With the entry of institutions like BlackRock, Robinhood, and Nasdaq, the tokenization of real-world assets (RWA) has become an established trend in capital markets. However, the true transformation lies not merely in "moving" stocks and bonds onto the blockchain but in how these assets can be fully utilized on-chain to unlock new financial value.
Tokenization is just the starting point. It addresses the digitization and cross-border transfer of assets but falls short of tapping into their core potential. If these tokens can only be stored and transferred—without being used as collateral, margin, or integrated into structured financial instruments—their capital efficiency will fall far below expectations. The value of RWA lies in infusing DeFi with real-yield assets. Just as ETH unlocked massive liquidity in collateralized lending scenarios, tokenized U.S. stocks must also become "collateralizable, tradable, and composable" to truly thrive.
Currently, the development of RWA faces two major bottlenecks: First, the lack of financial composability. Traditional market prosperity relies on a derivatives ecosystem to build liquidity, while most on-chain RWA tokens can only be "held" and cannot be used for lending or derivatives trading. Second, severe fragmentation of liquidity. Tokens representing the same asset issued by different platforms are often incompatible, diluting market depth and hindering the formation of scale effects.
To break through these constraints, the key lies in building a unified and open RWAFi ecosystem, transforming RWA from "static tokens" into "dynamic financial Legos." Once authoritative institutions like Nasdaq directly issue official tokens, they will establish a foundation of trust and standardization. These tokens will not only be usable as collateral and in lending but will also give rise to a rich array of possibilities such as yield aggregation, derivatives, and ETFs. Even traditionally illiquid assets like real estate can be revitalized through on-chain lending, yield distribution, and structured financial engineering.
The true tipping point will be the emergence of a financialized derivatives ecosystem built around RWA. When RWA becomes the foundational building block of DeFi, forming an entirely new "Real Yield Financial (RWAFi)" system, the next DeFi Summer—this time for real-world assets—may soon arrive.
