WallStreetBets: All-Weather Trading Is the Ultimate Form of Financial Markets
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WallStreetBets: All-Weather Trading Is the Ultimate Form of Financial Markets
Someday, all assets will be tokenized.
Navigating Web3 tides with focused insightsAuthor: WallStreetBets
Compiled by: Luffy, Foresight News
Over the past decade, the crypto industry has built a trading system for native crypto assets: spot exchanges, perpetual contracts, stablecoins, lending protocols, and a complete Meme coin ecosystem. This has cultivated a whole generation of users who are accustomed to trading markets with anytime access, global liquidity, and no constraints from the 4 PM US stock market closing time.
In my view, the next super sector in the crypto industry is migrating traditional real-world assets to the blockchain layer. Stocks, US Treasuries, mutual funds, gold, crude oil, and credit products will all be on-chained.
Assets like gold and Nvidia require no extra explanation; the real transformative opportunity in the market lies in changing the public's asset trading channels, trading hours, and various operational methods after purchasing assets.
The financing and secondary market performance of Elon Musk's SpaceX have already demonstrated a new asset circulation model. The same asset can generate liquidity simultaneously on traditional brokerages, private markets, and crypto platforms. Traditional brokerages receive IPO intent subscriptions, private platforms open early shares to qualified investors, and the crypto sector lists SpaceX IPO perpetual contracts and tokenized products, matching traders' expectations for the stock's opening price upon listing.
Early on, some derivatives failed to meet market demand due to insufficient underlying circulating shares. Traders moved between brokerages, private markets, perpetual contracts, and tokenized products channels just to gain exposure to relevant assets.
This is the core trend that most people ignore: the asset source can be the traditional financial system, but the boundaries of trading circulation will completely break through the traditional framework.
Stablecoins have long completed the on-chain migration of the US dollar, allowing funds to circulate freely globally and settlements to be completed even during bank holidays. Now, stocks, funds, and commodities are developing along the same path.
Why is the tokenization wave exploding now?
For years, asset tokenization remained at the conceptual level. BlackRock CEO Larry Fink once compared the traditional financial system to snail mail and tokenization to email. Subsequently, BlackRock launched the BUIDL fund, with underlying assets consisting of cash, US Treasury bills, and repurchase agreements. Investors hold tokens stable at $1 value, yields are distributed in the form of new tokens, and compliant investors can transfer holdings between on-chain wallets.
Franklin Templeton has long deployed government money fund infrastructure on-chain, with a product named BENJI. Now BENJI is further expanding its business, collaborating with multiple banks and digital asset platforms to conduct trading and collateral financing business.
These underlying asset categories have long existed; tokenization changes the method of asset ownership registration, the speed of position transfers, and the reusable financial scenarios after issuance.
Robinhood launched over 200 US stock and ETF tokens for EU users, covering assets like Nvidia, Apple, and Microsoft, with tokens supporting 24/5 uninterrupted trading.
Plume Network focuses on the asset issuance end, providing one-stop on-chain asset building infrastructure for asset management institutions, without requiring institutions to build a whole system from scratch.
TheoriqAI sits above the issuance layer, building various investment strategies to put tokenized assets into on-chain lending and treasury value-added scenarios.
A few years ago, the industry was still debating whether large traditional financial institutions would adopt public chains; now the answer is obvious: major institutions have already implemented practices.
Robinhood CEO Vlad Tenev recently stated that the biggest opportunity in the crypto industry is not creating more native crypto tokens, but becoming the underlying infrastructure for real-world assets. Tokenized stocks, futures, and private market assets are exactly the intersection of traditional finance and crypto fusion.
Robinhood's massive layout of tokenization business has also allowed this topic to jump out of the crypto circle and enter the public view.
Airbnb CEO Brian Chesky stated that he has been continuously following the tokenization sector for many years: "The core highlight lies not in the tokens themselves, but in the significant elimination of trading friction."
This is also the core reason why the tokenization topic is heating up rapidly. What the market is pursuing is not the concept of "tokenization," but zero-friction new financial products. The industry's discussion focus has shifted from "whether assets can be tokenized" to "which tokenized products can retain long-term users."
Asset tokenization has long been feasible at the technical level; the real challenge is continuously retaining users.
Hyperliquid proves 24/7 trading has become a market necessity
HyperliquidX confirms that traders will actively flock to efficient, high-liquidity, year-round trading platforms.
Perpetual contracts are the first category to land because, as synthetic assets, they can quickly list underlying assets without needing to solve custody, clearing, and various compliance legal issues all at once.
The process of on-chaining real-world assets is more cumbersome; custody, clearing, and regulatory rules of various countries all need to be matched and implemented one by one.
