Today I want to talk about something different—not those hotly debated projects, but a direction that seems dull but is actually being done with real effort: how to securely bring real-world securities onto the blockchain.

Honestly, this topic has been hyped for years, but most of it is just pie in the sky. Minting a token is very easy; just press a button and it's done. But whether legal compliance, asset custody, clearing and settlement, and audit systems can all be fully addressed—that's the real measure of whether a project is worth paying attention to. Recently, I’ve been watching some projects' latest moves in this area and feel that some ideas are finally coming together.

Let's start with the most painful reality: why are institutional funds so reluctant to go on-chain? I’ve summarized it into three points—compliance approval, privacy protection, and reliable custody. If any one of these links breaks, institutional money won’t flow in. Currently, most public blockchains do well with liquidity and composability, but once it involves "how to meet compliance requirements while protecting business secrets," they often throw up their hands. Private chains can solve compliance issues, but their ecosystems are isolated, and liquidity is fragmented, so the effect is limited.

This is why some projects' approach can catch my eye—they don’t just obsess over technology; they treat compliance processes themselves as a product to refine. Most notably, they have deep cooperation with a certain regulated exchange. Don’t underestimate this step: that exchange holds a genuine regulatory license and serves real investors, not just a paper partnership. Bringing compliant securities onto the chain through standard processes essentially digitizes and automates the traditional exchange’s business workflows, while leveraging the privacy and audit advantages of blockchain. If this step can be successfully implemented, it’s no longer just a technical experiment but a real change to the market structure.