#证券代币化与RWA Seeing the SEC give the green light to DTC, I have to be honest—this is not some sudden surprise, but a long-planned institutional evolution. From Nasdaq's first proposal in September 2025 to DTC receiving the no-action letter in December, the entire timeline is quite clear—regulators are not opposing but cautiously paving the way.

Having navigated this space for many years, I’ve seen too many cases where technological innovations are directly suppressed by regulation. But this time is different. The SEC’s attitude is actually very pragmatic—they haven't banned the application of blockchain in securities infrastructure; instead, within the existing legal framework, they’ve provided a relatively clear pilot space. This NAL letter essentially says: you can try, but within the sandbox I specify.

The core logic I see very clearly is: DTC isn’t making a revolution, but an upgrade. The $100 trillion custody scale, with backend systems shifting from centralized ledgers to permissioned blockchains, appears to be a technological reform on the surface, but fundamentally it remains the same rights structure, legal attributes, and risk control mechanisms. It’s just that transaction efficiency is higher, reconciliation costs are lower. This kind of "invisible tokenization" is actually the smartest transitional solution.

But I also have to be honest—some market rumors about "24-hour trading" and "US stock tokenization coming soon" are a bit overly optimistic. Nasdaq’s 23/5 trading hours extension and DTC’s tokenization pilot are essentially two different things. The former is a time extension of traditional market structure; the latter is a technological upgrade of infrastructure. Both will eventually converge, but it won’t happen overnight.

This interaction between SEC and DTC is more like a coordinate point—marking the transition from "theoretically feasible" to "practically validated." Over the next 18 to 24 months, the actual results of this pilot, technical risks, and market reactions will be the key variables that truly determine whether US stock tokenization can be scaled up. Brokerage platforms may be the earliest beneficiaries, but only if the regulatory framework continues to clarify. Otherwise, even the best technology is useless.