#股权代币化 Seeing the news about Tether and Figure, my mind flashes back to the ICO wave of 2017. Back then, we all thought tokenization would revolutionize everything, but most projects vanished into smoke. Now, these two giants' moves in equity tokenization not only echo history but also reveal different temperatures.

After raising $20 billion, Tether is considering equity tokenization. It sounds aggressive, but essentially it's a cherry on top after traditional financing. What truly caught my eye is Figure's approach—issuing equity directly on Solana natively, without going through DTCC or NASDAQ, and building its own decentralized trading system. This isn't just "putting stocks on the chain"; it's a complete rewrite of the trading infrastructure.

I've seen too many projects wave the banner of innovation only to die in the details. The risks of equity tokenization aren't technical; they lie in regulatory uncertainty and the authenticity of liquidity. Figure's bold move indicates they are confident in the legal pathway, or at least have reached a critical milestone. This has more practical value than Tether's "consideration."

History shows that technological innovation often truly changes the market in the second or third wave. The smart contract concept in 2014-2015 was ridiculed, but it wasn't until the DeFi explosion in 2017 that it was recognized. Equity tokenization might follow the same trajectory—today's pioneers could be tomorrow's infrastructure. But the premise is that these projects survive and cross regulatory gaps.

The current question isn't whether equity tokenization will succeed, but who can survive until that moment.