**[NYDIG: Limited Initial Returns from Stock Tokenization, Long-Term Value to Gradually Unfold]** Greg Cipolaro, NYDIG's Global Head of Research, stated that the initial tokenization of real-world assets like stocks offers limited direct returns to the crypto market and blockchain networks. Short-term benefits mainly stem from transaction fees and the network effects brought by custody services, while long-term value will be unlocked as accessibility improves. Currently, compliance structures such as KYC restrict the composability of tokenized assets, but as tokenized assets integrate into DeFi scenarios and regulatory frameworks become more open, the ability to capture on-chain value will strengthen.