The perpetual contract market has verified traders' strong demand for 24/7 uninterrupted trading, and the industry has subsequently begun exploring more market structures that can be migrated on-chain.
Synapse Protocol is building the underlying layer for options trading. Its portfolio margin system allows market makers to use Hyperliquid perpetual contract positions as option seller margin to hedge underlying asset price volatility risk. This mechanism is particularly friendly to emerging assets. Hypercall has listed SPCX options, supporting intraday and same-day expiry contracts, providing trading exposure unachievable within Nasdaq.
Ondo Finance has expanded this model to the public market. Ondo Global Markets connects tokenized US stocks and ETFs to crypto wallets, using stablecoins as the trading medium; Ondo Perps provides traders with 24/7 leveraged exposure, underlyingly relying on the Ondo ONE system.
Crypto users are already familiar with this operational logic: deposit stablecoins, select assets to complete trades. The existing challenge in the industry is that after tokenized assets are deposited into wallets, sufficient liquidity and diverse value-added scenarios need to be built to retain users.
Stocks, the easiest consumer-grade tokenized assets to popularize
SpaceX, Nvidia, Tesla, Apple, Microsoft, Coinbase, Robinhood, and the S&P 500 Index are all assets familiar to the public. This is also the core reason why major exchanges prioritize laying out stock tokens.
Robinhood first launched US stock and ETF tokens for EU users, and subsequently developed its own exclusive public chain, upgrading its business from trading stock tokens within the App to an underlying network carrying various on-chain asset flows. Robinhood has also successfully pushed stock tokens to a massive number of retail investors outside the circle.
Before stock tokens became a core narrative in the crypto industry, projects like Streamex had already deeply cultivated this sector.
Bitget is a representative case, intuitively demonstrating the complete ecosystem of tokenized stocks embedded in crypto exchange accounts. Bitget launched "Stocks 2.0," issuing rToken tokens through the compliant RWA protocol Reality. The platform states that rToken solves multiple industry pain points: direct connection to Nasdaq and NYSE liquidity, 1:1 pegging to underlying assets, synchronization of corporate dividends, and the complete clearing process completed within the Bitget ecosystem.
rNVDA and rTSLA are the most intuitive examples: Nvidia and Tesla stocks familiar to traders are no longer stored in traditional brokerage accounts but are incorporated into crypto trading accounts.
Ordinary investors can also buy Nvidia and Tesla through traditional Apps; the main change lies in the storage scenario after purchasing assets. Within traditional brokerage accounts, stock assets are isolated in the brokerage's own system; within crypto exchange accounts, compliant stock tokens can share a pool of funds with spot, margin, grid trading, copy trading, and wealth management value-added products, with dividends automatically converted to USDT and transferred into the account balance.
Positions are directly counted as available trading funds, rather than being separately isolated in brokerage accounts.
Bitget believes that when stock tokens coexist with crypto spot, collateral, and various derivatives in one account, the utility value of assets will be significantly enhanced.
Bitget executive Gracy stated that traditional brokerage direct connection channels can solve liquidity and dividend issues, while Bitget achieves equivalent advantages through tokenization, while retaining the full set of usage scenarios for assets within crypto accounts.
The crypto trading app Fomo is closer to ordinary users, integrating crypto assets and real-world asset exposures into the same mobile trading interface, core responsible for product distribution and asset exposure, not participating in asset issuance and underlying trading building.
RWA Ecosystem on Solana
Within six months, real-world assets listed on Solana via the Sunrise protocol accumulated a trading volume of over $3.5 billion, with 14 million transactions, covering approximately 221,000 wallet addresses.
Sunrise leverages the Wormhole native token transfer framework to deploy issuer-designated assets to Solana. Wallets, aggregators, and liquidity platforms can uniformly connect to the same asset address, without needing to split multiple wrapped versions to divert liquidity.
The SPCX tokenized product perfectly confirms this operational logic. Backpack Securities is responsible for securities compliance issuance; on the day SpaceX lists on Nasdaq, Sunrise simultaneously deploys its tokens to the Solana chain. Within the first 24 hours of listing, the asset traded over $50 million across 51 trading markets on Solana, and trading volume exceeded $100 million in four days.
Backpack handles securities compliance and user asset access, while Sunrise connects Solana ecosystem traders, liquidity, and cross-chain routing. The cycle from asset issuance to listing for trading is significantly shortened, but whether the asset can sustain trading volume is ultimately determined by market demand.
Commodities, the bridge connecting institutions and retail
US Treasuries are the most successful category of RWA implementation on the institutional side, with the core advantage of generating stable yields on-chain; stocks are the optimal assets for the retail side, with Apple, Tesla, Nvidia, and the S&P 500 having wide audiences; commodities lie between the two. Institutions use them for hedging risk, collateral reserves, real industry layout, and macro asset allocation.
