Is directly writing stocks onto the blockchain? This topic is increasingly appearing in serious discussions, and the underlying implication is quite clear — traditional capital markets are shaking up their most fundamental elements.

This is not a new story fabricated by a Web3 startup team, nor is it a self-indulgent narrative created by the crypto market to sound innovative. Instead, it is a movement driven collectively by regulators, leading exchanges, and major financial institutions.

How can we tell if a trend is truly happening? Watch when the most conservative players start making room for it. Several signals have emerged almost simultaneously in recent times.

On the regulatory side, there’s no longer any hesitation. They repeatedly emphasize a fact: the legal nature of stocks will not change just because the storage medium shifts from traditional databases to blockchain. Implicitly, they are saying that putting securities on the chain faces no fundamental obstacles.

What about exchanges? They are beginning to seriously consider how tokenized stocks and traditional stocks can be traded and settled together. This is not just theoretical talk but involves developing practical plans.

And those leading RWA platforms? They used to mainly focus on government bonds and cash assets, but now they are officially exploring equity. This was unimaginable a year or two ago. Back then, the questions were still at the technical level — can trading be 24/7? Can assets be sliced and circulated globally?

It’s different now. The discussion is entirely about institutional frameworks: how to register equity? Who is responsible for clearing? Do token holders legally qualify as true shareholders?

Once the discussion reaches this level, it indicates that this is no longer driven solely by market enthusiasm but by a genuine institutional restructuring. Regarding stock RWA, different companies have already taken three completely different paths.