Finance

The SEC has approved Nasdaq's pilot program for trading tokenized securities, signaling the official entry of traditional finance into the era of tokenization. This article offers an in-depth analysis of tokenized securities mechanisms, regulatory frameworks, and their effects on RWAs and the global capital markets.

The Dow Jones Industrial Average, commonly referred to as US30 in trading markets, is one of the most representative stock indices in the world. It consists of 30 blue-chip companies that play a significant role in the U.S. economy, spanning key sectors such as technology, finance, consumer goods, and industrials. The index uses a price-weighted methodology, meaning companies with higher share prices have a greater impact on index movements. As a result, US30 is widely used to track the performance of major U.S. corporations and broader economic cycles.

The Dow Jones Industrial Average, commonly referred to as US30, and the NASDAQ-100 are two of the most representative U.S. stock indices. They reflect the performance of traditional blue-chip companies and technology-driven growth companies, respectively. US30 is made up of 30 major U.S. companies spanning mature sectors such as finance, industrials, and consumer goods. The NASDAQ-100, by contrast, consists of 100 large non-financial companies listed on the Nasdaq, with technology firms holding the dominant weight. As a result, it more directly reflects the momentum of innovation-focused and high-growth businesses.

The Dow Jones Industrial Average CFD is a derivative financial instrument that allows traders to participate in index price movements without owning the underlying stocks. Through the Contract for Difference mechanism, investors can take long or short positions based on market expectations while using margin and leverage to control larger notional positions. This makes US30 not only a market benchmark but also a flexible, tradable index asset.

Gate Card is a crypto payment card introduced by Gate, designed to function as a crypto credit card that allows users to spend digital assets in real-world scenarios. When a user makes a payment, the system automatically converts crypto assets in the account into fiat currency, enabling transactions through the Visa network across global merchants and ATMs. The core function of Gate Card lies in bridging digital assets and traditional payment systems. Instead of manually converting crypto into fiat before spending, users can directly use their crypto balances for everyday payments, cross-border transactions, and cash withdrawals. This integration reduces friction between Web3 assets and real-world financial infrastructure, making crypto more accessible for daily use.

A crypto card is a payment card that enables users to spend cryptocurrency by converting it into fiat currency at the point of transaction. As digital assets become more integrated into financial systems, crypto cards serve as a practical bridge between blockchain-based value and traditional payment infrastructure. They simplify real-world usage of cryptocurrencies while maintaining compatibility with global payment networks. Understanding their structure and limitations helps explain their role in modern financial ecosystems.

NAS100 is a market capitalization-weighted index made up of major non-financial companies listed on the Nasdaq exchange. The rules governing its composition, its calculation methods, its role in the market, and its distinctions from other indices all contribute to NAS100's prominent standing in the global capital markets.

The article opens by analyzing the structural conflict between the risk-free rate and the integration of US Treasury bonds on-chain. It traces the development of stablecoins such as USDT/USDC, DAI, UST, and USDe, highlighting the reasons behind the breakdown of DeFi token economics and DAO governance, and exploring how these mechanisms are being restructured within RWA and Vault frameworks.

In February, BTC declined by approximately 15.5%, while ETH also corrected in tandem. The Crypto Fear & Greed Index fell into the Extreme Fear zone, reflecting a significant rise in market risk-off sentiment. Despite the volatile market environment, the fund portfolio maintained relatively stable overall performance, though short-term returns showed some divergence. Among the strategies, Stellar Core Smart-Invest (USDT) delivered the highest one-year return of 9.5%. Meanwhile, Interstellar Hedge (USDT) and Orbital Arbitrage (USDT) recorded cumulative returns of 18.0% and 17.2%, respectively. Notably, Interstellar Hedge (USDT) achieved positive returns in all 20 cycles during the observation period, resulting in a 100% win rate. Gravity Hedge (USDT) also performed strongly, with a 95% overall win rate.

Gate Research Weekly Report: This week, BTC and ETH continued to trade with weak volatility, and market sentiment stayed in the fear range. Rising tensions in the Middle East drove up oil prices and simultaneously increased demand for stablecoins, with USDC demand surging in the Dubai market. Pump.fun may pursue multi-chain expansion, while popular tokens like ACX, Lobster, and PIXEL posted strong gains. Capital activity in the Solana ecosystem remains robust.

Backpack Token is a utility crypto asset issued within the Backpack ecosystem and built on the Solana blockchain. It is designed to provide a unified incentive and governance mechanism across Backpack’s trading platform, non-custodial wallet, and NFT community. Unlike many traditional platform tokens, the Backpack tokenomics model emphasizes a user-first distribution structure and explores a staking mechanism that may connect token participation with the potential equity value of the company.

Jupiter, Raydium, and Orca are core liquidity infrastructures within the Solana ecosystem. Jupiter focuses on trade aggregation and intelligent routing, Raydium provides liquidity through a hybrid model that combines automated market making with order book integration, while Orca emphasizes concentrated liquidity through its Whirlpools model and a simplified trading experience for users.

PAXG (Pax Gold) is a digital asset backed by physical gold, developed by fintech company Paxos and issued as an ERC-20 token on the Ethereum blockchain. The fundamental concept is to use blockchain technology to tokenize gold, with each PAXG token representing a specific amount of physical gold reserves. This enables investors to hold and trade gold as a digital asset while preserving gold's function as a store of value.

PAXG (Pax Gold) is a tokenized asset backed by physical gold, issued by the fintech company Paxos and traded on the Ethereum blockchain as an ERC-20 token. The core concept is to tokenize physical gold on-chain, with each PAXG token representing ownership of a certain amount of gold. This structure enables investors to hold and trade gold in the form of a digital asset.

PAXG (Pax Gold) is a tokenized asset backed by physical gold reserves, launched by fintech firm Paxos and issued as an ERC-20 token on the Ethereum blockchain. The core concept is to digitally represent real-world gold assets, allowing investors to hold and trade gold via the blockchain network. Because each PAXG token corresponds to a specific quantity of physical gold, its price is theoretically expected to closely track the global gold market.