[What is the market trading?] The market’s core trading focus is the compliant expectations surrounding tokenization of real-world asset (RWA) tokens, with a battle playing out over the rollout progress of bringing traditional financial assets on-chain. [What happened] The leading platform in the compliant RWA space, Securitize, announced it is moving forward with a public listing, planning to raise $400 million, and it aims to become a benchmark target in the tokenization of the public markets. [What’s truly worth paying attention to] This is not ordinary crypto project financing; it is a signal that traditional financial institutions have officially accepted the underlying crypto technology. If the listing goes smoothly, it will drive more asset management firms to build out the RWA track, indirectly increasing demand for BTC and ETH as underlying settlement assets for RWA. [Watch over the next 48 hours] Focus on tracking institutional subscription feedback from Securitize’s IPO roadshow, the regulator’s public statements regarding the listing application, and changes in capital flows for RWA-related assets. #BTC #ETH