#SEC主席称将促进市场向链上转移 SEC Chairman Paul Atkins's proposed "Project Crypto" and the vision of "markets migrating on-chain" center on driving the tokenization, on-chain trading, and compliance of traditional financial assets (RWA). Under this macro trend, the following tracks will become core beneficiaries:

1. Traditional Financial Asset Tokenization (RWA) Track
This is the most direct and largest beneficiary track of on-chain migration, primarily focusing on the on-chain restructuring of traditional financial assets:
Tokenized Treasury Bonds and Money Market Funds: As high-quality underlying assets for on-chain settlement, tokenized Treasury bonds (e.g., BlackRock BUIDL) and on-chain money market funds, with advantages like high liquidity, low thresholds, and around-the-clock trading, are experiencing explosive growth in scale and serve as the "cash base" for on-chain finance.
Tokenized Stocks and ETFs: With the advancement of the SEC's "innovation exemption" rules, the compliance channels for third-party permissionless tokenized stocks (tracking US stocks, etc.) and on-chain ETFs are being opened. Relevant tokenization platforms (e.g., Ondo Finance) and compliant asset issuers will benefit significantly.
Tokenized Repo Market: The on-chain migration of the repo market (with huge daily exposure) will greatly activate collateral liquidity and reduce settlement risk. Relevant on-chain collateral and clearing protocols will gain incremental space.
Other Traditional Assets: Tokenization of corporate bonds, ABS, private credit, and other assets, as well as public offering tokenization, will also see incremental demand due to simplified multi-layer custody processes.

2. On-Chain Financial Infrastructure and Compliance Services Track
Asset onboarding requires underlying technical support and compliance assurance, making the value of related infrastructure tracks prominent:
On-Chain Clearing and Settlement (DVP) Infrastructure: On-chain clearing systems supporting delivery-versus-payment (T+0), compliant wallets (e.g., DTCC token pilot), and on-chain asset registration systems, which can significantly reduce settlement risks in traditional finance, will become essential for institutional onboarding.
Compliance Bridging and Custody Services: Custodians, compliance platforms (e.g., compliant wallets, KYC/AML service providers), and compliance bridging projects that help traditional financial assets move on-chain safely and compliantly will gain substantial business opportunities by resolving compliance frictions between traditional finance and the on-chain world.
On-Chain Financial "Super App": Platforms integrating functions like trading, clearing, custody, staking, and lending into a "super app" will become the next-generation financial traffic gateway by offering one-stop on-chain financial services.

3. Underlying Public Chains and Payment Layer (Stablecoins) Track
Underlying Public Chains (L1/L2): The large-scale onboarding of traditional financial assets will create massive demand for highly scalable and secure underlying blockchains (e.g., Ethereum, Solana, and compliant L2s). Public chains and their ecosystem infrastructure will directly benefit.
Compliant Stablecoins: As the payment layer ("utilities") for on-chain asset trading, compliant stablecoins (e.g., USDC, USDT, and stablecoins issued by compliant institutions), which provide a cash carrier for on-chain settlement, will see their underlying supporting value amplified by the surge in on-chain transaction volume.

4. Decentralized Finance (DeFi) and On-Chain Derivatives Track
On-Chain Lending and Derivatives: Tokenized assets (e.g., tokenized Treasury bonds) used as underlying collateral in on-chain lending protocols (e.g., Aave, Sky) or for on-chain derivatives trading will greatly unlock the financial derivative value of assets. Related DeFi protocols will gain a large amount of on-chain assets as liquidity.

The on-chain migration is not a shift toward permissionless full decentralization but rather an "institutional permissioned" and "compliant" on-chain transformation. Therefore, institutions and projects with compliance credentials that can address traditional finance pain points (e.g., settlement efficiency, collateral circulation) will hold an absolute advantage.