became a mainstream financial infrastructure. Now, tokenized stocks are following the same path. From technical foundations to market recognition, these products are rapidly iterating on blockchains like Ethereum, gradually attracting the attention of traditional financial participants. In the era of scale, it seems that the future is not far away.