According to CoinMeta, Blackstone stated that Wall Street's application of blockchain is shifting from asset digitization to changing the way financial assets are transferred, with a focus on serving as collateral and supporting 24/7 trading. Dan Maley, the head of Blackstone's Asia-Pacific cash business, said that Blackstone's tokenized funds have already been used as collateral in the digital asset market, but expansion into traditional finance is still constrained by banks' acceptance, market infrastructure, and regulatory certainty.