#资产代币化 The transformation of the US financial market to on-chain is finally moving from concept to reality. The SEC approved DTCC to custody tokenized assets on the blockchain, coupled with Chairman Paul Atkins explicitly stating the push for innovative exemption policies—this signals very clearly that the traditional finance onboarding process is irreversible.

From a follow-trade perspective, this is an important milestone. What does an on-chain financial market mean? It will bring qualitative changes in transaction transparency, settlement efficiency, and asset liquidity. Those traders who have already positioned themselves on the blockchain will see their strategic advantages further expand. Previously, risk mitigation and efficiency improvements often relied on OTC off-chain or multi-chain cross-chain methods; now, these practices will gradually become standardized.

The most direct implication is: follow-trade strategies need to be adjusted accordingly. I used to allocate positions based on traders’ risk preferences, mainly focusing on their performance on centralized exchanges. Now, more attention should be paid to traders with on-chain asset allocation capabilities—their understanding and deployment of RWA and tokenized securities may become the main drivers of future returns.

Frankly, with the implementation of this policy dividend, a large amount of capital will enter the market to test the waters in the short term. Market certainty has increased, but so has competition. The skill gap among participants will become more apparent. You either closely follow those who truly understand the logic of on-chain finance, or you must quickly catch up yourself. There is no third way.