#RWA资产代币化 The SEC's "No-Action Letter" approving DTCC's on-chain custody of tokenized assets sends a clear signal — the on-chain transformation of the U.S. financial markets has moved from concept to execution.

From a data flow perspective, the key changes are:

**First, the transfer of custody authority.** DTCC's approval for a three-year on-chain service license means traditional financial assets like stocks, bonds, and government securities now have an official on-chain channel. This is not wild growth but a regulated and compliant pathway.

**Second, the optimization of transaction structures.** Participants can directly transfer tokenized securities to registered wallets, with transaction records tracked by DTC officials. This effectively reduces settlement times from T+2 to near real-time, significantly lowering the cost of fund flows.

**Third, a shift in policy expectations.** SEC Chair has explicitly stated the intention to promote innovation exemption policies, indicating that more "No-Action Letters" of this kind will emerge in the future. This is a precursor to a reshaping of the regulatory framework.

Regarding the tracking value of on-chain assets, this policy dividend will attract two types of capital: one is incremental allocations from traditional financial institutions, and the other is arbitrageurs capturing tokenization premiums. It is recommended to closely monitor large transfers and trading volume changes related to RWA contracts in the coming weeks.