Wu Shuo learned that Grayscale’s Head of Research, Zach Pandl, released a report stating that the global stock market tokenization process has begun. It will bring users conveniences such as 24/7 trading, and the evolution of equity tokenization can be summarized into three stages: the first stage is the third-party “wrapping” model, which currently accounts for over 70% of market capitalization and mainly operates on chains such as Ethereum and Solana; the second stage is the “equity” model represented by the DTCC pilot, using regulated post-trade infrastructure; the third stage is the “issuer-initiated” model, which has the greatest long-term potential, where companies issue securities natively on-chain. Last week, Securitize became the first NYSE-listed company to achieve this. Grayscale believes that the three models will coexist for many years to come.