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In the market outlook from the day before yesterday, I mentioned: "US stock on-chain is a narrative I'm quite optimistic about this year".

Today, let's discuss my thoughts.

I refocused on this narrative field because of @BackedFi. Similar things had appeared in the market before, but they ultimately fizzled out due to regulatory issues. After Trump took office, a series of regulatory policy changes made US stock on-chain feasible again.

The core reason for being optimistic about the US stock on-chain narrative is just one point⬇️

The hype in the crypto market is essentially about stories and models. AI, AI Agents, and RWA are stories, while DeFi, GameFi, and mining are (Ponzi) models. Stories are about mindshare, which means telling narratives that can attract market buying. Among these, Web2 Attention stories are the most numerous, such as AI and metaverse. As for models, they're basically Ponzi schemes. Essentially, it's about the older generation exploiting the younger one.

US stock on-chain belongs to the former category. In my personal opinion, this is a story that can make a market willingly buy in - which is why I'm optimistic about this narrative. Moreover, this narrative will inevitably integrate DeFi and RWA, bringing new increments to these older narratives.

In Mint Ventures' 'WEB3 MINT TO BE' column, Teacher Min summarized the benefits of US stock on-chain as follows:

1, Improved Financial Efficiency: Traditional financial clearing systems are inefficient, while blockchain can significantly improve fund settlement speed, reduce costs, and enable 24/7 trading.

2, New User "Empowerment": Tokenized stocks are not just equity certificates but can also have usage functions (such as fee deduction, staking, service exchange, etc.).

3, Breaking Territorial Regulatory Restrictions: Tokenized stocks can circulate globally, providing a larger capital pool for US stocks.

4, Enhanced DeFi Integration: Stock tokens, as new tradable assets, are naturally compatible with DeFi infrastructure (DEX, lending protocols, etc.).

Of course, when this narrative grows, it will inevitably attract regulatory attention. In the end, it comes down to two words: "compliance". The core issue currently is regulatory uncertainty.

Everything else is irrelevant to the ultimate outcome.

Currently, for Crypto, there are no obstacles except regulation, including infrastructure like DEX, collateralized lending, cross-chain, etc., which are basically readily available.

Injective

Injective now supports futures trading for US stock indices, Nvidia, McDonald's, and Tesla. These trades occur on its on-chain exchange Helix (Injective is not truly tokenizing US stocks, but supports futures trading of US stock-related tickers).

Its core product architecture is iAssets. In trading, users and users, users and market makers act as counterparties and use order books to match trades. In the DeFi realm, thanks to the programmable attributes of iAssets, it can be used for lending collateral, yield strategies, leveraged positions, structured products, re-collateralization, and more. Simply put, iAssets transform static RWA assets into dynamic assets usable in DeFi.

At present, Injective doesn't need to worry too much about regulation, but it is indeed laying out the US stock on-chain narrative. This layout may become a growth point for $INJ in the future.

Backed

Backed is on Base, backed by the big tree of Coinbase (Coinbase Ventures invested), and is truly tokenizing US stock assets. For example, this month, Backed launched the tokenized Coinbase stock wbCOIN on Base. It directly used Aerodrome as the liquidity exchange for wbCOIN. The assets it issues are fully collateralized 1:1 with real-world assets.

It faces higher regulatory risks (it uses the European MiFID II framework and Swiss DLT regulations to achieve permissionless tokenized stocks, making it compliant in Europe at least).

My attitude is to participate if possible (do LP), firstly to get in before it becomes competitive, and secondly for potential future airdrops. Perhaps after US regulations become clear, its native protocol token listing on Coinbase is not impossible. But this belongs to "vague predictions", so don't invest too much money, just do a small long position.