With the U.S. Securities and Exchange Commission (SEC) opening the door to on-chain trading of tokenized stocks, an analysis suggests that interest in the virtual asset market is simultaneously turning toward a price rebound and the adoption of blockchain by mainstream finance.

Bitcoin in the $80,000 Range... Surpasses Tesla's Market Cap

As of the 19th, market data showed bitcoin moving in the $81,000 range. Major virtual assets such as Ethereum and BNB also trended upward. Bitcoin's market capitalization rose to approximately $1.63 trillion, surpassing Tesla's market cap, according to the data.

In the market, not only bitcoin but also some altcoins showed notable movements. Some virtual assets, including ONE, ZAMA, and AR, exhibited larger price swings than major top-cap coins. However, small- and mid-cap virtual assets can move sharply in price depending on liquidity and trading volume, making it difficult to judge trends based on short-term gains alone.

SEC Approves 'Innovation Exemption'... Requirements for Tokenized Stock Trading

Outside the market, the SEC's decision on tokenized securities emerged as a key variable. On the 17th, the SEC approved an 'Innovation Exemption.' It provides a temporary and conditional regulatory exemption allowing tokenized securities trading venues (TSVs) meeting certain requirements to trade tokenized U.S. NMS stocks using licensed automated market makers and liquidity pools.

Tokenized stocks subject to the exemption must carry the same rights and privileges as existing stocks. Smart contracts must be auditable and public, and if trading of the underlying stock is halted, trading of the corresponding tokenized stock must also be halted. If a third party tokenizes a company's stock, it must notify the company in advance and give it an opportunity to object. This structure distinguishes them from synthetic products that merely track stock prices.

This measure is regarded as a major institutional change in the tokenized asset market, as it broadens the point of contact between traditional securities and blockchain infrastructure. However, the actual scale of trading and the number of participating businesses remain to be seen.

Binance to Support STG-ZRO Token Integration

Changes are also continuing at the exchange level. Binance announced it would support the integration of Stargate Finance (STG) with LayerZero (ZRO) tokens. Accordingly, existing STG spot trading pairs will be removed on October 6, and support for STG deposits and withdrawals will be gradually suspended.

Key Points to Watch Ahead

The virtual asset market has entered a phase of simultaneously watching whether bitcoin holds the $80,000 level, rotation into major altcoins, fund flows in U.S. spot ETFs, and how widely the SEC's tokenized securities policy spreads into the actual market.

In particular, the SEC's latest decision is expected to become an important factor to watch in the future RWA and tokenization markets, as it focuses less on virtual asset prices themselves and more on how blockchain technology will be incorporated into existing securities trading structures.

[Virtual asset prices and market indicators can change rapidly, and regulations and services related to tokenized securities may also change. This article is not a recommendation to invest in any specific virtual asset, and the final decision on investment and the responsibility for it rest with the investor. This article was partially assisted by AI in the writing process.]