On-chain transfers in traditional finance are accelerating. Nearly $20 billion in capital has begun flowing into the blockchain ecosystem, and this time it's not just hype—it's a substantial migration of real assets such as government bonds, credit products, stocks, and more.

Why are institutions so active? A simple calculation makes it clear. On-chain government bond products can offer around 5% returns, with the key advantage of 24/7 uninterrupted trading, and liquidity that outperforms traditional markets in seconds. Private credit on the chain yields even more attractive returns, and the efficiency of liquidation is fundamentally in a different league. These advantages are too critical for asset management firms to ignore.

Supporting this wave are five key infrastructures, each playing its role:

· Rayls Labs is focused on privacy, using top-tier encryption technology to solve the data protection issues that banks find most challenging
· Ondo Finance is engaged in rapid tokenization, quickly bringing assets like US stock ETFs onto the chain, with a focus on retail markets
· Centrifuge specializes in scaled private credit, capable of handling on-chain demands for assets worth billions
· Canton Network is built by Wall Street giants for large-scale settlements, designed specifically for ultra-high-value transactions
· Polymesh incorporates compliance into its core protocol, making it the preferred platform for securities projects

Interestingly, these players are not competing with each other but instead collaborating to share this trillion-dollar cake. Banks need privacy, asset managers need trading efficiency, Wall Street needs compliance frameworks—different needs, but a thriving ecosystem where all coexist.

Key milestones have already emerged. Ondo is about to launch large-scale tokenized stock promotion on Solana, and Canton Network is working with the US official settlement agency DTCC to advance implementation projects. Once these pilots run smoothly, a torrent of real assets will flood in.

In short, institutional forces are assembled, infrastructure is in place, and a redefinition of financial operations through on-chain transfers is unfolding before our eyes. Instead of standing on the sidelines, it’s better to gain a deeper understanding of the actual progress of these projects. 🚀