Recently, 'stock tokenization' has been overhyped.
It seems that as long as U.S. stocks are moved to the blockchain,
Crypto is about to take off immediately.
NYDIG's report directly burst the fantasy:
👉 Stock tokenization will not bring huge profits to the crypto market in the short term.
This statement is not well-received by many.
But this is the truth at the institutional level.
1. Why 'tokenization ≠ making money immediately'.
First, let's clarify the logic.
Stock tokenization essentially does three things:
Put the 'ownership representation' of securities on the blockchain.
Digitize the settlement, transfer, and storage processes.
Compress the original T+1 / T+2 system to near real-time.
The question is—
Who is earning this money now?
The answer is very realistic:
👉 Not public chains, not DeFi, not retail investors.
👉 But those who are already in the system: brokers, custodians, clearing institutions.
So NYDIG has made it very clear:
Initial returns are very meager.
Two, then why still pursue it? Because 'network effects are slow variables'
NYDIG pointed out the key point in the 'time structure':
As accessibility, interoperability, and composability improve,
Only then will returns grow in sync.
Translate into one sentence:
👉 It is not the harvest period now, it is the 'pipeline laying period'.
Transaction fees are very low
Storage demand is slowly increasing
Network effects take time to ferment
Just like when the Internet was just commercialized back then,
Bandwidth, servers, protocols are not profitable,
But who occupies the standard first,
Going forward, there will be no worries about consumption.
Three, 38 billion on private chains, 12.1 billion on Ethereum, this comparison is very harsh
NYDIG provided a data point that many people have not noticed:
Canton Network (private/consortium chain)
👉 Carrying approximately 38 billion dollars of tokenized assets
👉 Accounts for 91% of the total RWA representation value
Ethereum (public chain)
👉 Carrying approximately 12.1 billion dollars of RWA
What does this indicate?
👉 The real big money is currently not on public chains.
They chose:
Whitelist
KYC
Qualified investors
Non-public networks
There is only one reason:
Regulatory certainty > decentralization ideals.
Four, this is also why 'tokenization will not immediately benefit ETH prices'
Many people ask daily:
'Is RWA on-chain, is ETH going to take off?'
NYDIG's attitude is very calm:
These assets belong to securities
Still need brokers and transfer agents
There are still whitelists and permission controls
So in the initial phase:
The chain is just a 'technical base'
Not a 'value capture device'
ETH, Gas, DeFi,
In the short term, no one can eat meat, only drink some soup.
Five, but note: NYDIG did not say 'useless', it said 'needs to wait'
What is truly important in the report is the latter half:
👉 Once these assets can truly integrate into the DeFi system—
Become collateral for lending
Become lendable assets
Become composable trading targets
Only then will the qualitative change occur.
But NYDIG clearly added:
This takes time.
What is needed?
Technology is mature
Infrastructure is unified
Regulatory rules evolve
None can be missing.
Six, when you put it together with what has happened recently, you will see more clearly
Connect the clues from the past few days:
The Federal Reserve begins 'invisible QE', releasing liquidity
Stablecoins (USDT / USD1) go first to buy real assets
Exchanges promote stablecoin pricing + behavioral incentives
And stock tokenization is clearly placed in the 'back-end curve'
This indicates one thing:
👉 The real order is: stablecoin → settlement → use → then to securities.
It’s not the other way around.
Seven, my judgment is very clear
Stock tokenization is not a 'bull market engine', but a 'bull market infrastructure'.
Don't expect it to rally in the short term
Don't overestimate its returns in the medium term
In the long run, it will definitely erode part of traditional finance's efficiency
But before that,
Those who are truly making money have already started to run ahead.
You have already seen:
Stablecoins directly acquire real assets
Capital first controls the 'entry' and 'settlement layer'
Wait for everything to mature, then slowly move securities up
This is the approach of the real world.
💬
Which path do you agree with more?
Stablecoin first, then securities,
Or should we directly move stocks onto the chain?
If tokenization dividends take 3–5 years to materialize,
Which layer would you choose to participate in now?
Let's discuss in the comments section.$BTC
