During this time, I have expressed my concerns as an ordinary user regarding the risks associated with tokenized stock exchanges in several articles.
Due to these hidden risks, ordinary users face various obstacles and significant limitations when participating in the trading of such assets.
Just the KYC requirement alone can prevent many people from participating.
In a previous article, I shared that some platforms offer tokenized private equity sales. The products on those platforms are diverse, including Space X, OpenAI, Anthropic, quantum computing... Almost all popular private equity from emerging startups heavily invested in by venture capital is available for sale.
However, users wishing to register must undergo strict KYC and prove that they are qualified investors (in terms of assets).
Once this threshold is set, how much relevance do the opportunities contained in these assets have to the vast number of participants?
Therefore, these types of RWA have no substantial interest correlation with ordinary users.
From this perspective, I have always been rather indifferent to most RWA sectors.
These obstacles not only limit participants but also significantly hinder innovation in business models. The reason why DeFi, which is different from RWA, can flourish is that there is no KYC, no barriers, and no restrictions.
Is it possible for the RWA sector in the future to also foster a lot of innovation and attract mainstream users like today's DeFi?
I think it is possible, and a ready-made case is USDC.
USDC can be said to be the most widely used RWA asset currently under strict regulation.
USDC is quite centralized; its issuing company Circle can ban user addresses and freeze users' USDC.
The dollar assets of USDC are stored in a custodian bank, which is regulated by the U.S. government. This regulation ensures that the USDC users receive is backed by dollar assets. This regulation protects the rights of users holding assets.
On the other hand, although USDC is strictly regulated, ordinary users do not need KYC to purchase USDC; moreover, in most cases, it can be used in almost all DeFi applications and scenarios without barriers or permission.
It has become one of the essential underlying assets in the current DeFi ecosystem.
RWA assets like USDC are the ones that may be widely used and popularized in the future:
On one hand, its holders truly enjoy the rights associated with the underlying assets and are protected by law.
On the other hand, its purchase does not require KYC, and its use is unrestricted and does not need permission.
This kind of RWA asset is closely related to the interests of mainstream users.
Taking the tokenized U.S. stocks discussed in recent days as an example.
If one day the regulations become clear, and terms are established, allowing genuine stock tokens that closely link to stocks and enjoy equivalent rights to be purchased without KYC and to circulate freely without limitations or permission, then such assets could be widely applied in various DeFi models and scenarios, bringing their stock equity value into the DeFi ecosystem as new building blocks.
They can be freely exchanged on DEX, used as collateral in lending applications, and their equity value (such as voting rights and cash dividends) could even be separated to create tokenized derivatives...
Such tokenized U.S. stocks are what mainstream users can access and truly need.
Of course, this scenario currently seems to be merely a vision, and significant regulatory obstacles still need to be removed and sorted out one by one to reach this point in the future.
Nevertheless, its developmental direction is predictable and worth paying attention to.
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