Today, I watched the full video of the SEC Chairman's news interview about "the entire US financial market may migrate to the blockchain within two years". It can be directly predicted that as long as the "Innovation Exemption Act" is passed in January 2026 and US regulators recognize the "Web3 Financial Innovation Regulatory Sandbox", it can be done without legal prohibition. Then RWA Summer should arrive soon! I'll throw a comparison data first ， Experience the lower level: The size of the US stock market is approximately $68 trillion The securities currently being tokenized are approximately $670 million (accounting for 0.001%) That is to say, today the entire tokenized stock market cannot even be considered superficial, and the space within it is self-evident. In the video, the SEC chairman directly mentioned the three major advantages of tokenization, and interestingly, also mentioned China: one ️⃣ Transparency (this is the institution's favorite) The traditional stock system is outrageous, and listed companies don't even know who their shareholders are, relying on intermediary institutions like Broadridge for statistics. After tokenization: the issuer clearly sees the position changes of each wallet; The market is real-time and transparent, and there will be no strange "black box holdings", which is essential value for institutions and high net worth users. two ️⃣ Instant settlement (T+1 → T+0) The traditional market T+1 is due to too many intermediary institutions (DTCC, clearing houses, broker systems, etc.), and a transfer has to go through N stages. After tokenization: direct transfer from wallet to wallet; The settlement time has changed from "daytime" to "a few seconds", which directly reduces the risk of the financial system. Especially the risk of large-scale liquidation and the liquidity pressure of securities firms' run on the market are essentially potential risk accumulations caused by "delayed settlement". three ️⃣ Market risk reduction After tokenization, there is no longer a long-term clearing window; Without overnight counterparty risk; The series of stampedes caused by the failure of liquidation. For investment banks, this is a tangible "cost reduction+risk reduction", and this combination of advantages will drive out bad coins with good ones: all institutions will ultimately be forced to adopt a tokenization model. At present, it is highly likely that the RWA track is the best layout window, and once the wind comes, pigs will take off. For example, in vertical fields: RWA applications and platforms, clearing layer, asset registration layer, on chain identity KYC、 Compliance module, bank level wallet system, supporting L1/L2 for securities assets, etc. Most of the above projects have been introduced in our daily investment research articles, and the current prices can be called the bottom of history. As the saying goes, buy when no one is interested, sell when people are booming!