Stablecoins and RWA Shift Focus from Tokenization to Full-Fledged Financial Network

The concept of stablecoins and Real-World Assets (RWA) is evolving beyond mere tokenization. In recent years, RWA has been associated with bringing assets on-chain, but now it's about building a fully operational financial network.

Traditional institutions like NYSE are developing their own tokenized securities platforms, which grant genuine shareholder rights while supporting 24/7 trading and settlement. This is different from the past practice of crypto-native platforms simply issuing tokens.

Crypto exchanges have also launched various RWA products, including US equity, ETF, and options trading. These platforms are attempting to consolidate assets into a single account and treasury system, increasing competition in the RWA space.