According to Wu, a16z crypto states that not all tokenized assets truly possess on-chain financial attributes. Currently, bonds are the largest category of tokenized assets, with a market value of approximately $15.2 billion, but only about 5% are used in DeFi; the situation is similar for precious metal tokens, with most assets remaining only on the chain. In comparison, approximately 84% of reinsurance tokens' supply are deployed in DeFi, and private credit is about 33%. a16z crypto believes that many so-called "tokenizations" today are closer to digital asset records, meaning they only transfer records onto the blockchain without truly achieving composability within on-chain financial systems.

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