Tokenization of US Stocks: Stress Test for Web3 Finance

Recently, the tokenization of US stocks has become a hot topic in the crypto market. This is not just a new hype concept, but a comprehensive stress test for the Web3 financial system. It will examine whether the blockchain world has the capability to support the entire process of issuance, trading, pricing, and redemption of mainstream financial assets.

This wave of enthusiasm did not come out of nowhere. As early as 2019, trading platforms attempted tokenization of U.S. stocks, but were forced to halt due to regulatory reasons. In contrast, this round of enthusiasm is led by licensed financial institutions, following a compliant route, which is a key turning point.

Taking a well-known online brokerage as an example, its stock tokenization service launched in Europe adopts an innovative "broker proprietary + on-chain issuance" closed-loop model. The company obtained a license in the EU, purchased actual US stocks, and then issued tokens corresponding to 1:1 on the blockchain. From asset custody, issuance to clearing and settlement, and user interaction, the entire process has achieved seamless integration. This model has almost constructed an independently operating "on-chain securities trading system".

The current surge in the tokenization of US stocks is, in fact, the result of multiple key factors resonating at the same point in time:

1. The regulatory environment is becoming more relaxed, and the direction is becoming clearer. The EU's MiCA legislation has officially come into effect, and US regulatory agencies are also beginning to send positive signals.

2. On-chain funds are seeking new investment outlets. Compared to many cryptocurrency projects that lack fundamental support, stock tokens backed by the real economy are more attractive to stable funds.

3. The integration of traditional finance and the cryptocurrency industry is deepening. From large asset management companies to multinational banks, traditional financial giants have begun to actively participate in the construction of blockchain infrastructure.

Looking ahead, stock tokenization may not experience explosive growth, but it is likely to become a resilient evolutionary path for infrastructure in the Web3 world. Its significance lies in promoting two structural transformations: the migration of asset boundaries to the blockchain and the beginning of the traditional financial system adopting on-chain methods to organize certain transactions and custody processes.

For the crypto industry, this is a double-edged sword. On one hand, it provides new allocation choices for on-chain funds, helping to improve the overall asset quality; on the other hand, it puts pressure on native crypto projects and may reshape the structure of on-chain funds and user preferences.

For project parties, the difficulty of financing may increase. When tokenized stocks of well-known technology companies appear in the on-chain asset pool, investors and users' judgment criteria for "worth investing" and "pricing anchor" may change.

Overall, the phenomenon of the tokenization of US stocks prompts us to rethink: Can Web3 truly become a system that accommodates mainstream assets and actual trading activities? Can we build a securities system that is more efficient and transparent than traditional markets through an open financial structure? The answers to these questions will gradually be revealed in future developments.