The previous article talked about the market from the perspective of the East and West level. Today, it happened to use YZi Labs to officially announce the investment in the Plume Network RWA platform to talk about the recent changes in the RWA track I have observed.

This matter has to be broken down into four parts and say:

Does RWA really have application scenarios, or PMF

What are the solutions in the past and what are the solutions now?

Do you feel the trend of RWA in the past few months? First talk about 1 - Does RWA really have application scenarios

or PMF - (The stablecoin track with US bonds first is eliminated. Usual, MKR, etc. have been found.) Taking US stocks as an example, this is the most terrifying category on Twi. Many people think that it is a waste of time to go on the US stock chain. If you really want to speculate on the US stock market, any target on the chain is more volatile than the US stock market. There is no need to come to the chain to play stocks.

I have a different view on this. I personally think that the US stock market is of great significance on the chain.

1. From the perspective of channels - indeed, most of the big guys above A8 and A9 use securities platforms such as Futu, FirstTrade, and other diversified investments. But I believe that most retail investors in the circle do not have US stock accounts. On-chain US stock trading can at least open up their purchasing channels without any threshold.

From another perspective, the total market value of stablecoins such as USDT/USDC is getting bigger and bigger, which is another way of spreading US dollar hegemony compared to traditional finance. If Crypto's smart wallets that experience through stablecoins + Payfi + Alipay-like Alipay really go to Mass Adoption one day, do you think the US is willing to take over the US stock market for them? Most other people in the world prefer to open an account for various bank brokers to buy their own half-dead stocks, or simply place an order to invest in the seven sisters in the world's largest economy like Taobao shopping?

2. From the application scenario, imagine such a Case. As a young player, you made a big profit of 100,000 U of Mubarak in the past few days. You know that Tesla has recently cut it to halfway, which is a good time to buy at the bottom. Then you want to exchange this 100,000 U of Tesla for Tesla stocks.

Even if you have a US stock account, you have to first turn this 100,000 U OTC into fiat currency, and send the fiat currency to the broker's account through the bank, and then start buying from the broker. This process basically takes 3-5 working days (I bought US stocks in Australia through FirstTrade in 2017 before I came into contact with Bitcoin. Swift transfers were 4, 5 Oh, there will be a handling fee of several dozen dollars). If one day your Telsta rises, you want to sell it and replace it with BTC or U. This process has to be done again... Imagine if there are US stocks on the chain and the U earned by Meme will be replaced with Tesla in seconds. The reduction in friction cost is really not a little bit, but a 10-fold and a hundred-fold level improvement

Similarly, T-Bill, which has proven itself, is not among the discussion. Other RWA assets actually depend on who is targeted specifically

For To C On the side, stocks are undoubtedly the most suitable. Most retail investors have probably never been exposed to first-tier private equity. If you just tokenize the equity of a non-listed company, it is estimated that few people can understand + buy + hold for a long time. There are also private credit collaterals on Centrifuge, such as bridge loans in the real estate market, borrowing and lending for corporate accounts receivable, etc., which are also not suitable for To C. The only familiar thing most C-end users should be stocks. To C More scenarios should be to connect an asset to users who have not purchased it through the chain. It is a process from 0 to 1

For To B-end, there are many more things that can tokenize, but compared to To C's From 0 to 1, the To B side should be more of a reduction in friction from 1 to 100. Just as first-tier private equity was originally circulated between some institutions and high-net-worth investors, the bridge loan mortgage placed on Centrifuge is likely to be used to borrow money from the bank, but the flow process is relatively cumbersome and the friction is relatively large. Putting it on the chain is like Payfi toSwift can also achieve a significant enhancement in user experience and circulation speed.

When I talked about this, I remembered that I talked about an RWA project last year. The parent company is a relatively high-ranking asset management institution in the United States. They plan to issue the first-tier equity of customers on their asset management platform, such as Musk's SpaceX, on their own trading platform in the form of tokens, so that the tokens can be easily circulated and changed hands, and finally SpaceX will settle directly in one lump sum when it goes public. So To B, in addition to the transaction users being limited by institutions and enterprises, the issuing entities are actually relatively limited. Just like the example above, unless you have assets to manage a large amount of SpaceX's equity in your own hands, you are simply an STO or RWA platform. You want to attract SpaceX equity holders to you, which issues a token that represents SpaceX equity, which involves resource cooperation, legal terms and other aspects, and has a lot of friction.

