#RWA代币化业务 The recent discussions about RWA tokenization are really heated, but after reading many analyses, I understand a key point — the tokenization done by DTCC is not about putting stocks on the blockchain, but about digitizing "equity certificates." These two concepts are vastly different.

DTCC's model is an optimization within the existing system — stocks are still held in the name of Cede & Co., but the equity records are moved from proprietary ledgers to the blockchain, improving settlement efficiency and reducing reconciliation costs. The benefit is stability and scalability, but fundamentally it remains a multi-layer intermediary structure, and investors do not gain direct ownership.

The direct ownership model is a different story — stocks are registered directly in your name, making you a true shareholder. This enables new capabilities like self-custody, on-chain composability, and DeFi collateralization. Galaxy Digital shareholders are already using Superstate for this.

Interestingly, these two are not in competition but serve different needs. Institutional investors will benefit from the operational efficiency improvements brought by DTCC upgrades, while those valuing programmability and self-custody will shift toward direct ownership. The biggest winners are actually the investors themselves — finally having a choice, no longer passively inheriting a single model.

In the short term, both will coexist, with infrastructure modernization and ownership innovation progressing simultaneously. Challenges like liquidity fragmentation and redesigning brokerage services do exist, but that’s the price of innovation.