SEC chairman predicts that the US financial market will move to the chain Who will be the biggest winner?

Recently, U.S. Securities and Exchange Commission Chairman Paul Atkins said that it is expected that in the next two years, the entire U.S. financial market may migrate to the blockchain that underpins Bitcoin and cryptocurrencies.

Paul Atkins commented in an interview with Fox that the next step of change will come from digital assets, that is, the digitization and tokenization of the market.

According to the annual economic report previously released by the Bank for International Settlements, 90% of the world’s central banks are actively exploring tokenized deposits, and more and more traditional financial institutions are joining the wave of tokenization.

In addition to the layout of traditional giants, large institutions native to the Web3 industry are also increasing their layout of the on-chain economy.

OKX CEO Star recently said in an invitation to Abu Dhabi Financial Week that the internet generation is creating a new on-chain economy, and in the next few decades, about 50% of the world’s economic activity will run on blockchain.

So how does OKX lay out the on-chain economy, after all, Coinbase’s strategy is to build a “everything exchange”, BN’s strategy is to intervene on the chain through Alpha, and OKX has built a service system that adapts to the on-chain economy in a forward-looking manner.

Yesterday, OP issued a document stating that OKX has reconstructed the zkEVM L2 network X Layer based on OP Stack. After the overall upgrade, not only is the TPS stable above 5,000, but it is also fully compatible with EVM, which not only ensures transaction privacy through zero-knowledge proof technology, but also ensures security through on-chain verification, which lays a solid foundation for the development of the on-chain economy.

The product uses OKX Wallet as the ecological entrance, which not only integrates the X Layer network to achieve one-stop management of 140+ public chain assets, but also includes the aggregation function of DEX and NFT markets, and integrates related on-chain interactions and DeFi protocols, allowing hundreds of millions of users to easily participate in the on-chain economy without professional knowledge.

Of course, another key to tokenization is compliance, which is also Coinbase’s roots in the United States, and OKX has obtained compliance qualifications in more than 20 core markets around the world. After the EU’s MiCA Act officially came into effect, OKX became the first institution to obtain a compliance license and also obtained a financial services license from the Dubai Virtual Assets Regulatory Authority.

Because of compliance, OKX has become the preferred partner for traditional financial institutions to access the on-chain ecosystem. As for who can come out on the road to tokenization in the crypto industry, it seems that it will take time to test.

As Star said, blockchain stands out because it breaks through the limitations of legacy systems in the Internet era. It provides trustless, programmable storage infrastructure for round-the-clock, instantaneous global value flow.

The Boston Consulting Group predicts that the total size of global tokenized assets is expected to reach $18.9 trillion by 2033.

Even JPMorgan Chase CEO Jamie Dimon, who once hated Bitcoin, said in a recent interview that blockchain, tokenization and stablecoins are all real technologies that are improving financial efficiency.

The intensive voices of these bigwigs may be suggesting to us that the prediction that 50% of global economic activity will be on the chain is not far away.