Asset tokenization is the most disruptive financial innovation since ETFs and will reshape the democratization of global finance, BlackRock CEO Larry Fink said in his annual letter published on Monday. He systematically illustrated the transformative impact of tokenization on capital markets: The first is to subvert the century-old settlement system. "The SWIFT system is like using a fax machine to process emails." Tokenization will enable real-time on-chain liquidation of stocks, bonds, real estate, and other assets, releasing hundreds of billions of dollars of liquidity frozen due to settlement delays, and enabling global capital to achieve "7 × 24-hour frictionless flow." Build an inclusive financial infrastructure that allows retail investors to access exclusive areas such as private equity for the first time by allowing unlimited asset splitting (e.g., one-millionth of a building); smart contracts automate shareholder voting to enhance governance participation; and remove traditional investment barriers to allow more investors to share high-yield opportunities. Digital identity authentication makes or breaks, with Fink emphasizing that "for tokenized funds to become mainstream, a more reliable identity system than SWIFT must be established." Citing the case of India's Aadhaar system (mobile end verification covering 90% of the population), he called for global collaboration to build a digital identity framework for compliance, which is the key key to unlocking the trillion-dollar tokenized market.