According to CoinMeta, Commissioner Hester Peirce of the U.S. Securities and Exchange Commission (SEC) warned that tokenized U.S. securities may develop overseas while facing insufficient competitiveness in the domestic market. Subsequently, a portfolio strategy designed by Blackstone became tradable tokens through Ondo Finance, targeting qualified non-U.S. investors. At the same time, IBM connected banking infrastructure to the blockchain ledger of SWIFT to enable 24/7 tokenized deposit transactions. This development highlights the complex competition surrounding the digitization of Wall Street assets. In a speech on September 23, Peirce indicated that tokenization was imminent and suggested that foreign markets might offer tokenized U.S. stocks, whereas there are no such options domestically.