The stablecoin bill has been discussed countless times this year, but a deeper reform than the stablecoin bill has been quietly advancing since December 2025, and almost no one has systematically talked about it. The protagonist is not a tokenized US stock project in the cryptocurrency industry, but a set of old money infrastructure such as DTC, DTCC, NYSE, and Nasdaq. The main battlefield of stock RWA is in the US stock market itself, not in the crypto native track. The United States does not intend to let exchanges use TradFi's name to make users gamble all their money. It wants to regain control of the clearing process in its own hands. -On December 11, 2025, the SEC's Department of Trading and Markets issued a non prosecution letter to DTC, allowing it to establish a three-year tokenization pilot. -December 17, 2025: DTCC announced to cooperate with Digital Asset to cast the US treasury bond bonds under DTC custody into tokens on the Canton Network as the starting point of the pilot project. -On January 19, 2026, ICE, the parent company of NYSE, publicly announced its plan for a tokenized securities platform, with the clear goal of 24/7 trading and partnering with BNY Mellon and Citigroup to engage in tokenized deposits. -On March 18, 2026, the SEC officially approved Nasdaq's rule revision, allowing certain stocks to be traded in tokenized form. -March 31, 2026: DTCC establishes a new Digital Assets Solutions business line internally, with the mission of putting all securities under DTC custody on the chain. -April 17, 2026: The SEC approved the revision of NYSE's almost identical rules with immediate effect. Two weeks later, NYSE Texas followed up. By May 2026, DTCC has disclosed to the public that over 50 financial institutions have joined this tokenization service, with the goal of starting the first batch of tokenized securities trading in July 2026 and fully launching it in October. Almost all listed stocks in the United States are on either the NYSE or Nasdaq. In other words, regardless of who trades between these two companies, they ultimately cannot bypass their rule system, which is the true weight of their tokenization of US stocks. In the second half, it was not DeFi replacing Wall Street, but Wall Street using blockchain tools to dig deep into its own moat