Recently, there has been significant activity in the crypto finance sector. DTCC announced the digitization of 1.4 million securities for custody, and State Street Bank quickly followed with the launch of a tokenization platform covering money market funds, ETFs, and deposit products. At the same time, SWIFT partnered with Chainlink to complete a pilot for interoperability of tokenized assets with several European banks. What do these moves reflect?

On the data front, the global RWA ecosystem is expanding: commodities worth $4.4 billion, government bonds $1.36 billion, institutional funds $2.72 billion, private credit reaching $36.07 billion, and U.S. Treasuries $9.29 billion. These traditional financial assets are gradually being tokenized.

Regulatory changes are also underway. Although the Senate's CLARITY Act hearing was postponed, industry positions are diverging. However, positive signals are emerging—Interactive Brokers (IBKR) has launched 24/7 USDC deposits and RLUSD previews, Hong Kong has completed its first verified carbon credit token issued by a regulated exchange, and Centrifuge and Caesar have achieved on-chain equity issuance for crypto-native companies.

Ultimately, the future of RWAs is not about avoiding regulation but about how to use technology to reshape clearing logic—enabling the entire cycle from collateralization to liquidation to be completed on-chain. This is the direction that global core clearing infrastructure is betting on.