Taproot Assets (formerly Taro) is a new Taproot-powered protocol for issuing assets on the bitcoin blockchain that can be transferred over the Lightning Network for instant, high volume, low fee transactions. At its core, Taproot Assets taps into the security and stability of the bitcoin network.
in summary
1)Taproot Allows assets to be issued on the bitcoin blockchain
2)Leverages taproot for privacy and scalabililty.
3)Assets can be deposited into Lightning channels
4)Assets can be transferred.