Gold, crude oil, silver, copper, natural gas, and mineral revenue rights all belong to the commodity category. The traditional trading market for commodities has long been mature; the difficulty has always been convenient access channels for ordinary investors.
The threshold for holding physical commodities is extremely high; ETFs simplify the brokerage channel purchase process, while futures are open to professional traders. Tokenization adds a third path; assets can circulate outside traditional trading hours, clearing speeds are faster, and they can be directly used in various on-chain financial markets.
Not all commodities are suitable for on-chaining. Crude oil has different benchmarks, storage locations, delivery contracts, and quality standards; copper and natural gas also have physical delivery supporting difficulties. Gold has the lowest threshold, global circulation, sufficient liquidity, and a unified pricing system, long widely traded through ETFs and futures; PAXG and XAUT also prove users are willing to hold on-chain gold.
The main force in the current on-chain RWA market is still US Treasuries; this product logic is simple and clear: hold short-term US Treasuries, and yields are distributed to token holders.
The on-chain scale of commodities is still relatively small, but their offline spot market volume is extremely large.
Gold is an excellent test case to verify whether tokenization can optimize the trading, circulation, and yield distribution models of commodities, rather than merely adding a digital certificate of underlying assets.
GLDY, a tokenized gold product with yield-generating functions
As a millennium-old store of value asset, the vast majority of gold holding forms cannot generate cash flow yields. GLDY's design philosophy directly addresses this pain point: holding gold tokens can also earn extra gold yields.
Each token corresponds to 1 ounce of standard physical gold reserves. Streamex states that expected product dividends are distributed in incremental gold, with yields coming from gold leasing business; Streamex official website data shows current total gold reserves of 3096.6072 ounces.
Custodied gold can be leased to compliant enterprises in the gold industry chain, including refineries, mints, and jewelry manufacturers; lessees pay leasing fees in the form of gold, and yields are redistributed to token holders.
The vast majority of tokenized gold products only provide digital custody; GLDY overlays a gold leasing value-added layer, forming a completely different yield model, distinct from simply hoarding coins in a wallet.
Like all tokenized assets, whether the product can survive depends on supporting a complete trading ecosystem: holders need reserve verification, regular dividends, compliant trading channels, and clear knowledge of yield sources.
The platform's Q1 2026 financial report shows GLDY end-of-quarter assets under management of approximately $14 million, with gold reserves of 3096 ounces; the first two monthly dividends cumulatively distributed 10.48 ounces of gold to users. Orca and Wintermute are its underlying infrastructure partners.
The platform has reached cooperation with Siebert Financial and tZERO to open up traditional brokerage channels. Siebert's wealth management and institutional clients can participate in GLDY through original brokerage accounts; tZERO relies on a compliant digital securities platform to provide custody services. Siebert manages assets exceeding $20 billion, building a vast distribution channel outside the crypto circle.
Parent company Streamex is listed on Nasdaq, stock code STEX; secondary market investors can directly hold platform equity. In July this year, the company's board of directors approved a stock buyback plan of up to 10 million shares, with a buyback ceiling price of $2; management believes the current stock price seriously undervalues the business value.
This ecosystem is fully supported: Orca provides the secondary trading market, Wintermute makes markets to provide liquidity, Chainlink reserve data oracles verify gold inventory, Aurum is responsible for the data underlying layer, and Siebert opens up traditional wealth management client channels.
I continuously track three core indicators: whether gold reserve scale, total monthly dividends, and secondary market trading volume can grow steadily in sync. This is also the ultimate test standard for all tokenized assets.
The token itself is not the product; the complete trading and value-added market built around the token is the core value.
Long-term observation focus
I do not believe real-world asset tokenization is a one-sided bull market. I am more concerned with innovative products that can completely change the way underlying assets are used.
For stocks, I want to see whether traders will continue to use the tokenized version when traditional markets are closed, and whether these positions will play a role in their other investment portfolios.
For funds, I am observing whether they will surpass the issuance stage and begin to be used as collateral or incorporated into other financial products.
Commodities are the test field I am most concerned about. Holding gold tokens in a wallet is easy to understand; the real difficulty is providing sufficient reasons for users to give up ETFs and traditional futures to choose on-chain gold tokens.
Will users still be trading after one month? Can assets be freely transferred across platforms? Can dividend yields grow in sync with underlying reserves? If the answers to the above are all affirmative, a new mature market will be truly formed.
Five years ago, the industry debated whether traditional financial institutions would accept public chains; now, financial markets are gradually implementing crypto technology as underlying infrastructure.
If this trend continues to advance, one day, all assets will complete tokenization.
Traditional markets have fixed closing times, while crypto markets are open year-round.
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