The structural inflection point for RWA is approaching, much like when Tesla entered the Chinese electric vehicle market. A catfish is starting to purify the entire RWA narrative and compliance.

The launch of Ondo Global Markets is a significant move for "U.S. stocks on-chain," marking a structural inflection point similar to the liquidity brought by stablecoins. However, this time it’s not about the dollar, but U.S. stock securities. If stablecoins are the base currency of DeFi, then Ondo may be the "base asset layer" of RWA.

Many projects have previously attempted "U.S. stock tokenization," but the biggest pain points were poor liquidity, price deviation, small scale, and the limitation to closed platforms. As a result, few participated, and institutions were hesitant to engage.

This time, Ondo's approach is different. It brings over 100 U.S. stocks and ETFs (such as $AAPL, $TSLA, $SPY, etc.) directly onto ETH, backed by U.S.-registered brokerages and custodians that genuinely hold these stocks, meaning the tokens are underpinned by real securities assets. A third party audits daily to ensure reserves are intact, and the design also considers bankruptcy isolation. This is crucial for institutions; otherwise, no one would dare to invest large sums.

More importantly, Ondo addresses a longstanding challenge: liquidity. It does not create a market on-chain but directly inherits the depth and pricing of U.S. stock exchanges. In other words, if $AAPL is priced at a certain amount on Nasdaq, the on-chain $AAPLon will be priced similarly, quickly eliminating arbitrage opportunities and avoiding anomalies like 10% or 15% premiums. For me, this is "true finance."

🎯 Now, looking at the functional aspects:

✅ 24/7 transfers, allowing you to send to anyone, completely peer-to-peer.

✅ 24/5 minting/redemption, closely aligned with U.S. stock trading hours.

✅ Usable in DeFi, which I value highly. In the future, stocks like $AAPL and $TSLA can not only be held but also used for collateral lending, liquidity pools, or even integrated into on-chain asset management tools.

If you think of stablecoins as "tokenization of the dollar," then Ondo is doing the same for U.S. stock securities. Its ambition is Wall Street 2.0 — bringing Wall Street on-chain.

Overall, there is currently no economic model associated with the ONDO token. If there are buybacks or burn mechanisms in the future, it will undoubtedly stimulate the price of ONDO. Additionally, for retail investors, especially those outside the U.S., many previously wanted to buy U.S. stocks but were hindered by account opening, regulations, geography, and barriers. Now, they can directly purchase U.S. stocks on-chain. This means that as long as you know how to use a wallet, you can access U.S. stocks with "zero friction." This represents a massive incremental market. Furthermore, for institutions, the three main concerns are compliance, scale, and risk control. Ondo has established a risk structure through brokerage custody, third-party audits, and bankruptcy isolation. Moreover, it has the accumulation of OUSG, USDY, Flux, and Ondo Bridge, proving its execution capability in RWA. What I am most optimistic about is the integration with the DeFi ecosystem. Once U.S. stocks are brought into DeFi, the gameplay will be greatly enriched. Imagine using $AAPLon as collateral to borrow $USDC, then using $USDC to earn yields on-chain, or using $TSLAon for leveraged ETFs. These games, which could only be played on Wall Street, can now also be played by on-chain users. As a long-term token variety in our portfolio, ONDO, as the leading narrative of RWA, remains worthy of close attention and consideration. 🧐

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