The European Central Bank (ECB) recently tested digital bond issuance with over 60 issuers and four central banks, revealing increased costs when using blockchain systems. These costs stem from additional legal fees, lack of onchain settlement, and intermediaries bridging traditional finance with blockchain. Marat Faritov from Moody's suggests that reducing intermediaries and using onchain settlements could lower costs. Despite these challenges, the tokenized government securities market is expanding, with projections of US Treasurys reaching $3 billion by 2024. Real-world asset tokenization could hit $30 trillion by 2030.