Convergence of Securities and CryptoRWA and Digital Asset Treasury Reshaping the Next-Generation Capital Markets

Throughout the long-term evolution of global capital markets, stock markets, and crypto-asset markets have historically operated as two parallel systems: the former is built upon over a century of institutional accumulation and vast institutional networks, while the latter has thrived within the technological framework of blockchain. Today, with the ongoing implementation and application of new models—such as the tokenization of real world assets (RWAs), stablecoins, crypto-asset ETFs, and digital asset treasury (DAT) companies—the convergence of securities and crypto is emerging as the most disruptive transformation trajectory in capital markets. Traditional securities are stepping into the on-chain world, while native crypto-assets are making their way into the mainstream financial arena through compliant pathways. Capital markets are witnessing a historic convergence characterized by "mutual convergence."

This book presents a comprehensive overview of the convergence of securities and crypto through a systematic analytical framework. Centered on the theme of "convergence of securities and crypto," it explores how securities tokenization and tokenized securities break down barriers between traditional capital markets and crypto-asset markets. The content covers how compliant financial instruments like crypto-asset ETFs and DAT companies integrate crypto-assets into capital markets, as well as how RWAs achieve new avenues of liquidity expansion through tokenization.