BlackRock CEO Larry Fink pointed out in an annual letter released on Monday that asset tokenization is the most disruptive financial innovation after ETFs and will reshape the global financial democratization process. He systematically explained the transformative impact of tokenization on the capital market: First of all, it subverts the century-old settlement system. "The SWIFT system is like using a fax machine to process emails." Tokenization will realize instant on-chain liquidation of stocks, bonds, real estate and other assets, release the liquidity of hundreds of billions of dollars frozen due to settlement delays, and enable global capital to achieve "7×24-hour frictionless flow". Build an inclusive financial infrastructure, by allowing unlimited split of assets (such as one-millionth building property rights), retail investors will reach exclusive fields such as private equity for the first time; smart contracts automatically execute shareholder voting to increase governance participation; eliminate traditional investment barriers, and allow more investors to share high-yield opportunities. Digital identity authentication determines success or failure. Fink specifically emphasizes: "Tokenized funds need to become mainstream, they must establish an identity system that is more reliable than SWIFT." He cited the case of the Indian Aadhaar system (mobile verification covering 90% of citizens) and called for global collaboration to build a compliant digital identity framework, which is the key to unlocking the trillion-dollar tokenized market.