The impact of #美股代币化# on the crypto world: is it a transfusion or a phlebotomy?

1. Increase liquidity?
Short-term benefits: More traditional funds are entering the crypto world, especially those who want to trade US stocks but find it troublesome to open an account with a brokerage. Tokenization is bringing US stocks "on-chain", and 24/7 trading is attracting global capital, with stablecoin transfer volume reaching up to $35 trillion by 2025 and active addresses increasing by 53%. What does this indicate? More people are using blockchain to trade stocks, and money in the crypto world is flowing! The locked value of DeFi protocols has also soared to $113.1 billion, indicating that tokenization is driving the prosperity of on-chain finance.
Arbitrage opportunity: There may be a price difference between on-chain US stocks and real US stock prices, and the quantitative team is ecstatic.
2. Draw resources out?
Happy too early: The "big players" of traditional finance (BlackRock, Morgan Stanley) are also joining in, and the influx of institutional funds may divert the funds of the "natives" in the crypto world. The tokenization of U.S. stocks has siphoned off some speculative funds, and the popularity of meme coins and altcoins might be compromised. Not to mention, centralized platforms (like Cb) are making a fortune, while decentralized projects may be pushed to the corner.
Capital diversion: If everyone goes to trade Tesla tokens, who will still buy Bitcoin? This could make altcoins even colder.
Regulatory Pressure: As tokenization in the US stock market heats up, the SEC is tightening its scrutiny, which may also negatively impact other crypto assets.
Conclusion: Short-term is favorable, mid-term is unfavorable, long-term depends on regulatory stance.