#RWA代币化业务 Recently researching RWA tokenization, I discovered a particularly interesting perspective — there are actually huge disagreements on the understanding of "tokenization."

The DTCC-promoted tokenization and direct ownership models sound similar, but they address completely different issues. The former is an upgrade within the existing financial system, moving equity records onto the blockchain while retaining intermediary structures and the efficiency of net settlement; the latter is a complete reshaping — allowing you to truly own the stock itself, directly reflected in the company's shareholder register.

What does this mean? The DTCC model is more like giving Wall Street a faster engine, with concentrated liquidity and institutional participants loving it. But direct ownership opens a new door — self-custody, peer-to-peer transfers, seamlessly integrated with DeFi. Galaxy Digital's shareholders can already hold and trade directly on-chain, this is not the future, it is the present.

What excites me most is that these two paths are not mutually exclusive competition, but parallel evolution. Infrastructure is being optimized, while new possibilities are emerging on the edges. The ultimate winner is not a specific model, but us — the ones with the power to choose — enjoying the conveniences of modernity while exploring entirely new financial forms.

This is the charm of Web3: breaking monopolies, unleashing choice, and enabling every participant to become the architect of their own destiny.