When established exchanges on Wall Street begin to seriously think about "moving stocks on-chain", the changes may be more bottom-level than we think.

Nasdaq is promoting an ambitious attempt: to allow US securities to be cleared directly on-chain. This is not a gimmick, but a structural change that could leverage the logic of the operation of the U.S. capital market. Imagine real-time settlement of transactions as soon as they are completed, eliminating the need for a T+2 waiting period or so many intermediate links to go back and forth.

There are a lot of things involved behind this. Traditional custodian institutions, clearing centers, and various intermediary roles must be repositioned. When asset ownership can be directly confirmed through on-chain records, and when settlement can be completed in seconds, the infrastructure of the entire financial system must change accordingly.

To put it bluntly, this is a deep operation on the underlying financial structure. Instead of simply digitizing existing processes, redesign the rules with blockchain logic. Whether it can really be implemented depends on what the regulator thinks, but at least the direction is very clear.