#RWA与代币化资产 The SEC's "No-Action Letter" approving DTCC's on-chain custody of tokenized assets is a signal worth paying attention to. The on-chain transformation of traditional finance is no longer just a concept—stocks, bonds, and government bonds are all entering the blockchain.

The key points are threefold: First, DTCC's participation as a clearing infrastructure means institutional-level liquidity is about to flood into the on-chain market; second, the three-year pilot period provides a sufficient window to validate the technology and compliance framework; third, Paul Atkins' proposed "Innovation Exemption Policy" hints that more easing measures will follow.

From an on-chain data perspective, such policy benefits are usually first reflected in whale fund allocations—monitor institutional wallets' activity related to RWA contracts and tokens, as well as changes in stablecoin inflows. The liquidity premium of tokenized assets still has significant room for release, but the actual influx of incremental funds will have a time lag. Now is the time to track rather than blindly participate.