1d ago
The process of asset tokenization is continuously advancing, with two recent cases: 1) SoloTex has received approval from the Financial Industry Regulatory Authority (FINRA) to offer tokenized U.S. stock trading services to retail investors in the U.S. This platform, launched jointly by Texture Capital and Sologenic, aims to provide retail traders with "real on-chain" stock ownership trading that meets regulatory standards, expected to officially launch by 2025.
2) Backpack recently partnered with Superstate to launch SEC-registered tokenized U.S. stock trading services, marking the first compliant on-chain stocks supported by a centralized crypto exchange's native issuer. This service is realized through Superstate's Opening Bell platform, offering tokenized shares representing real equity rights for non-U.S. users, rather than synthetic derivatives.
Everyone needs to recognize a potential future trend: the tokenization process of U.S. stocks or various real assets (stocks, bonds, funds, REITs, equity, etc.) is deepening, which may significantly squeeze the market space for altcoins. The wealth effect of small-cap U.S. stocks is also very strong and persistent. As the asset tokenization process continues to advance, more and more funds will be attracted to tokenized U.S. stocks.
21/09/2025
Recently, perps DEX has become very popular, and CZ has been actively promoting Aster. On one hand, this is due to the demonstration effect of hyperliquid, and there is a trend of users migrating from CEX to on-chain. Another important core reason is that as the tokenization process of US stocks and various real assets (stocks, bonds, funds, REITs, equity, etc.) continues to deepen, centralized exchanges and the altcoin market are being significantly squeezed. The core logic:
1. US stocks, especially small-cap stocks, have a better wealth effect and stronger sustainability. In the future, they will actually occupy and squeeze the space of altcoins.
2. As regulatory policy details gradually emerge, US stock exchanges and major brokerages will personally get involved, leading to a homogenization and high monopoly on the supply side of US stocks or stocks on-chain. Therefore, the space on-chain is not on the supply side but rather on the user-facing front end, which was previously the main business area of DEX.
Since the development of DeFi, there has been a slight stagnation in recent years, and one core reason is that there were originally too few quality assets on-chain. Lending and derivatives have always revolved around Bitcoin, Ethereum, and a few mainstream large coins. It can be imagined that if there are more quality assets supplied in the future, the scale of on-chain lending and derivatives will expand to a huge volume, far exceeding the current scale.
3. A retweeted post mentioned that "with assets going on-chain, exchanges face greater challenges in user operations and asset operations (many current new play methods and airdrop methods cannot be done, and the business of earning interest on deposits will also be compressed)." With pressure, there is a natural need to seek breakthroughs.
From the above perspective, Perps DEX has already become a decisive factor in the future competition among giants. Centralized exchanges are also striving to launch derivatives on-chain, and mainstream public chains are supporting the emergence of their own "hyperliquid" on-chain.
It is not only about seizing the perps market of crypto assets but also about capturing more of the derivatives market after the tokenization of US stocks/traditional real assets.
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