#资产代币化 The asset tokenization process is accelerating, and recent signals are worth paying attention to.

DTC has been approved for tokenized stocks, bonds, and government bonds. This is not just a simple technological application but a turning point where the traditional US financial system actively embraces blockchain. The SEC's no-objection letter indicates that a regulatory framework has been established, and liquidity pools flowing from TradFi to the chain are only a matter of time. In sync, the OCC's statement suggests that crypto institutions with federal banking licenses will be treated equally with traditional financial institutions—something that was just a dream half a year ago.

On the Hong Kong side, HashKey's IPO is the Asian version of the same story. With pledged assets of HKD 29 billion and RWA scale of HKD 1.7 billion, it shows that institutions are already betting real money on tokenization. 40% of the IPO proceeds are allocated to infrastructure upgrades, indicating they see this round of financing as an opportunity to expand the track rather than cash out.

But numbers need to be approached with caution. The CoinShares report mentions a total RWA value of $35 billion, which is still a drop in the bucket compared to the global asset management scale. The interest rate environment is also a variable—if the Federal Reserve continues to cut rates to 3%, stablecoin issuers will need to issue an additional $88.7 billion to maintain current interest income, which will impact cost structures.

Key points to watch: corporate coin holdings are overly concentrated (Strategy accounts for 61%), risk exposure is high; the timeline for traditional financial institutions to enter remains unclear; while the regulatory framework is clear, implementation details are still being developed. The tokenization track is indeed starting, but do not equate policy benefits with market reality.