#RWA资产代币化 Seeing the SEC approve DTCC's on-chain custody of tokenized assets, my first reaction isn't excitement but caution. The lessons learned in the crypto space over the past few years are profound.

RWA tokenization sounds wonderful—bringing traditional financial assets on-chain, transparent trading, increased efficiency. But this is precisely the most easily packaged narrative. Remember those so-called "revolutionary" projects? The result? Either they run away, their technical solutions are just empty shells, or they’re waiting to be exploited.

The key issue is: policy friendliness ≠ project safety. What does the SEC’s innovation exemption policy mean? It means a wave of projects will flood in under the banner of "compliance pilot." At this point, two traps are most likely to occur: one, tokens disguised as RWA, which are actually just rebranded pump-and-dump schemes; two, genuine RWA projects but with severely manipulated liquidity.

My straightforward advice—if you want to participate in this wave of RWA opportunities, you must do three things: first, verify whether the assets backing the project truly exist and are auditable; second, check whether the custodian is truly independent and not an affiliate of the project; third, be wary of false prosperity in early liquidity, which often signals concentrated dumping.

Policy windows are real, but greed is real too. Those who last long never chase the wind, they look for opportunities at the edge of the wind.