I completely agree with my friend's idea. In the future, the outbreak of RWA will definitely not be in stocks that can be bought by traditional securities firms. Traditional securities firms have already covered the vast majority of people and funds. I am not mocking the current US stock on chain, but rather the fact that US stock on chain is not a multiplication for the entire cryptocurrency field, at most it is an addition. Even the funds on chain in the currency market provide users with higher fixed income and greater security. I just wrote about money market funds a few days ago. This is also a type of RWA, which is mainly debt based wealth management. This development is actually positive for cryptocurrencies, giving many "non US dollar assets" the possibility of enjoying higher returns. It can be considered as a supplement to DeFi, and can also be used for hedging. This is a good supplement to the cryptocurrency ecosystem. Address: https://(x.com)/Phyrex_Ni/status/2000566452047184167? s=20 Listing on the US stock market has not actually solved any of its problems. Securities firms are already sufficient for purchasing channels, and the amount of funds in the traditional market is much larger than that in the cryptocurrency field. If we have to say it, the cryptocurrency field has given users in some currency controlled countries the opportunity to experience the same named Meme coin in the US stock market. Because if they cannot open a US stock account themselves, they cannot deliver it. And if they can open a US stock account, what is the meaning of buying with cryptocurrency? Some friends may say that there may be some investors who only have stablecoins and do not have or have very few coin issuances. Yes, this is possible, but what is the proportion, what are the attributes of these investors, and how much investment can they have in the US stock market? User profile is the most important factor. For investors in the pure cryptocurrency field, leverage is almost the norm, and most on chain US stock platforms provide leverage that is at least their own counterparty. So at least until now, the cryptocurrency industry has provided very little funding, trading volume, or additional users for the US stock market. Cryptocurrency itself can be seen as a high volatility market in the risk market, and when combined with leverage and contracts, there is a significant gap in risk appetite between US and stock investors. I have previously written several expectations regarding the relationship between stocks and cryptocurrencies in the future. 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 are truly marketable and in demand. In addition, IPO for companies in the cryptocurrency field and IDO for traditional companies are also things that on chain securities firms should really do, and the demand for each of these will be greater than simply listing on the US stock market. Address: https://(x.com)/Phyrex_Ni/status/1966496554275213483? s=20 Simply put, in traditional markets, RWA should be more involved in bonds rather than stocks. Bitget VIP， Lower rates and more generous benefits