Original author: Lawyer Shao Jiadian What is equity tokenization? "Stock Tokenization" refers to the process of converting company shares (equity) into digital tokens issued on the blockchain, with each token representing ownership similar to traditional shares. In other words, you no longer hold physical stock certificates but instead hold equity tokens recorded on the blockchain. These tokens can be managed, transferred, and traded electronically. This concept was born during the blockchain wave in the late 2010s. In 2016, Overstock.com became the first publicly traded company to issue stock via blockchain; during the ICO frenzy of 2017-2018, many believed that Security Token Offerings (STOs) would become the next trend. Startups like Harbor raised tens of millions of dollars in funding, attempting to use blockchain to enhance the liquidity of private equity. However, due to a lack of...

Author: @BlazingKevin\_, the Researcher at Movemaker Under the expectation of "de-regulation" that Trump may bring, the long-dormant tokenized stock sector is reigniting in 2025 with a new look of RWA. Bringing the most liquid assets in the world—U.S. stocks—into the crypto industry allows crypto users worldwide to trade anytime and anywhere, which is undoubtedly a grand and enticing narrative. However, this road is not smooth. From the early concept of STOs, to the synthetic asset experiments of DeFi Summer, and then to the brief attempts of FTX and Binance, the history of tokenized stocks is full of twists and turns. Today, with subtle changes in the regulatory environment, a new round of competition has begun. In this competition, three forces are emerging, representing three distinctly different paths: mutual