The article "Financial On-Chaining: A Blueprint for the Transformation of U.S. Capital Markets" explores the potential systemic overhaul if the U.S. financial system migrates to blockchain technology, as suggested by SEC Chair Paul Atkins. It outlines seven key structural shifts:

1. Market Dynamics: Transition to T+0 settlement, enabling 24/7 trading and real-time regulatory oversight by the SEC, increasing capital velocity but eliminating traditional market buffers.
2. Banking Sector: Banks would operate with near-transparent balance sheets, reducing risks like asset-liability mismatches but potentially accelerating bank runs. Programmable collateral could unlock new financing efficiency.
3. Real Economy: Democratization of assets through fractional ownership and "micro-IPOs" for SMEs, injecting liquidity premium into U.S. assets.
4. Geopolitics: Digital reinforcement of dollar dominance via tokenized Treasuries and money market funds, attracting global capital through efficiency and transparency.
5. Risk Evolution: Systemic risks would shift from human-driven panics to technical failures (e.g., smart contract bugs, oracle manipulation), making crises faster and more technical.
6. Winners and Losers: Infrastructure builders, new asset managers, and hybrid talent would thrive; traditional intermediaries and opaque industries would decline.
7. Realistic Timeline: Full adoption in two years is unlikely due to technical, legal, and political hurdles, but gradual implementation (e.g., in Treasuries, repos) is inevitable as efficiency drives change.

