What are wrapped securities?

Could you please elaborate on wrapped securities? I'm interested in understanding how they function within the broader cryptocurrency and finance ecosystem. Are wrapped securities a new phenomenon, or have they been around for some time? What are the main benefits of using them? Also, are there any associated risks that investors should be aware of? I'm particularly curious about how wrapped securities might affect liquidity and pricing in the market. Could you provide some real-world examples of how they've been used successfully? Thank you for taking the time to answer my questions.