In fact, tokenizing real-world assets has long ceased to be a novelty. The problem is that most projects are too crude—simply putting bonds and property income rights on the chain and leaving a bunch of digital certificates lying in wallets that can't be mobilized.

One project sees the issue differently. It is not content with simple asset mapping but has built a set of "general collateral infrastructure," aiming to truly enable the liquidity of these trillion-level traditional assets on the chain and generate compound value. In other words, tokenization is just the appetizer; the main course is that it can do work and make money.

This idea sounds beautiful, but is there any practical case to support it? Yes. A key operation occurred in July this year: using Superstate's tokenized US short-term Treasury bond fund (USTB) directly as collateral to mint stablecoins in real-time. What does this indicate? It shows that high-quality assets that are regulated and generate real cash flow can be integrated into DeFi systems without any customized modifications, becoming anchors of on-chain liquidity.

There have been new developments since then. The scope of integration has expanded from the safest government bonds to Centrifuge's JAAA—a tokenized product representing an investment-grade corporate credit portfolio. What does this mean? It indicates that the asset list is gradually expanding into higher-risk, higher-yield areas. From ultra-safe sovereign debt to corporate-level credit, step by step.

The key question is: how can these assets operate effectively on the chain? The core mechanism lies in its unique risk isolation mechanism—