In the intersecting field of Crypto Assets and TradFi, a noteworthy development is quietly taking place. Recently, financial service giant Fidelity launched its new digital asset FDIT, a move that is not surprising in itself, but the details behind it are worth exploring.

FDIT is not pegged to Fidelity's own system, but has chosen to link with Ondo's OUSG. This decision marks a significant transformation in the real-world asset tokenization (RWA) market, moving from the simple 'asset on-chain' phase into a more complex 'custodial relationship game' phase.

In the early days of the RWA market, participants rushed to tokenize traditional assets such as bonds and worked to establish compliant channels off-chain. However, the market's focus has now shifted to a more critical question: who can become a trusted entity for traditional financial institutions (TradFi) to hold funds on the blockchain?

We have seen some attempts at the infrastructure level, such as BlackRock launching BUIDL and Circle providing instant redemption services for USDC. However, Fidelity's recent move goes a step further as it chooses to 'entrust' the on-chain anchoring rights of FDIT to OUSG, which is equivalent to publicly recognizing Ondo as a trusted fund receiver. This trust relationship has transcended simple business cooperation and resembles more of a 'circulation authorization'.

From the perspective of asset composition, the tokenized bonds held by OUSG have already covered mainstream funds such as BlackRock, Fidelity, Franklin Templeton, WisdomTree, and FundBridge, seemingly becoming the on-chain 'bond fund ETF container', similar to the SPDR index version of interest rate assets.

In fact, the core competitiveness of the RWA market does not lie in who issues the tokens first, but in who can become the 'liquidity trust gateway' recognized by TradFi. Technology is merely a basic threshold; the real challenge lies in establishing a custody structure that can be accepted by traditional finance.

Fidelity chose Ondo instead of building its own system. Although this detail is small, it is highly significant. It suggests that traditional financial giants are seriously evaluating and selecting their partners in the blockchain world.

Although the market may not react immediately to this development, it is undoubtedly a signal worth closely monitoring for those keen observers. It indicates that the RWA market is entering a new stage of development, in which trust and custodial relationships will become key competitive factors.