The world is one giant Ponzi scheme. 1/ The daily trading volume in the narrow repo market typically ranges between $1 trillion and $2 trillion. And at the core of this massive system, there’s really only one type of asset holding it all together—U.S. Treasuries. As the core collateral, U.S. Treasuries are repeatedly pledged, repurchased, and re-pledged in the repo market. The same asset is reused layer by layer in the credit chain, forming the foundation of liquidity in modern finance. 2/ What Ondo is doing now is essentially replicating this collateral layer on-chain: Tokenized stocks → used as collateral Tokenized gold and silver → used as collateral The same asset is no longer just a spot exposure; it can also serve as trading margin. 3/ In the past, the RWA (Real World Assets) narrative mostly focused on changing the form of the carrier. Assets were brought on-chain, but their financial utility didn’t increase at all. So, what’s the real significance of tokenization? Ondo has its own answer: The value of tokenization isn’t about moving assets onto the blockchain; it’s about enabling new use cases and composability for assets on-chain. When stocks, gold, and silver become collateral, they can: Support perpetual contract trading Enable basis trading Be freely combined with other DeFi protocols Assets are no longer static certificates sitting in wallets; they become dynamic liquidity fuel that can be repeatedly utilized and nested in layers. This is the true paradigm shift of tokenization.