The big event is here—nearly $20 billion in institutional funds are rushing onto the blockchain. This isn't about hype around new concepts; it's the underlying assets of traditional finance—government bonds, corporate credit, stocks—being genuinely migrated onto the blockchain.

Why is it so hot? The logic is straightforward. On-chain government bond yields can reach around 5%, and trading is supported 24/7 without interruption. Private credit yields are even more attractive. This level of efficiency and flexibility is simply unattainable in traditional markets. Institutions are making strategic moves.

Currently, in the RWA (Real-World Asset) track, five main players each hold their own territory, each with unique strengths:

• Rayls Labs—Using top-tier encryption technology to address institutional privacy concerns, serving as a "secret weapon" for banks.
• Ondo Finance—Specializing in rapid tokenization of US stocks ETFs, bonds, and similar assets, becoming a hot product targeting retail investors.
• Centrifuge—A favorite among asset management firms, bringing billions of dollars in private credit onto the chain, dramatically increasing trading efficiency.
• Canton Network—Built by Wall Street giants, designed specifically for large-scale settlements and institutional-grade operations.
• Polymesh—Built with an embedded compliance framework from the protocol's core, the first choice for securities issuers.

These platforms are not competing with each other but are allies in dividing a trillion-dollar market. Banks need privacy protection, asset managers need trading efficiency, Wall Street needs compliance frameworks—each fulfills its own needs and gains.

Two key milestones are already set for 2026. Ondo plans to extensively roll out tokenized stock trading within the Solana ecosystem, while Canton Network will launch a project with the US official settlement institution DTCC. Once these projects are operational, a flood of trillion-dollar assets will follow.

This is not a story of the future; it is happening now. Institutions are in place, infrastructure is ready. A chain-based migration that could reshape the financial structure is unfolding right before our eyes.