RWA narrative has finally moved from concept to tiered implementation, and the third stage is the endgame.

CoinWorld News, Wu learned that Grayscale Research Director Zach Pandl issued a report stating that the tokenization process of global stock markets has begun, bringing users benefits such as 24/7 trading. He summarized the evolution of equity tokenization into three stages: the first stage is the third-party "wrapped" model, which currently accounts for over 70% of market cap, mainly operating on chains like Ethereum and Solana; the second stage is the "equity" model represented by the DTCC pilot, utilizing regulated post-trade infrastructure; the third stage, with the greatest long-term potential, is the "issuer-initiated" model, where companies natively issue securities on-chain. Last week, Securitize became the first NYSE-listed company to do so. Grayscale believes the three models will coexist for many years to come.