Federal Reserve Board Member Lisa Cook stated that the scale of tokenized assets in the United States has doubled over the past year to approximately $25 billion. Tokenization can enhance cross-border payments, collateral management, and liquidity efficiency, and enable automated settlement and more flexible financial transaction structures through smart contracts. Cook believes that tokenization will not replace traditional financial infrastructure but is expected to integrate with existing market systems to improve the efficiency of the financial system. At the same time, she also warned about financial stability issues such as liquidity risk, interconnectedness of the financial system, and network attacks and smart contract vulnerabilities within the DeFi ecosystem.