The NYSE officially announces its entry into the tokenized securities field, planning to build a platform for on-chain stock trading and settlement, and actively seeking regulatory approval—this move directly indicates one thing: tokenized securities have long ceased to be a black technology experiment in the crypto world, and are now being thoroughly taken over by the Wall Street system.

As the regulatory framework gradually improves, 2026 is likely to be the breakout year for tokenized stocks and bonds. RWA, once a niche track, has now evolved into a standard component of global financial infrastructure.

But the key is to see through the essence. Many people understand RWA as "assets being moved on-chain," but this is a complete misconception. The real situation is: traditional finance is leveraging blockchain technology to perform a structural upgrade of the US dollar system and capital markets. The issuance rights of assets? Still firmly held by the NYSE, banks, and large asset management firms. Settlement will inevitably be anchored in US dollars. Clearing and compliance will prioritize verified, secure, and auditable public blockchains.

From another perspective, what is being amplified is not some altcoin, but the global circulation efficiency of US dollar assets—the re-issuance capability of US Treasuries and securities on the chain. And what does all this ultimately rely on? It’s compliant stablecoins like USDC, combined with the global settlement infrastructure provided by Ethereum and its layer-2 solutions.

Therefore, this round of RWA narrative, on the surface, is an opportunity for the crypto world, but at its core, it’s actually traditional finance playing a beautiful "reverse evolution" on the blockchain.