#代币资产发行与投资 Tokenized assets are indeed accelerating. Ondo's TVL has surpassed 400 million, and trading volume has exceeded 1 billion, already surpassing peers in the same sector. The growth curve since its launch in September is worth paying attention to. Coinbase's self-developed tokenized stocks rather than outsourcing collaborations indicate that major platforms see enough strategic value in this direction. AbraFi's synthetic USD USDAF, which uses multi-asset collateral and Delta hedging, has a clear design logic, but the seed round financing and the IPO scheduled for the first quarter of next year require follow-up attention.

Key points to observe: First, whether these products can truly maintain stable pegs and whether cross-chain liquidity on BNB Chain is sufficient; second, regulatory attitudes, especially the compliance path for tokenized US stocks in the US market; third, user acquisition costs and retention rates across platforms—low thresholds (starting at $20) are advantageous, but market education costs should not be underestimated. This round of expansion is more about ecosystem laying, and the true growth in capital scale will depend on subsequent market reactions.