Continuing from yesterday's article: In countries like Argentina, a significant number of users view crypto assets as an important means of securing personal economic safety. If we infer that the new generation of middle and upper classes in Argentina will have an extreme demand for investment based on crypto assets, a new question arises:
Where can investment products based on crypto assets be provided?
In the current global development of crypto assets, the United States, particularly its regulatory agencies, is an entity we cannot ignore.
Because in the native crypto ecosystem, frankly speaking, at least at present, the vast majority of assets or projects are likely only providing speculative objects, rather than investment objects. Traditional financial markets, such as the U.S. stock market, can offer a large number of high-quality assets with substantial cash flow returns.
Currently, directly purchasing these assets requires cumbersome account opening processes and at least basic banking services, which may pose significant challenges for this demand group in Argentina and even more underdeveloped countries.
To enable this group to quickly and conveniently access these assets, tokenization currently appears to be the fastest method.
Tokenization involves the collateralization of real assets, and the collateralization of real assets requires strict auditing, which is an important responsibility of regulatory agencies.
Therefore, when regulatory agencies can quickly advance in this area will be key to tokenization.
On December 12, a significant advancement in this area was announced.
On that day, DTCC announced that its subsidiary DTC received a no-action letter from the U.S. Securities and Exchange Commission (SEC), allowing it to tokenize a portion of its custodial assets.
DTCC is the most important trading market infrastructure provider in the global financial services industry. It provides central securities custody, settlement, clearing, and asset services through subsidiaries such as DTC (The Depository Trust Company), NSCC (National Securities Clearing Corporation), and FICC (Fixed Income Clearing Corporation).
The vast majority of stock registration, transfer, confirmation, and custody in the U.S. capital markets are operated on DTC.
The SEC's no-action letter indicates that it allows DTC to initiate a tokenization pilot for U.S. stocks and ETFs, initially limited to Russell 1000 component stocks, U.S. Treasury bonds, and mainstream ETFs.
However, in the future, comprehensive tokenization of U.S. stocks will certainly arrive, at which point U.S. stocks will be traded simultaneously in the on-chain world and traditional centralized exchanges.
At that time, the people of Argentina will technically only need a crypto wallet to achieve a usage scenario that integrates daily payments and financial investments, just like we use WeChat and Alipay today.
However, the scope and targets involved in that application will be much broader: theoretically, in one wallet, the people of Argentina can not only use U.S. dollar stablecoins but can also exchange U.S. dollar stablecoins for euro or yen stablecoins at any time, purchase U.S. Treasury bonds as well as German bonds, buy U.S. stocks as well as Japanese stocks, acquire precious metals as well as other non-ferrous metals, and engage in spot trading as well as futures and options trading…
If we continue to think along this line, the future global competition among crypto enterprises for the on-chain world should revolve around crypto wallets or new applications that default to integrating crypto wallets.
In the future, crypto wallets are likely to become standard features of the next generation of king applications rather than optional features as they are now.
I am increasingly convinced: it won't be long, at most four years from now, that the crypto ecosystem will be beyond what we can imagine today.
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