<html><head></head><body>Author: 0xLeoDeng, Partner and Head of Investment at LK Ventures
The vision presented by SEC Chairman Paul Atkins during his December 4 interview on Fox Business's "Mornings with Maria"—that the entire U.S. financial market could migrate on-chain within two years—sounds so radical it almost resembles science fiction.
But if we temporarily set aside skepticism about the timeline and treat this as a serious future scenario to explore: if this were to actually happen, how would the U.S. economy be reshaped?
This is not merely a technical upgrade but a complete reformatting of the financial operating system at its foundation. Here are seven aspects of structural transformation:
<h3>1. Market Structure: A "Light-Speed Machine" That Never Sleeps</h3>
The first noticeable change would be the altered rhythm of the market's heartbeat.
 * The era of T+0 ultra-fast capital turnover. Traditional T+1/T+2 settlement cycles would become history. Trading would mean immediate settlement, with funds almost never滞留. This implies: the velocity of money would significantly increase, and the cost of capital占用 across the entire economy would be structurally compressed.
 * The demise of the "closing bell." Markets would operate 24/7, just like cryptocurrencies today. This also means the transmission of sentiment and volatility would no longer have physical breaks. The buffer period of "closing after hours, dealing with it tomorrow" would disappear. Good news or black swan events from any corner of the globe would impact asset prices at millisecond speed.
 * SEC regulation becomes "real-time cruising." Being on-chain means absolute transparency. Who is building positions, who is naked short selling, where liquidity is drying up—regulators would no longer rely on lagging reports but directly monitor on-chain data. For manipulators, this is a nightmare; for the market, it's a new fairness brought by "embedded regulation."
<h3>2. Banking: From "Black Box" to "Glass House"</h3>
The impact of going on-chain on the commercial banking system is far more profound than on exchanges.
 * The "semi-public" balance sheet. When treasury bonds and credit assets are tokenized, regulators and the market can透视 banks' liquidity and collateral quality in real time.
 * Double-edged sword: Risks like the asset-liability mismatch seen with SVB (Silicon Valley Bank) could be warned of earlier; but on the other hand, in a highly transparent world, the spread of fear encounters no resistance, and "bank runs" could happen more decisively and fatally.
 * Everything can be collateralized: Corporate accounts receivable, inventory, even future cash flows can become standardized on-chain collateral through smart contracts. Financing efficiency would be unprecedentedly improved, but the regulatory focus must shift from单一的 "on-balance-sheet loans" to monitoring the intricate "programmable leverage" on-chain.
<h3>3. Real Economy: The "Granularity" Revolution of Capital</h3>
This is perhaps an underestimated point—going on-chain will bring about the "democratization of assets."
 * "Micro IPOs" for SMEs. Just as internet advertising allowed small businesses to reach users, on-chain finance will give SMEs the opportunity to issue compliant "micro securities." Financing will no longer be a privilege for giants; the capillaries of capital will penetrate deeper into the grassroots economy via blockchain.
 * Unleashing liquidity for non-standard assets. An office building, a power station, even patent rights—previously only accessible to large institutions. In the future, they will be fractionalized, allowing global investors to buy one-ten-thousandth shares就像买股票一样.
For the U.S., this means its domestic存量 assets will gain a significant "liquidity premium," attracting global capital inflows.
<h3>4. Geopolitics: The "Digital Fortification" of Dollar Hegemony</h3>
Many mistakenly believe that "going on-chain" means decentralization and the weakening of state power. In fact, the opposite is true.
If the U.S. takes the lead in tokenizing treasury bonds and money market funds (MMFs), allowing global capital to purchase dollar assets with the lowest cost, fastest speed, and no entry barriers—this would be the strongest moat for dollar hegemony.
In contrast, if regulatory and infrastructural frameworks in European and Asian markets cannot keep pace, capital will vote with its feet, flooding into the more efficient and transparent dollar on-chain system. This is not a decline of the dollar, but a "generational upgrade of monetary infrastructure."
<h3>5. Risk Restructuring: Crises Won't Disappear, They'll "Mutate"</h3>
Financial crises in the on-chain era will take on a全新的面貌.
 * From "human panic" to "code failure." Bugs in smart contracts, manipulation of oracles, collapses of cross-chain bridges, and the chain reactions of automated liquidations will become new sources of systemic risk.
 * The "pressure cooker" effect of crises. Future crises will be more "technical" and more "concentrated." They might爆发并结束 in minutes, rather than蔓延数月 like in 2008. Bailouts will no longer rely on "weekend meetings and negotiations" but on "data-driven decisions" and "code patches."
<h3>6. Winners and Losers: Reshuffling of Ecological Niches</h3>
Potential winners: – Infrastructure builders: On-chain custody, identity authentication (DID), compliant oracle service providers. – New generation investment banks: Large asset management institutions that know how to match on-chain assets globally. – Hybrid talent: Scarce professionals who understand both financial compliance and can read Solidity code.
Those facing转型阵痛: – Traditional intermediaries: Clearinghouses, transfer agents, brokers profiting from information asymmetry—if they don't revolutionize themselves, they will be replaced by smart contracts. – Gray industries: Any industry relying on opaque, non-compliant fund flows will have nowhere to hide under the全链条可追溯 scrutiny of regulation.
<h3>7. Reality Check: The Direction is Certain, Only the Speed is Variable</h3>
Finally, back to reality. Fully achieved within two years? Almost impossible.
The bottlenecks in technical throughput, the lag in legal frameworks, and the博弈 of vested interest groups—these three mountains are difficult to move within 24 months.
A more likely path is渐进式的: Starting with treasury bonds, repo markets, and some OTC derivatives,新旧系统并行, then gradually蚕食 the old world.
But regardless of the pace, the direction pointed out by Paul Atkins is irreversible. This is not just a technological iteration but an instinctive choice of capital pursuing higher efficiency. The future of the U.S. financial market is destined to be on-chain.
<hr/>
<p style='margin-top: 0px; margin-bottom: 1.5rem; padding: 0px; border: 0px; font-family: -apple-system, system-ui, BlinkMacSystemFont, "SF Pro SC", "SF Pro Text", "Segoe UI", Roboto, "Helvetica Neue", sans-serif; font-stretch: inherit; line-height: 25.600000381469727px; vertical-align: baseline; text-rendering: optimizeLegibility; white-space: normal;'>Twitter:https://twitter.com/BitpushNewsCN
<p style='margin-top: 0px; margin-bottom: 1.5rem; padding: 0px; border: 0px; font-family: -apple-system, system-ui, BlinkMacSystemFont, "SF Pro SC", "SF Pro Text", "Segoe UI", Roboto, "Helvetica Neue", sans-serif; font-stretch: inherit; line-height: 25.600000381469727px; vertical-align: baseline; text-rendering: optimizeLegibility; white-space: normal;'>Bitpush TG Discussion Group:https://t.me/BitPushCommunity
<p style='margin-top: 0px; margin-bottom: 1.5rem; padding: 0px; border: 0px; font-family: -apple-system, system-ui, BlinkMacSystemFont, "SF Pro SC", "SF Pro Text", "Segoe UI", Roboto, "Helvetica Neue", sans-serif; font-stretch: inherit; line-height: 25.600000381469727px; vertical-align: baseline; text-rendering: optimizeLegibility; white-space: normal;'>Bitpush TG Subscription: https://t.me/bitpush
<ins class="adsbygoogle" data-ad-client="ca-pub-8211126797345278" data-ad-format="fluid" data-ad-layout="in-article" data-ad-slot="6642518713" style="display:block; text-align:center;"></ins>

 <div class="tags">
 <h5>Original Link:https://www.bitpush.news/articles/7594160</h5>
 </div> 



</body></html>

Financial On-Chain Transformation: A Blueprint for the Overhaul of the U.S. Capital Market

比推

Tokenized deposits and stablecoins represent complementary, not competing, visions for the future of finance. Banks create money through fractional reserve lending, offering low-cost credit to large clients in exchange for deposits—tokenized deposits extend this on-chain but remain within the banking system’s regulatory and operational framework. Stablecoins, like USDC or USDT, function as permissionless, 24/7 cash-like instruments ideal for global settlements, especially in cross-border payments. 

The future lies in interoperability: corporations may hold tokenized deposits for credit benefits while using stablecoins for efficient, off-ledger transactions. Smart contracts enable complex, multi-party financial workflows beyond what traditional APIs offer. Rather than one replacing the other, both tokenized deposits (for banking-integrated credit) and stablecoins (for borderless liquidity) will coexist on-chain, enabling a more efficient and accessible financial system. The key is building bridges between these models, not choosing sides.

