Recently, I discovered an interesting phenomenon: more and more exchanges are starting to abandon the RWA route and are instead focusing on direct connections to US brokerage firms. Today, I saw that #Gate has also joined the game. I've recently discussed this with a few friends, and combined with my own thoughts, I’d like to share my reflections! 🤔

First, why is RWA a bit unworkable? (Limited to US stock RWA tokenization)

Stock tokenization has been quite popular over the past two years, with various projects claiming they can put US stocks on-chain. It sounds great, but those who have actually used it know where the pitfalls lie:

• Poor asset selection; there are only about a hundred assets in total, and small-cap stocks can't be bought.

• Liquidity is completely limited by the number of tokens issued; slightly larger orders lead to outrageous slippage.

• High holding costs; the contract or CFD model simply cannot support long-term holding.

• Later tokenized options and margin trading are completely impractical.

I believe this is not due to the lack of effort from project teams, but rather a fundamental flaw in the phase of the RWA model. As is well known, the liquidity of tokenized assets is always limited by how many tokens are issued, making it logically difficult to work out in the short term.

🧐 How is Gate playing this time?

They are directly collaborating through the Omnibus model with brokers holding legitimate US broker-dealer licenses, trading real stocks directly on major US exchanges, thus opening up new avenues:

• Asset coverage includes 10,000+ stocks and ETFs, not just a few hundred, but over ten thousand.

• During trading hours, they directly enjoy the NBBO from major US exchanges, achieving almost zero slippage.

• Real US stock assets, with clearing and custody completed by compliant brokers.

• Users can directly buy and sell using USDT or USDC, with dividends automatically distributed in stablecoins.

I think this is the true integration of cryptocurrency exchanges and traditional finance, not relying on simple tokenization as a packaging method, but combining the advantages of both sides.

Users trading with stablecoins enjoy the liquidity and depth of the real US stock market. Gate is responsible for customer identity verification and orders. Brokers handle clearing and custody. Each fulfills their role, with professionals doing professional work.

I have mentioned before that traditional users are not very accepting of the concept of tokenization. Although RWA itself is solving the "trust" issue, the more you try to use tokens to anchor real assets, the more users distrust it. Who knows if that token really has a real asset behind it? How is it custodied? Can it be verified?

Gate has directly bypassed this problem. I don’t play the token anchoring game with you; I buy real stocks directly for you and clear them with compliant brokers. If you want US stocks, I provide you US stocks, without flashy packaging.

This also echoes what I mentioned earlier: the more complex a financial product is packaged, the bigger the pitfalls are. Conversely, the most reliable approach is often simple, direct, and logically clear; Gate does this very well.

Lastly, it may be time for the cryptocurrency market, which has developed to this point, to return to its essence. I believe that sometimes, not everything needs to be tokenized, and not every problem needs to be solved with blockchain. Sometimes, the best innovation is to combine the advantages of traditional finance with the convenience of cryptocurrency, truly benefiting the users.

I think Gate's choice this time shows an understanding of the trend. Whether it can be successful, we will wait and see. But at least in terms of direction, it is indeed very promising! 🧐

DYOR🙏

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