I completely agree with my friends' thoughts. The future explosion of RWA will definitely not be in stocks that can be purchased through traditional brokers. Traditional brokers have already covered the vast majority of the population and capital. It's not that I'm mocking the current on-chain US stocks; rather, the on-chain US stocks do not provide a multiplicative effect for the entire cryptocurrency field, at most it is additive. Even the funds from the money market that go on-chain primarily offer users higher fixed returns and greater security.
I just wrote about money market funds a couple of days ago, which is also a type of RWA. This mainly focuses on debt-based wealth management. This development is actually positive for cryptocurrencies, as it provides many "non-US dollar assets" the opportunity to enjoy higher returns, which can be considered a supplement to DeFi. There can be various wrappers on top of this, making it a great addition to the cryptocurrency ecosystem.
Address: https://x.com/Phyrex_Ni/status/2000566452047184167?s=20
The on-chain US stocks have not actually solved any problems with US stocks. The purchasing channels through brokers are already sufficient, and the capital volume in traditional markets far exceeds that in the cryptocurrency field. If we must say something, it is that the cryptocurrency field has given users in countries with currency controls the opportunity to experience meme coins that share names with US stocks. If one cannot open a US stock account, they cannot settle, and if one can open a US stock account, what is the point of buying with cryptocurrency?
Some may say that there are some investors who only have stablecoins or very few tokens. Yes, that is possible, but what is the proportion of these investors? What are their attributes? How much can they invest in US stocks? User profiles are the most important. For pure cryptocurrency investors, leverage is almost the norm, and most of the on-chain US stock platforms provide leverage that is at least from the platform's own counterparty.
So, at least up to now, the funds, trading volume, or additional users that the cryptocurrency field can provide to US stocks are very few. Cryptocurrencies themselves can be seen as a high-volatility market within the risk market. When combined with leverage and contracts, there is a significant gap in risk appetite compared to US stock investors.
I have previously written about several expectations regarding the future relationship between stocks and cryptocurrencies. One is the liquidity relationship between cryptocurrencies and US stocks, such as the trading pair between $BTC and $NVDA, which focuses on providing additional liquidity to high-value products with low liquidity. The other is synthetic assets that lean towards wealth management, which truly have market demand. Additionally, IPOs for companies in the cryptocurrency field and IDOs for traditional companies are also what on-chain brokers should genuinely pursue. Each of these demands will exceed the simple on-chain US stocks.
Address: https://x.com/Phyrex_Ni/status/1966496554275213483?s=20
In simple terms, in the traditional market, RWA should be more involved in debt rather than stocks.
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