Institutions are accelerating their layout in the on-chain asset sector, and this may be one of the few first-mover opportunities for retail investors.

Several paths have begun to take shape.

🔹 Tokenized equities
Robinhood Europe has launched stock synthetic assets based on Arbitrum, covering over 200 US stocks and ETFs, supporting 24/5 zero-commission trading (no shareholder rights, EU only). Coinbase is applying for no-action relief from the SEC, aiming to build an all-weather on-chain stock market.

🔹 Tokenized MMF & Fund Products
Goldman Sachs and BNY Mellon have launched an on-chain money market fund, while BlackRock, Fidelity, and others are also testing tokenized fund shares through private chains. Currently, it is mainly targeted at institutional investors, with limited access for retail investors.

🔹 on-chain stablecoin / deposit product
The Genius Act has been passed, establishing a regulatory framework for banks to issue on-chain stablecoins and deposits. Relevant projects are entering the testing phase and have not yet been popularized to the retail end.

🔹 Other RWA scenarios
Platforms like Securitize have custody of over $1 billion in tokenized assets, covering categories such as bonds, funds, and real estate, providing the foundational conditions for future retail investor participation.

The core logic is that:

— On-chain assets possess higher liquidity and settlement efficiency.
- Composable, modular, suitable for a wide range of asset structures
— The infrastructure is taking shape, but the entry barriers and regulatory details are still under construction.

In other words, the system has not yet taken shape, and the distribution pattern is still not solidified. Institutions are testing the waters, and retail investors still have the opportunity to position themselves ahead in the primary market logic.

Once regulations are in place, product standardization is achieved, and asset scale expands, on-chain assets will become part of mainstream finance.
At that time, if one intervenes again, the likelihood is that they can only bear the costs of valuation reconstruction through the secondary market.