Core Viewpoint - The SEC has closed its investigation into Ondo Finance without recommending any charges, allowing the company to expand its operations in the U.S. as interest in asset tokenization grows [1][2]. Group 1: SEC Investigation Closure - The SEC's investigation into Ondo Finance began in October 2023 to assess compliance with securities laws under former Chair Gary Gensler [2]. - The closure of the investigation reflects a shift in the SEC's enforcement posture under current Chair Paul Atkins, moving towards a more pro-crypto direction [3]. - Ondo Finance is now added to a list of closed cases by the SEC, which includes other notable firms like Coinbase, Ripple, and Kraken [3]. Group 2: Institutional Interest and Market Trends - There is heightened institutional interest in asset tokenization, with the SEC's recent activities indicating a shift in regulatory attitudes towards equity tokenization [4][5]. - Tokenized US Treasuries are emerging as one of the fastest-growing on-chain asset categories, attracting global investor interest [6]. - The SEC's Investor Advisory Committee recently held a panel discussing the modernization of public equity issuance and trading through distributed ledgers, marking a departure from previous enforcement-focused strategies [5]. Group 3: Ondo Finance's Future Plans - The closure of the SEC investigation allows Ondo Finance to proceed with its plans to expand U.S. operations, supported by its acquisition of Oasis Pro, a broker-dealer and ATS operator [7]. - Ondo Finance is set to host its annual Ondo Summit in New York in February, where it will outline new tools and products focused on real-world asset tokenization [7].

Core Insights - Solana Company plans to tokenize its shares using Superstate's Opening Bell, a regulated platform that integrates traditional equities with blockchain technology [1][2] - The tokenized shares will remain SEC-registered, ensuring existing protections while allowing for 24/7 trading and real-time settlement through crypto wallets [1] - Pantera Capital, which previously led a $500 million PIPE fundraising for Solana Company, supports this tokenization initiative, indicating confidence in the Solana blockchain as a primary platform for onchain market activities [2] Industry Context - The move towards equity tokenization is part of a growing trend among digital asset treasuries, with other companies like Forward Industries also exploring similar initiatives on the Solana blockchain [3] - Superstate's Opening Bell aims to connect public capital markets with blockchain infrastructure, reflecting a broader shift in how traditional finance and digital assets are converging [2][3]

Core Insights - CIMG Inc. has entered into a tripartite agreement with FlowStocks and DYT INFO PTE. LTD. to authorize the tokenization of DYT's CIMG common stock on the FlowStocks platform [1][2] - The tokenized shares, trading under the symbol tIMG, will be available for trading on FlowStocks starting around November 20 [2] - This collaboration represents a significant shift in traditional equity trading, allowing CIMG's shares to benefit from blockchain technology's speed, transparency, and efficiency, with 24/7 market potential [3] Company Strategy - The initiative aligns with CIMG's strategy to enhance its presence in the global on-chain financial ecosystem and advance the tokenization of equity assets [4] - CIMG Inc. operates in the digital health industry, leveraging AI and cryptocurrencies to drive growth and maximize client value [4]

Key Developments - Terminal Finance accumulated $200 million TVL during October 11th liquidations [1] - Terminal Finance announced a partnership with Securitize on the same day [1] - Terminal Finance is building a new ERC standard for equity tokenization with Blackrock's $46 billion RWA partner [1] - Base needs compliant rails for Coinbase's 110 million users [1] - Ethena is backing the project, with a December TGE and actual TVL [1] Market Positioning - TUSDE is already beating USDE liquidity on Pendle at 186% APY [1] - Institutions are positioning themselves before the token exists [1]

Solana Network Adoption - Galaxy Digital 在 Solana 上投入 13.5 亿美元用于股权代币化，此前明确拒绝了以太坊 L2 用于股票结算 [1] - Forward Industries 筹集了 16.5 亿美元，用于在链上运行工资和股息 [1] - 13 家公司持有 891 万枚 SOL [1] - 这些公司购买网络容量用于实际业务运营，而非交易代币 [1] Solana Network Performance - Solana 每天处理 4000 万笔交易，持续吞吐量为 1420 TPS (transactions per second) [1] - 在 Solana 上运行 T+0 结算的公司与 T+2 的传统金融机构竞争 [1]

Industry Focus - The report explores the future of equity tokenization [1] Key Question - The central question is whether the future of equity will be tokenized [1]

Fintech Features - Fintech 通过汇集用户存款以协商更低的费用和/或更高的收益，从而降低成本 [1] - Fintech 优化跨合作银行和其他收益来源的存款和取款操作，从而提高速度 [1] - Fintech 将复杂的存款和取款流程捆绑到一键式操作中，从而简化操作 [1] - Fintech 公司的每个功能都伴随着额外的风险管理 [1] Risk Management - 目前大多数股权代币化类似于阿里巴巴 (BABA) 在美国交易所使用的可变利益实体 (VIE) 结构，美国投资者不直接拥有 BABA 原始股份，而是拥有一家开曼公司，该公司拥有阿里巴巴经济利益的合同权利 [1]