According to VentureBeat on August 19th, the concept of securities-based tokens has begun to attract attention in the past year. Securities-type tokens may reduce frictions in asset issuance and transactions, securitize intangible assets such as intellectual property, and enable issuers. It can take advantage of the liquidity that is difficult to obtain around the world. In fact, despite the potential of securities-based tokens, they face enormous challenges, especially when it comes to liquidity, immature infrastructure and vague regulatory waters. It is unclear whether the promise of securities-based tokens will be realized. Mark Smith, founder of the Digital Asset Market Association, said, “It may take years to establish a liquidity ladder for regulated securities.” Especially in the real estate industry, some believe that it is actually unrealistic to increase the liquidity of buyers. Securrency COO John Hensel said that digital securities will eventually find greater liquidity in the private market than traditional private securities. Large global asset management companies and other major institutions need to join. Once this happens, we will see an increase in the adoption rate of the entire industry.