An article titled "On-Chain Finance: On-Chain IPO and ICO, the New Frontier of a Hundred Trillion Dollar Market" delves into the evolutionary logic of On-Chain Finance (OnFi) as a new distribution layer for global financial markets. It argues that the core of on-chain finance lies in migrating traditional financial functions—such as asset issuance, trading, custody, clearing, and settlement—onto blockchain infrastructure.
Through on-chain IPOs and compliant ICOs, US assets can be exported globally, while stablecoins and the OnFi rule system further reinforce the international dominance of the US dollar. The article emphasizes the dual-track architecture of WST (Wholesale Stable Tokens) and RST (Retail Stable Tokens), as well as the synergistic coverage of whitelist and bluelist markets, enabling more efficient risk management and market access.
Additionally, the Clarity Act's classification and lifecycle management of digital assets is seen as a key support for the system, providing a legal foundation for the compliant development of on-chain finance.