The US SEC has issued a "No Action Letter" to DTC under DTCC, officially announcing that starting from the second half of 2026, a pilot program will be launched to tokenize traditional securities—this time not just a self-entertainment in the crypto circle, but a serious move by Wall Street with real funds.

Traditional financial assets such as government bonds, ETFs, and Russell 1000 component stocks are about to be tokenized on the blockchain. The pilot period lasts three years. What does this mean? It signifies that the US financial market's core institution, DTCC, has officially entered the scene.

From an industry perspective, how dramatic is this shift? Previously, tokenization was a vision within the crypto community; now it has become an official strategy of the traditional financial system. As the core infrastructure of the US financial market, DTCC's participation directly shifts the focus from "technical feasibility" to "large-scale application." The compliance sandbox is open, and Wall Street institutions now have a clear operational pathway.

For the crypto market, the short term may face capital competition—institutional investors now have official channels to trade on-chain assets. But from another angle, when traditional assets worth trillions of dollars go on-chain, the story of the entire RWA ecosystem is no longer just theoretical speculation but a tangible reality. This is an incremental market that the blockchain industry has long been期待ing.

Deeper logic reveals that when traditional finance begins to use blockchain to optimize efficiency and transparency, we are witnessing a true return to the value of blockchain technology itself—improving the efficiency of value transfer and reducing intermediary costs. This is the true face of technological progress.