Golden Finance reported that in a report released on the 7th, Tushar Jain, co-founder of Multicoin, said that he does not believe that public stock issuance will be the first type of tokenization securities adopted by the mass market. Markets with poor liquidity, strong opacity, and greater benefits from tokenization are more likely to be adopted first. This may be startup equity, where there is no reason to pay Carta or Angelist to manage when blockchain can manage capital tables for free. It may be fixed income tools that Figure has been studying for many years. It may be LP interests in funds.