国际清算银行：当砖块与字节相遇：代币化是否填补了传统房地产市场的空白？（英文版）

Using novel US data from multiple platforms over 2019–25, I show that real estate tokenisation fills gaps in traditional markets. The supply of tokenised real estate is driven by pricing, demand, liquidity and supply in the physical property market. These factors affect the supply of traditional real estate properties and Real Estate Investment Trust (REIT) portfolios differently. Areas with limited access to credit see more rapid growth in tokenised properties, suggesting tokenisation may br