#现实世界资产代币化 After reading this review, I have a special feeling I want to share with everyone—regulation has never been the "end point" in the crypto world; instead, it marks a series of key maritime coordinates.

Over twelve years and five policy storms, each seemingly fierce suppression ultimately failed to alter Bitcoin's long-term upward trajectory. It dropped to $400 in 2013, then after exchanges shut down in 2017, it sparked a bull market to $19,000. Even during the most severe "power outage" in 2021, it was only a phase of correction. The logic behind this is very painful but also very clear—**policy can change the flow but cannot change the overall trend**.

This time, the risk warning about stablecoins and RWA essentially reflects a phenomenon: when a certain innovative direction becomes extremely popular and begins to attract large amounts of capital, regulation follows. This is not a bad thing. On the contrary, it indicates that RWA (Real-World Asset Tokenization) has moved from a marginal theory to a "hot track" that requires regulation—this just proves that its value is widely recognized.

What’s truly interesting is that a binary regulatory pattern is forming: strict prevention in the East and dominance in the West. What does this mean? It means compliant innovators are migrating outward, and the future of RWA is likely to thrive in a more open ecosystem. Asset on-chain will not stop; it will just switch stages and continue to evolve.

After the storm, what’s the next step? History provides the answer: not silence, but a restart.