[Perspective] Cryptocurrency and RWA: What If Stablecoins Could Be Used to Invest in Stocks?

Cryptocurrency and RWA: Can Stablecoins Be Used to Invest in Stocks?

The rise of cryptocurrency was once seen as a challenge to traditional finance, but with the emergence of tokenized Real World Assets (RWA), we may be witnessing a deeper integration—not a disruption, but an upgrade. The true value of RWA lies in its ability to transform cryptocurrency from a purely speculative tool into a bridge connecting the real economy with the digital world. Conversely, can we also leverage existing legal frameworks (such as corporations) combined with blockchain technology to open up more participation rights, allowing people worldwide to easily invest in early-stage startups in Taiwan? This is not just a technical issue, but a matter of future imagination.

The Potential of RWA: From Crypto to Reality

Take Bitfinex Securities as an example; this platform, regulated in Kazakhstan and El Salvador, offers trading of tokenized stocks, bonds, and even funds. Products like USTBL tokenize U.S. short-term government bonds in the form of an ETF, allowing you to invest directly using USDT, starting at just $1. This means that cryptocurrency is no longer merely speculative but can directly touch traditional financial assets. Another example is the Alternative series tokens, which focus on financing small and medium enterprises in emerging markets like Italy and Romania, offering 9%-12.5% annual returns with a minimum investment threshold of 125,000 USDT. This model hands over the rights to participate in capital markets to global users, breaking down regional and wealth barriers.

The inspiration of RWA lies in the “anchor” it provides for cryptocurrencies—real-world value support. Bitcoin may represent the dream of liberalism, but tokenized securities are a pragmatic evolution. It raises the question: if Taiwan’s startups could also be tokenized in this way, could retail investors around the world become early investors? This not only expands the pool of funds but could also accelerate innovation.

Upgrading Traditional Frameworks: Globalized Corporations

We do not need to completely abandon existing legal frameworks. The concept of corporations is mature; the issue lies in the restrictions on participation—only a few can become angel investors or VCs, while most retail investors are excluded. Blockchain technology offers a solution: by tokenizing stocks, Taiwanese startups can issue shares globally right from their inception. Imagine an AI healthcare startup established in Taipei issuing tokens through a platform similar to Bitfinex Securities, enabling anyone worldwide to invest starting from $10. This represents not only the democratization of capital but also the globalization of creativity.

The advantages of Bitfinex Securities—24/7 trading, instant settlement, and low-cost issuance—are the cornerstones of this model. They claim to “break free from the shackles of global finance,” which may sound exaggerated, but the direction is correct. Traditional IPOs are costly and slow, burdensome for early-stage startups; tokenization simplifies everything and attracts enthusiastic participation from the crypto community. Of course, the challenges are evident: regulatory compliance (KYC/AML), insufficient liquidity, and gaps in investor education.

The Collision of Two Worlds: Possibilities and Reflections

RWA brings more possibilities for cryptocurrency, but conversely, the upgrading of traditional frameworks can make RWA more grounded. If Taiwan can combine the two—regulating the tokenized issuance of startups under corporate law while leveraging blockchain’s transparency and global liquidity—perhaps it can create a new model for capital markets.

Platforms like Bitfinex Securities, while still in the experimental stage, have already demonstrated potential. Their model allows SMEs to raise funds at low costs, enabling investors to participate in traditional assets using cryptocurrency, which is precisely the prototype of the future.

Latest Developments from the U.S. SEC

According to recent online information, Paul S. Atkins, the new head of the U.S. Securities and Exchange Commission (SEC), has proposed a significant initiative: allowing registered entities to simultaneously custody and trade securities (U.S. stocks, bonds, ETFs) and non-securities assets (BTC, ETH, USDC, NFTs) on the same platform.

This means that in the future, you may be able to buy Tesla stock with USDC on one app while simultaneously holding Bitcoin without needing to move funds. This is not just a technological upgrade, but a transformation of the financial paradigm, potentially creating a U.S. version of a “super app.” More importantly, the liquidity of RWA will be greatly enhanced, enabling seamless two-way trading of assets such as on-chain treasury bonds and mortgage-backed securities. Public consultations are expected to begin in the third quarter of 2025, with final rules anticipated to be passed by the end of 2026, and mainstream brokerages may fully launch “coin-stock integration” by 2028.

What implications does this have for Taiwan? The U.S. regulatory framework may become the global standard. If Taiwan wishes to lead in the RWA space, it must accelerate the formulation of similar rules to allow startups to legally issue tokenized equity and attract global capital. However, numerous challenges remain: jurisdictional conflicts between the SEC and CFTC, standards for crypto custody technology, and designs for bankruptcy isolation are all hurdles that cannot be overlooked.