Bloomberg previously revealed that BlackRock is studying the tokenization of ETFs linked to real-world assets such as stocks, but analysts believe that this transformation faces major technical and regulatory challenges. Currently, ETFs are settled through Wall Street clearing houses, while blockchain transactions are instant and around the clock. Coordinating these systems creates complex issues for regulators and custodians. However, the regulatory environment in the Trump era is becoming more relaxed, and policymakers are open to allowing companies to test blockchain-based market projects in a controlled environment. However, blockchain migration can achieve functions such as instant settlement and share splits, and the flexible design of ETFs makes it an ideal testing ground for this transformation. ETF tokenization will bring about three core changes: first, extended trading hours, breaking through the regular trading hours of Wall Street and achieving 24-hour trading; second, global access, making US financial products easier for overseas investors to obtain; and third, new types of collateral uses, creating new application scenarios as collateral in crypto networks. (Wall Street Journal)