What the wizard mentioned is exactly what I talked about today in Hong Kong with a few traditional partners. The topic I discussed with Brother Wu @qinbafrank last time is that, generally speaking, the ceiling for US stocks on-chain is not very high. For example, Nvidia has an average daily trading volume of over $30 billion on Nasdaq, while even Ondo's Nvidia Token only has a trading volume of $106 million.
Most people who can buy US stocks have already opened accounts with brokers or banks. Buying US stocks on-chain with stablecoins does have some imaginative space, but this space is really limited. Achieving 10% of the actual stock's ceiling would be quite good, and in reality, even 1% is not easy. This might be acceptable in the early stages, but it is not appealing in the later stages. This is also what on-chain brokers (#DeBroker) need to work on.
In my personal understanding, there are three main things that a true on-chain broker should do:
- Trading pairs that can settle between virtual assets and real stock assets. For example, $BTC and $IBIT, BTC and $MSTR. Extending this a bit, it could be $BNB and $NVDA. The seamless connection and shared liquidity between virtual assets and real assets is very interesting.
The ultimate form of this aspect is to help cryptocurrency companies synchronize issuance between coins and stocks. Coins and stocks can be exchanged, especially for some income-generating tokens that can be turned into stock dividends. A direct example is if Uniswap goes public; Uniswap can use profits for buybacks or dividends for shareholders. Although $Uni itself cannot enjoy this, if Uniswap's coins and stocks can be exchanged, that would be a new way to play.
Moreover, coins and stocks have different empowerments, and when a certain empowerment is needed, one can directly switch between coins and stocks.
- Synthetic asset financial products, which are essentially like ETFs. For example, packaging Tbills (short-term US Treasury bonds) + gold + Bitcoin into an ETF. The essence of this ETF is to go long on Bitcoin, using the monthly income from Tbills to buy BTC spot, while gold serves as a hedge against BTC.
An interesting fact that I wonder if everyone has noticed is that BTC's annualized growth over the past three years is about 30% to 35% per year, while gold's annual growth over the same period is about 10% to 15% per year. Of course, it reached 30% in 2025, but on average, it is still around 10%.
This can form a good combination for short-term hedging and long-term profitability. Since it involves both on-chain assets and centralized assets, it is the best solution for compliant on-chain brokers. I have discussed this issue multiple times with @Eva_Matrixdock. The biggest advantage is settlement; each of these three packaged assets can be settled in kind, which not only provides financial space but also arbitrage opportunities. This is something that centralized brokers currently cannot achieve.
- Global currency on-chain acceptance, which is a necessity, a 100% necessity. There is no longer a need for centralized money houses to handle this; instead, compliant stablecoins can be exchanged directly, from US dollar stablecoins to euro stablecoins, to Japanese yen stablecoins, to Hong Kong dollar stablecoins, and so on. This essentially performs the work of central banks.
The essence of this matter is Curve's 3Pool, but further extends to the acceptance between various foreign exchange stablecoins, which can be seen as the exchange between the "debts" of different countries.
In fact, there are many more ways to play, such as IPO + IDO, tokenization of corporate bonds, putting the balance sheets of listed companies on-chain, and so on. There are countless methods.
The example the wizard gave about staking McDonald's stock to receive coupons actually already exists in Japan. Holding shares of a certain listed company can earn a bunch of gifts, including coupons and free vouchers, among many other ways to play. However, the core and essence of an on-chain broker, or what we call RWA, is physical delivery. Any asset that cannot be delivered is difficult to revert to normal, and the risks will be higher than that of the actual stock.
Recently, I have been fervently preaching the above content about RWA and RWAFi because I firmly believe that the essence of on-chain brokers is to solve problems that traditional brokers cannot handle. If the core is not about solving problems, it will be hard to go far, and the ceiling may not be very high.
The three examples I provided address some of the biggest pain points in real life.
This article is sponsored by #Bitget | @Bitget_zh
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