There are many intermediate states, either To C or To B, such as IP links like Story Protocol, or the royalties of a novel, the box office of a movie, or the sales of a game. Tokenize It feels that it is still in the early stage of exploration and needs to be tried and falsified one by one. For example, influence Tokenize, FT failed, while Kaito was relatively successful. Celebrity Time Tokenize, http://Time.Fun disappeared after a few days of popularity... These things have to be taken slowly

Or take the US stock market as an example - The past solution was basically based on synthetic assets, representing SNX, Terra's Mirror, and GNS

This path has been basically falsified at present. The above three platforms also removed the synthetic US stock assets from the previous ones early. There are two reasons. First, everyone is not interested in "fake assets" synthesized by stablecoins or local currency (SNX). You can see a little bit by bit by bit by bit by bit by bit. To be honest, synthetic assets are not as good as WBTC. This kind of "mapping assets" makes people feel at ease. Second, Sec checked the water meter all the time back then. Although synthetic assets were fake, you don’t need a reason to check Sec, so it’s better to have less than more things. These platforms have also removed these synthetic US stocks.ext-align: left;">Now that Trump has come to power and Chairman Sec has changed, the current supervision in this regard is obviously much better than in the previous two years. The new US stock market has seen two plans. One is to follow the traditional compliance Broker Dealer route. The moment users buy tokenized stocks on the chain trigger the corresponding operations of off-chain compliance Broker in the US stock market. In essence, the order placed by Robinhood is placed on the stock market by Citadel. The advantage is that the stock you buy is "real stock", or at least it is made from this Broker 1:1 real Back, which is somewhat similar to WBTC to BTC. The disadvantage is that trading time follows the stock market completely, and it is not 24x7 like Crypto. You have to build trust in this Broker or platform. Next, a Taxation Event will be triggered when selling. American citizens may need to submit tax-related forms. Non-US citizens also have to do KYC or something, which is more troublesome.

The second is Ondo Global Market's approach. After looking through their documents, they originally wanted to follow the Broker Dealer route mentioned above, but later changed to a stablecoin-like approach, that is, they are allowed to cooperate or Authorize Issuer to directly issue tokenized stocks (just like Tether issues USDT and Circle issues USDC). The benefit feels that it is more flexible, and it is possible to get rid of the restrictions on US stock trading hours and finally settle at a certain time through Issuer. The disadvantage is that it is highly likely that it can only target Non-US users, and American users cannot use it. Next is whether there will be different CAs of the same stock issued by Issuer (just like a new chain and different bridges, the past USDCs are incompatible with each other). These specific details are not written. After all, the product will not be available next year. Finally, an RWA platform like Plume feels more like a Framework, which contains KYC/AML, data storage/execution, consensus, ZKTLS verification, etc. In theory, it can allow cooperative institutions to come here to issue various Tokenized RWA assets, which will return to the previous topic of "what assets are suitable for linking" and will not be repeated. Finally, let's talk about 4 - RWA's trend in the past few months. Do you have any perception?

If you pay attention to theIf you look at it, the RWA wind has actually blown quite violently in the past two months. Let me give you a few "news" I have observed

1. Ondo, as mentioned above, plans to launch Ondo Global Market at the end of the year or next year, on-chain stock market, and Ondo has recently been very close to Trump's WLFI, and will cooperate

2. Sui has also been hugging WLFI's thighs recently

3. Frax actively embraces Cedefi, and recently launched frxUSD, which is a cooperation with BlackRock+Superstate

4. Ethena's newly released product Converge today - focuses on one of the two most important scenarios they believe are the district fast chain - Storage and settlement for stablecoins and tokenized assets

5. AAVE intends to issue a new coin Horizen, which triggers an uproar in the community. Stani came out to clarify - "The Horizen plan is to make up for the currently missing RWA business segment of Aave, which is expected to overtake Aave's current business line in 5 years"

6. Korea Financial Services Commission 2025 A Release was released in February, intending to allow corporate entities to conduct virtual asset transactions in phases.

I learned from friends in South Korea that South Korea may restart the plan of STO (the name of RWA in the previous cycle). If you think, allowing "enterprise entities to trade virtual assets", it is definitely not for your company to speculate in currency, but it is definitely to turn some real-life financial assets into "virtual assets". Fortunately, it is designed for circulation between companies. 7. YZi Labs officially announced today that it has invested in the recently popular Plume Network RWA platform. We can't ignore the Momentum composed of these messages, so my current view on the main track with the next Circle is PayFI+RWAs for AI+Crypto, it can only be said that there is hope for the Consumer APP of A+Crypto, and it is still chatting + observing. After I finish writing the next article "Something worth talking about on ETH and Solana", I will write a separate article about recent thoughts on AI+Crypto, which will end the fourth part of this collection