On-Chain Finance (OnFi) is emerging as a new distribution layer for global financial markets. According to a recent analysis, the core logic of OnFi involves migrating traditional financial functions — including asset issuance, trading, custody, clearing, and settlement — onto blockchain infrastructure. This evolution aims to leverage decentralized technology for greater efficiency and transparency, while opening new channels for global capital flows.
The article notes that through on-chain IPOs and compliant ICO mechanisms, US assets can be more easily exported worldwide. The combination of stablecoins and OnFi's rule system is expected to further reinforce the dollar's dominant position in the international financial system. Additionally, the OnFi framework proposes a dual-track model featuring WST (whitelist market) and RST (bluelist market), respectively serving institutional and retail users to achieve tiered coverage that balances compliance and market breadth.
On the regulatory front, the Clarity Act is highlighted as a key piece of legislation, providing clear classification standards and a full lifecycle management framework for digital assets. This legal foundation paves the way for the standardized development of OnFi. As this system matures, on-chain finance is poised to unlock a market worth hundreds of trillions of dollars.