On the evening of July 10, 2025, at 8:30 PM, the 176th Uweb live class was held as scheduled. Uweb host Principal Yu Jianing engaged in an in-depth discussion with C Labs partner Jun on "RWA (Real World Assets), the Tokenization of US Stocks, and the Linkage with the Crypto Market." The live class shared insights against the backdrop of Bitcoin breaking through $119,999 and the Nasdaq reaching new highs, focusing on the logic behind the surges of companies like Circle and Robinhood, analyzing the trend of US stock tokenization, regulatory challenges, and investment opportunities.
Overall Trend of RWA and Crypto Stock Linkage
Principal Yu: Can you describe the phenomenon of the recent surge in RWA (Real World Assets), crypto stocks, government bonds, and stablecoins in the US and Hong Kong stock markets? What is behind this?
C Labs partner Jun pointed out that the crypto industry is showing an "external heat and internal cold" dynamic, with traditional financial markets exhibiting far more enthusiasm for crypto assets than those within the industry. Last year, no one anticipated that the US would advance stablecoin legislation or a clear regulatory framework within the first half of 2025. Previously, exchanges dominated by Chinese entities (like Binance and OKX) controlled the rules, but now external institutions like the US Senate have taken over, leading to missed opportunities for insiders while outside investors profited more. The underlying logic is that the US financial system (central, local, offshore) is driving funds toward dollar assets (like stocks) through low interest rates and debt expansion, with tokenized stocks and stablecoins becoming new tools to attract liquidity, reflecting the US strategy to maintain dollar hegemony.
Mechanisms and Technologies of US Stock Tokenization
Principal Yu: Can you delve into how companies like Robinhood, Coinbase, and X Stocks are tokenizing US stocks? What specific mechanisms, technologies, custody methods, and price stabilization mechanisms are involved?
C Labs partner Jun introduced three tokenization models:
Robinhood and Coinbase Model: Traditional brokers self-custody stocks, with Robinhood using the Ethereum Layer 2 chain Arbitrum, and Coinbase possibly using the Base chain, acting as price oracles to ensure 1:1 asset mapping, with regular audits to meet stablecoin regulatory standards.
X Stocks Model: A VC project supported by the Solana Foundation (raising $90 million), focusing on stock custody and tokenization, with tokens traded on exchanges like Binance, where prices are maintained through market arbitrage (e.g., McDonald's stock at $30 vs. market price of $300).
MyStocks Model: A DEX model relying on oracles to provide on-chain trading experiences. Early projects (like Synthetix and FTX) failed due to lack of asset backing, while the current third-generation model draws on stablecoin 1:1 backing, offering stronger compliance. C Labs partner Jun emphasized that Robinhood diversifies regulatory pressure through the tokenization of unlisted company stocks, demonstrating strategic flexibility.
Regulatory Challenges and Response Strategies
Principal Yu: You mentioned that Robinhood and X Stocks face regulatory pressure. Can you elaborate on how they are responding to these challenges, especially under strict scrutiny?
C Labs partner Jun explained that Robinhood has recently been questioned by the Bank of Lithuania, but the focus is on the tokenization of unlisted company stocks rather than its core US stock tokenization business, which seems to be a "feint" strategy to protect its main business. X Stocks operates in Jersey and prepares for compliance to address similar pressures. Early tokenization projects like FTX and Binance were shut down due to regulatory pressures from Germany, but current projects are more resilient due to 1:1 asset backing and compliance advantages. C Labs partner Jun believes that moderate regulation acts like "casino rules," attracting retail participation and enhancing liquidity rather than hindering development.
The Essence of the US Stock Surge: Emotion-Driven or Fundamentally Supported?
Principal Yu: How should we understand the surge in US stocks like Robinhood? Is it purely emotion-driven, or is there fundamental support? What is the state of US stocks behind the surges of Circle and Robinhood? Is anyone riding the Web3 concept? Can the future logic of US stock linkage and new valuation logic be analyzed through Robinhood and Circle?
