#RWA实物资产代币化 Recently, the biggest controversy in the crypto world isn't about a project experiencing wild price swings, but about tokenization. After browsing through various news, I finally understand — DTCC's tokenization and the direct ownership model are fundamentally two different paths.

The DTCC approach, to put it simply, is just a patch to the existing system. Stocks still remain in centralized custody, but the rights records are moved onto the blockchain. What's the benefit? Increased efficiency, reduced costs, and institutions love it. The downside? You still only get a "claim of rights," not actual stock ownership, so DeFi applications can't really use it.

Direct ownership is much more radical. Stocks are directly on-chain, making you a true shareholder. You can hold the assets yourself, transfer peer-to-peer, or use them as collateral on-chain. Galaxy Digital's shareholders are already using this approach. But the cost is liquidity fragmentation, losing the sophisticated net settlement system.

Interestingly, these two models are not mutually exclusive. One optimizes the existing pipeline, while the other creates entirely new possibilities. Institutions use the former to cut costs, retail investors and innovators play with the latter to create new features. The ultimate winner? The right to choose. Investors who can freely switch between these two modes are the ones who truly profit.