#代币化资产趋势 Looking back at the development of tokenized assets over the past few decades, it is not difficult to find a recurring pattern - from innovation to bubble and then to a return to rationality. The Hong Kong SAR government plans to issue digital bonds for the third time, which reminds me of the ICO craze in 2017. At that time, various projects issued tokens one after another, but most ultimately turned into bubbles. It seems that government-led digital assets are the truly sustainable direction. Hong Kong's choice of multi-currency digital green bonds this time not only aligns with the ESG trend but also broadens the investor base, achieving a win-win situation. However, any new thing needs time to be tested. We must maintain a prudent attitude and continue to follow the actual performance and risks of such innovative financial products. History tells us that truly valuable innovations often require multiple iterations to mature.