#代币资产发行与投资 Tokenized assets are an interesting development. Three parallel trends are advancing simultaneously — Abra's synthetic USD USDAF is moving towards DAO governance, Ondo has expanded on the BNB Chain with TVL surpassing $400 million and monthly trading volume reaching $1 billion, and Coinbase is also developing its own tokenized stocks.

Key observation: this is not a series of isolated experiments but a concentrated infrastructure-level explosion. Ondo's data best illustrates the point — since launching in September, its scale has already exceeded the total of other similar platforms, indicating genuine market demand and a potential ceiling higher than expected.

On-chain signals suggest that institutional funds are quietly entering this track. The threshold for tokenized US stock ETFs has dropped from several thousand dollars in traditional finance to $20, and trading hours have extended from 5 days in the stock market to 24/5, creating new liquidity sources for retail investors and arbitrage funds.

The recent battleground is: who can secure a liquidity advantage before regulatory frameworks are finalized. Coinbase's choice to develop in-house rather than collaborate is worth pondering — either they have their own views on existing solutions or they want to control the narrative. Moving forward, it is necessary to track trading volume data and whale fund flows on these platforms to determine whether this is genuine demand or just hype.