C Labs partner Jun pointed out that the Web3 circle mistakenly believes that crypto market liquidity is higher than that of US stocks, while the AI circle prefers listed companies (with Binance's $10 billion market cap needing market makers, while US stocks with $10 billion market cap are easier). The valuation logic of US stocks includes price-to-book ratio (asset-driven), price-to-earnings ratio (earnings-driven), price-to-sales ratio (revenue-driven), and price-to-dream ratio (dream-driven). Circle has been overvalued due to expectations in the stablecoin market (with the US Treasury Secretary predicting a scale of trillions, Circle could grow tenfold), while Robinhood rides the wave of tokenization. He emphasized that Web3 tends to narrate using the "price-to-dream ratio," stemming from the storytelling tradition of the 2000 internet bubble. The surge partly comes from external parties leveraging the Web3 concept, with business implementation still having a distance, requiring cautious judgment.
Review and Outlook of Circle and Robinhood Stocks
Principal Yu: Taking Circle and Robinhood as representatives, can you review their stock performance and analyze future trends and valuation logic? What is your view on the potential of these two stocks?
C Labs partner Jun analyzed:
Circle: The stock price once reached $298, with a market cap exceeding $60 billion, surpassing the scale of USDC ($60 billion). He is not optimistic about Circle because: 1) USDC is issued by a 50% joint venture between Circle and Coinbase, with half of the revenue going to Coinbase, leading to inflated performance; 2) The USDC ecosystem is inferior to USDT, relying on Coinbase for support, and the 2023 Silicon Valley Bank crisis exposed banking instability; 3) USDC's revenue relies 99% on US Treasury interest, which may drop to 1% by 2026 (Trump's policy), shrinking revenue and making it difficult to expand new business. Tether, backed by Commerce Secretary Gutnick (holding 5%), has strong compliance advantages and significant offshore market potential.
Robinhood: He is optimistic about its innovation, with plans to expand into the EU (compliant offshore market) and target markets in Asia, Africa, and Latin America. By tokenizing stocks through Arbitrum, if DTCC goes on-chain in the future, trading will become easier. The SEC encourages the "super app" model, and Robinhood is expected to reduce compliance costs (KYC, anti-money laundering) through Chainalysis, potentially squeezing traditional brokers like Futu.
US Stock Investment Recommendations and Tokenization Opportunities
Principal Yu: After US stocks go on-chain, which companies have more potential? Where are the opportunities similar to Circle and Robinhood? In the future, where will liquidity and business concentrate?
C Labs partner Jun suggested that Bitcoin is the best investment, as US Treasury rates may drop to 1% by 2026 (Trump's policy), with inflation rising to 4-5%, leading funds to flow from $60-70 trillion in assets (including $40 trillion in offshore assets and over $10 trillion in US Treasuries) into US stocks and Bitcoin.
Investment Strategy: Follow investment gurus (like Buffett, Cathie Wood), pay attention to quarterly changes in holdings, and holding stocks for over three years is more stable. Mainland investors face difficulties opening US stock accounts due to anti-money laundering restrictions, so it is recommended to invest through tokenization platforms like X Stocks to seize arbitrage opportunities (e.g., McDonald's stock at $30 vs. $300), with low liquidity being an opportunity rather than a risk.
Potential Companies:
Exchanges (like Coinbase): Focus on DeFi, custody, and tokenization, with USDC revenue sharing making it superior to Circle.
Stablecoins (like Tether): Backed by strong backgrounds, with significant offshore market potential.
Tokenized Brokers (like Robinhood): Super apps and on-chain compliance capturing the market.
Blockchain Startups: Need to address high-performance chain issues (like Layer 2).
Liquidity and Business Concentration: Liquidity will concentrate on super apps (like Robinhood) and high-performance chains (like Base, Solana Layer 2), while business will tilt towards companies with strong compliance and complete ecosystems (like Coinbase, Tether), posing challenges for traditional brokers (like Futu).
Conclusion: The 176th Uweb live class provided an in-depth analysis of the trends in RWA and US stock tokenization, with insights from C Labs partner Jun offering clear guidance for investors. Uweb will continue to assist the audience in seizing the historical opportunities of the integration of crypto and traditional finance through live broadcasts and offline events every Tuesday and Thursday. We welcome you to scan the QR code to add Teacher Zhang Rui's corporate WeChat and join the Uweb learning community!
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