The number that stands out to me isn’t $9.2B. It’s the 170× year-over-year growth. Markets don’t usually expand at that pace unless they’ve moved beyond proving the concept. To me, that’s the signal. Tokenized equities are beginning to develop the characteristics that mature financial markets eventually converge toward. stronger infrastructure broader distribution deeper liquidity Transfer volume is simply the result of those foundations improving. Liquidity attracts participants. Participants attract products. Products attract more liquidity. That’s how financial networks compound. The interesting question is no longer whether tokenized stocks have a place. It’s how much of traditional market activity eventually migrates onchain as the infrastructure continues to improve. The biggest opportunities rarely appear when the numbers are already large. They appear when the underlying network effects become impossible to ignore. This feels less like a temporary narrative and more like the early stages of a structural shift.