#传统资产代币化 Seeing Tether plans to raise 20 billion USD and also engage in equity tokenization, my first reaction is—be cautious.

I've seen this kind of operation too many times. On the surface, it sounds impressive—blockchain storage, tokenized assets—but digging deeper reveals a mountain of risks. First, Tether itself is a highly controversial entity, and its reserve issues have never fully alleviated market doubts. Now they want to raise funds through equity financing and then tokenize the shares, which adds another layer of complexity to an already opaque foundation.

More importantly, I noticed that the news mentioned management is preventing existing shareholders from selling at a valuation below 500 billion USD—this is a signal. If the company were truly that stable in value, why the rush to maintain the stock price expectations? Truly healthy projects don't need such "stability maintenance" operations.

From an experienced perspective, whenever I see large-scale financing combined with new concept hype, I ask myself three questions: Where is this money going? Who benefits the most? What can I, as a latecomer, gain? If the answers are vague or the profits mainly flow to insiders, then it's best to stay away.

Remember, tokenization does not equal transparency, and large-scale financing does not mean the project is safe. The secret to surviving on-chain is—always stay alert to "innovative financing schemes."