RWA is not just about US debt securitization; the real potential lies in full-chain payments and cross-sector asset flows. Recently, I saw a major DEX taking new steps in this direction. They launched a token-stock linkage product that directly breaks down the boundaries between the crypto market and the traditional stock market — this is the key.

Traditional exchanges and Web3 platforms have long operated independently, with limited user asset mobility and insufficient trading counterparties. This innovative model changes the game: you can simultaneously access crypto assets and stock positions within the same trading pair, significantly improving capital allocation efficiency. This is not just a simple product stack but a redefinition of the boundaries of payments and asset management.

The future competitiveness of Web3 depends on whether it can truly connect multiple asset classes and create seamless cross-sector trading experiences. From this perspective, the RWA track has only just begun.