CoinMeta data: The market value ratio of tokenized funds to stablecoins has increased from $2.99 per $100 two years ago to $11.39, representing a nearly fourfold growth. The current total market value of stablecoins is about $300 billion, with tokenized real assets accounting for approximately 10% to 17%. USDC under Circle is valued at around $2.5 billion to $3 billion, BlackRock’s BUIDL is around $2.2 billion to $2.7 billion, and Ondo USDY is around $2.1 billion to $2.3 billion. The total value of tokenized government bonds and money market funds is between $15 billion and $33 billion. JPMorgan Chase estimates that this accounts for about 5% of the stablecoin ecosystem; however, if issues related to transferability and cross-platform interoperability are not resolved, this proportion is unlikely to exceed 10% to 15%.