Seeing the news "A certain leading exchange will launch a tokenization platform and stablecoin in 2026," most people might just think it's another RWA project. But if you only stay at this superficial understanding, you're missing the core of what this is really about.

What you really need to pay attention to is one sentence: The tokenization platform and stablecoin system will share the same liquidity pool. It sounds insignificant, but it's actually quite powerful.

**Why is it the exchange doing this, not the bank?**

Let's consider a question first: If stablecoins are just a payment tool, then why must they be issued by a securities exchange? The answer is quite straightforward—because stablecoins are already beginning to erode the core authority of "clearing and settlement."

The fundamental business of an exchange consists of three parts: matching trades, clearing and settlement, and margin and risk management. What can stablecoins and tokenization do? Simply put, they embed the entire chain of "trade → clearing → delivery" into the blockchain, forming a closed loop. Once this system is operational:

Traditional banks' clearing systems will become somewhat redundant; T+1, T+2 settlement cycles will no longer be necessary; the costs of funds being frozen and occupied can be significantly reduced. So, even if B3 appears to be experimenting with crypto on the surface, in reality, it is proactively positioning itself for the next 20 years of competition.

**Shared liquidity pools are the real "core"**

Currently, the approach in traditional financial markets is like this: stocks have their own liquidity, bonds have theirs, derivatives have theirs, and cash clearing is another system. Each operates independently, leading to low efficiency.

But if a unified liquidity pool connects all assets... this is what this plan truly aims to change.