#RWA代币化 Recently, discussions about RWA tokenization have been flooding the internet, and many friends have asked me what it really means. Today, I came across an in-depth article and realized that my previous understanding was somewhat biased—what seemed like a simple "tokenization" actually hides two completely different paths.

The approach taken by DTCC is essentially optimizing the existing system by moving ownership records from proprietary ledgers onto the blockchain, like installing a modern pump on an old pipeline. This indeed improves efficiency, but it retains the entire intermediary structure—you still hold a "claim of rights," not the actual stock. The other, more radical path is to directly tokenize stock ownership, recording it directly in the shareholder register of the issuer. This means self-custody, peer-to-peer transfers, and composability with DeFi, completely rewriting the definition of "ownership."

The most fascinating part is that these two paths are not mutually exclusive. One addresses scalability and settlement certainty, while the other opens the door to self-custody and programmability. The real winner is not one side or the other, but investors who can ultimately freely choose between these two modes. This is the magic of Web3—it’s not about overthrowing the old world, but empowering you to decide what kind of world you need. The future of RWA tokenization is built on this coexistence of multiple approaches.