<html><head></head><body>Author: Simon Taylor
Compiled by: Block Unicorn
<div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/7eed884a308d470784cd81208d901dfe.jpg" alt=""></div>
Banks create money; stablecoins move it. We need both.
Proponents of tokenized deposits say: "Stablecoins are unregulated shadow banking. Once banks tokenize deposits, everyone will prefer to use banks."
Some banks and central banks love this narrative.
Proponents of stablecoins say: "Banks are dinosaurs. We don't need them on-chain. Stablecoins are the future of money."
Crypto natives particularly favor this story.
Both sides are missing the point.
<h2>Banks Provide Cheaper Credit to Their Largest Clients</h2>
You deposit $100, it becomes $90 in loans (or even more). This is how fractional reserve banking works. For centuries, it has been an engine of economic growth.
<ul>
<li>
A Fortune 500 company deposits $500 million at JPMorgan Chase.
</li>
<li>
In return, they receive a massive line of credit at below-market interest rates.
</li>
<li>
Deposits are the bank's business model, and large corporations know this.
</li>
</ul>
Tokenized deposits bring this mechanism on-chain, but they only serve the bank's own customers. You are still within the bank's regulatory perimeter, still subject to its business hours, processes, and compliance requirements.
For businesses that need low-cost credit lines, tokenized deposits are a good option.
<h2>Stablecoins Are Like Cash</h2>
Circle and Tether hold 100% reserves, equivalent to $200 billion in bonds. They earn a 4-5% yield but don't pay you anything.
In return, you get funds free from any bank's regulatory oversight. An estimated $9 trillion will be moved cross-border via stablecoins by 2025. Accessible anytime, anywhere with an internet connection, permissionless, 24/7.
No correspondent bank inquiries, no waiting for SWIFT settlement, no "we'll get back to you in 3-5 business days."
For a company that needs to pay an Argentine supplier at 11 PM on a Saturday, stablecoins are a good option.
<h2>The Future is Both</h2>
A company that wants a good credit line from a bank might also want to use stablecoins as an on-ramp to long-tail markets.
Imagine this scenario:
<ul>
<li>
A Fortune 500 company holds tokenized deposits at JPMorgan Chase
</li>
<li>
In return, it gets a preferential credit line for its US operations
</li>
<li>
It needs to pay an Argentine supplier who prefers stablecoins.
</li>
<li>
So, it swaps JPMD for USDC.
</li>
</ul>
This is an example of where we are headed.
On-chain. Atomic.
Having both.
Using traditional rails where they work.
Using stablecoins where they don't.
It's not an either/or. It's both.
<ul>
<li>
Tokenized deposits → Low-cost credit inside the banking system
</li>
<li>
Stablecoins → Cash-like settlement outside the banking system
</li>
<li>
On-chain swaps → Instant conversion, zero settlement risk
</li>
</ul>
Both have pros and cons.
<div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/c1aa2b6bdd67470f963b39a7b9803ec2.png" alt=""></div>
They will coexist.
<h2>On-Chain Payments > APIs for Payment Orchestration</h2>
Some large banks might say "We don't need tokenized deposits, we have APIs," and in some cases, they are right.
This is precisely the power of on-chain finance.
Smart contracts can build logic across multiple firms and individuals. When a supplier's deposit arrives, a smart contract can automatically trigger inventory financing, working capital financing, FX hedging. Automatically. Instantly. Whether from a bank or a non-bank.
Deposit → Stablecoin → Pay invoice → Downstream payments complete.
APIs are point-to-point. Smart contracts are many-to-many. This makes them ideal for workflows that cross-organizational boundaries. This is the power of on-chain finance.
It's a fundamentally different architecture for financial services.
<h2>The Future is On-Chain</h2>
Tokenized deposits solve for low-cost credit. Deposits are locked in. Banks lend against them. Their business model remains.
Stablecoins solve for the portability of money. Funds flow permissionless, anywhere. The Global South gets access to dollars. Businesses get fast settlement.
Proponents of tokenized deposits want regulated payment rails only.
Proponents of stablecoins want to replace banks.
The future needs both.
Fortune 500s want massive credit lines from banks AND instant global settlement. Emerging markets want local credit creation AND dollar on-ramps. DeFi wants composability AND real-world asset backing.
Arguing about who wins misses what's happening. The future of finance is on-chain. Tokenized deposits and stablecoins are both necessary infrastructure to get there.
Stop arguing about who wins. Start building interoperability.
Composable money.
</body></html>

# On-Chain Finance Articoli collegati

Financial On-Chain Transformation: A Blueprint for the Overhaul of the U.S. Capital Market

Tokenized Deposits vs. Stablecoins: The Future of Finance is Not Replacement, but Integration

Ethereum

Market Analysis