Recently, several CEXs have been actively expanding into U.S. stock trading, even attempting to use stablecoins as an entry point to compete for global asset allocation. Some are worried whether tokenizing U.S. stocks and other RWAs (Real World Assets) on-chain will significantly impact different sectors. But the two are quite different. CEXs mainly focus on trading convenience (centralized matching, leverage, etc.), while RWA emphasizes tokenizing real asset ownership/returns, compliance composability, 24/7 global access, and eliminating intermediaries. Scenarios like institutional-grade fixed income, private credit, and real estate have genuine demand for tokenization (enhanced liquidity, transparency, global distribution, DeFi composability). The current RWA market size exceeds $25 billion and is still in its early stages, showing strong growth (especially in treasuries and commodities). In the long term, it represents a structural trend of TradFi and DeFi convergence, and it won’t disappear just because CEXs are hyping U.S. stocks. Looking at the collaboration between Grvt and Plume, their essence is to create open finance, where institutional-grade products have the potential to become accessible to everyday users. Plume is building a network for RWAs, enabling institutions to tokenize real-world assets. Its products are based on fixed income and structured credit strategies, directly integrated into the Grvt wallet. Users can participate using self-custodied assets without leaving the platform. It can directly cover foundational income funds, balanced funds, and opportunity funds. This way, institutional products are not only tokenized but also gain practical use cases. Tokenizing real assets will be a long-term and ongoing process, and it’s one of the rare promising directions currently visible in the crypto space.