Gate supports xStocks trading, what new stories are there in the RWA track?

In early July, Gate exchange announced support for xStocks tokenized stock trading, allowing users to trade fragmented US stock assets within a compliance framework. This move brought the RWA (Real World Assets) sector, which had been quiet for months, back into the industry spotlight.

However, just two weeks ago, SEC Commissioner Hester Peirce poured cold water on the enthusiasm: "Although blockchain technology is powerful, it does not have the magical ability to change the nature of the underlying asset. Tokenized securities are securities themselves and must comply with federal securities laws."

Amid regulatory warnings, the total value locked (TVL) of RWA assets on the Aptos public chain has grown against the trend by 56.4% in the past 30 days, reaching 538 million USD, ranking third among public chains.

##Technical Breakthrough, Aptos's Overtaking in the Bend

While most public chains are still competing for meme coins and DeFi users, Aptos has made a technical breakthrough in the RWA track. According to the latest on-chain data, its RWA TVL reached 538 million USD in July, with a monthly growth rate of 56.4%, ranking third among all public chains.

Technical performance has become the key to victory or defeat. Aptos uses the Block-STM parallel execution engine to achieve efficient transaction processing:

• Theoretical throughput of 150,000 TPS, actual production environment stable at 4,000-5,000 TPS
• The final confirmation time for the transaction is only 650 milliseconds.
• The cost of a single transaction is less than 0.01 USD

These features are crucial for RWA assets. Taking private credit tokenization as an example, it requires high-frequency processing of loan issuance, repayment distribution, and compliance verification, with the traditional financial T+2 settlement cycle compressed to T+0 real-time settlement on Aptos.

##The Yield Revolution, The High-Interest Temptation of Emerging Markets

Private credit accounts for 58% of the current RWA market, becoming the most关注ed asset class. In the Aptos ecosystem, the Pact protocol contributes 77% of on-chain RWA assets, approximately $420 million.

These assets are attracting funds with astonishing yields:

• BSFG-EM-1 Emerging Market Consumer Loan: Scale 160 million USD, Annual Interest Rate 64.05%
• BSFG-KES-1 Kenya Retail Credit: Scale $5.6 million, Annual Interest Rate 115.45%
• BSFG-AD-1 UAE Enterprise Loan: Scale 16 million USD, Interest Rate 15.48%

Compared to traditional private lending, the tokenization process achieves automatic profit distribution through smart contracts. A loan of 1 million dollars issued to a logistics company will be mapped as an NFT or SFT (semi-fungible token), with metadata containing key information such as the borrower's anonymous identifier, interest rate, repayment plan, and more.

##Regulatory Fog, SEC's "Brake" Warning

As platforms like xStocks promote tokenization of stocks, regulatory risks loom large. On July 9, SEC Commissioner Hester Peirce issued a clear warning: tokenized stocks, notes, or rights "are still securities" and must comply with federal securities laws.

The regulatory focus is on two tokenization models:

1. The issuer mints stock blockchain version by themselves.
2. Third-party custodian packaged securities issuance receipts

ConsenSys lawyer Bill Hughes interprets the statement as a serious "brake" for the market. The SEC specifically warns that the second model carries counterparty risk - "token holders rely on the custodian's solvency and control over the underlying stocks."

##Institutional Involvement, On-Chain Experiments of Traditional Finance

Despite the uncertainty in regulation, the on-chain layout of traditional financial institutions is still accelerating. Aptos has become a testing ground for institutions:

• Franklin Templeton launches BENJI Token on Aptos, representing the on-chain U.S. Government Money Fund (FOBXX)
• Ondo Finance's USDY has been introduced to the Aptos ecosystem, integrated with mainstream DEX and lending applications.
• Collaborate with Libre to promote security tokenization, aiming for compliance issuance.

The regulatory framework is also gradually being built. Aptos has been chosen by the state of Wyoming in the United States as the technical foundation for the stablecoin project WYST, with plans to issue compliant stablecoins and loan tokens in 2026.

The European MiCA regulation and the U.S. GENIUS Act create a clearer legal environment for RWA, and the technological features make Aptos an important choice for a compliance-friendly public chain. ##Future Outlook

The regulatory disputes over tokenization of securities remain unresolved, yet traditional financial institutions continue to enter the market. Giants like Franklin Templeton and Ondo Finance have issued compliant assets on Aptos, while the state of Wyoming has chosen Aptos as the technological foundation for its stablecoin project WYST.

The battlefield of RWA is shifting towards emerging markets. The 115.45% annualized retail credit product in Kenya on Aptos reveals the disruptive potential of digital assets in areas with insufficient penetration of traditional finance.

When technological performance breaks through the bottleneck of financial infrastructure, and the regulatory framework keeps pace with the speed of innovation, the on-chain migration of trillion-level traditional assets is no longer a fantasy. The SEC's warning is not the end, but a necessary growing pain for the maturity of the RWA track.