#代币化资产 Seeing the topic of US stock tokenization, my mind immediately flashes back to the ICO frenzy of 2017. Back then, everyone said blockchain would revolutionize finance, and tokens would replace everything. But what was the result? The big waves sifted out the sand, leaving only a few truly valuable projects.

Now, US stock tokenization is heating up again, but this time the logic is completely different. It’s not an aggressive revolutionary declaration, but Wall Street cautiously testing the waters— from Bank of New York Mellon to JPMorgan, the participation of these century-old institutions itself indicates the seriousness of the issue. That Web3 lawyer spoke very practically: tokenization will not change the way US stocks operate in the short term, and that’s exactly the point I want to emphasize.

Too many people always want to see radical change, but the innovations that truly last tend to be those that can coexist and gradually integrate with the existing system. Bitcoin was declared "dead" countless times in 2013, but it survived. Similarly, US stock tokenization may not be a story for next year or the year after, but when it truly becomes part of the financial infrastructure, looking back at this moment will be a turning point.

The key is not to be fooled by short-term hype. Clear regulations, institutional participation, and infrastructure development—these are the standards I use to judge whether a direction can go far. History has shown me that those who ultimately survive are not the loudest slogans.