#资产代币化 Recently, I have observed new developments in the tokenization of the US stock market, and I want to share some thoughts with everyone.

The SEC's no-action letter to DTC has been widely interpreted as "US stocks are finally going on-chain," but the true meaning of this document is much more complex. A careful reading reveals that it is not about revolutionizing the stocks themselves, but rather optimizing the back-end bookkeeping method—re-mapping existing rights and interests using blockchain technology to improve settlement efficiency. The framework for risk control and regulation remains unchanged.

I want to emphasize that this development direction is very rational. No matter how good new technology is, it cannot bypass the existing legal system and risk prevention measures. True wealth security comes precisely from this kind of "conservative innovation"—absorbing the dividends of technological progress while not abandoning necessary protective measures.

For investors, what is more important is not to focus solely on tokenization itself, but to understand the logic behind it: improving asset efficiency is a long-term benefit, but in the short term, the way the US stock market operates will not fundamentally change. There is no need to follow the trend or worry excessively. Allocate assets at your own pace, focus on genuine fundamentals—that is the most prudent approach.

Change always progresses gradually, and cautious regulation actually protects our interests.