#RWA市场 The two new ETFs launched by Amplify are indeed worth paying attention to—STBQ tracks the Stablecoin Technology Index (holding XRP, SOL, ETH, LINK), and TKNQ focuses on the digitization of physical assets (53 asset classes), both listed on NYSE Arca. But the underlying logic behind them is even more worth dissecting.

According to BlockBeats' analysis, RWA tokenization follows two completely different paths: the DTCC model optimizes equity records within the existing indirect holding system, maintaining net settlement efficiency and targeting large-scale institutions; the direct ownership model tokenizes the stocks themselves, bypassing intermediaries, unlocking self-custody and on-chain composability, with the cost being fragmented liquidity.

The background of these two ETFs is a microcosm of this divergence. The Stablecoin ETF invests in infrastructure layers (XRP, SOL, etc.), while the tokenization ETF bets on the long-term progress of asset layer tokenization. From the perspective of on-chain capital, institutions are already making moves—DTCC has received an SEC no-action letter, Galaxy Digital's equity has been tokenized on Superstate, and by 2026, Securitize will also promote broker-dealer level 24/7 trading.

My judgment is: in the short term, the DTCC model will profit first (improving the operational efficiency of exchanges and clearinghouses), but in the medium to long term, the advantages of direct ownership's composability will gradually be unlocked. The launch of these ETFs at this stage indicates that traditional finance is gradually increasing its allocation weight to on-chain assets, but the true flow migration is still far from happening. The key is to observe the capital inflow pace of these ETFs—if it remains steady, it indicates growing institutional acceptance; if it fluctuates significantly, it suggests that the market's long-term winners between the two models are still uncertain.