Today there is a big event

The U.S. Securities and Exchange Commission (SEC) officially approved the "Digital Asset Sandbox" program of DTCC (Depository Trust & Clearing Corporation), or more specifically, issued a "No-Action Letter" (NAL) to DTCC.

What does this mean?

This means: the SEC allows DTCC's subsidiary (DTC) to provide securities tokenization services.

This matter has both positive and negative implications, to put it directly.

1. Negative for all altcoins

2. Positive for the settlement layer; if ETH becomes the settlement, it is positive for ETH.

Positive for BTC.

Positive for on-chain DEX, lending, and other facilities.

Positive for Circle; luck is really on their side, as they need compliant trading pairs for settlement.

Positive for Chainlink; the tokenized data from DTCC is likely to be fed to the on-chain world via Chainlink.

Positive for Circle, Coinbase, and BlackRock.

If DTCC does tokenization, what can ONDO do?

How can it survive?

The overall sentiment is positive; they don't have to do the backend themselves, only the frontend asset management.

Possible.

But it could also directly go bankrupt.

Implementation timeline:

However, because this is a long-term trend, implementation will take time.

Therefore, currently, these targets have not risen in price.

According to DTCC's official plan, the expected implementation time for officially providing services is the second half of 2026.

It is estimated that there is still 1 year until implementation.

After implementation, there will still be various small issues that need to be addressed.

This matter has once again broken the liquidity dam in the crypto world.

Funds in the crypto world are paying for the narrative of current cash flow + 0 future cash flow,

The possibility of hundreds of billions being tossed around is becoming increasingly unlikely.

The above is relatively rough and somewhat arbitrary; let's leave it at that.