Recent movements in the financial markets are indeed extraordinary. The New York Stock Exchange's official announcement on January 19, 2026, to build a tokenized securities trading platform clearly indicates that blockchain technology has moved from the conceptual stage to practical application in traditional finance.

At first glance, many people's initial reaction might be: This is the end. With a giant like the NYSE entering the scene, won't projects in the RWA (Real-World Asset) track be crushed? This idea is actually quite reasonable, but a closer analysis suggests things may not be that simple.

This time, the NYSE is not experimenting. They have directly involved Bank of New York Mellon and Citibank, aiming to enable U.S. stock trading to operate continuously 7x24 hours and settle using stablecoins. What does this imply? It means the business logic of the entire RWA track has been validated. Top global trading platforms are recognizing the efficiency advantages of blockchain, which indicates that the ceiling for this track has been thoroughly unlocked.

But this also raises a question: Will the entry of the elephant really crush the little ants?

The key lies in the system architecture. The NYSE's plan is very likely to adopt a closed system. The technical solutions they use, the choice of participants, and liquidity arrangements will mainly revolve around the existing financial system. Essentially, this still follows traditional financial logic. Projects like DUSK, on the other hand, pursue an open and composable blockchain approach. These two paradigms are not competing on the same level.

While the elephant is busy building its own walled garden, open RWA protocols may instead have the opportunity to become the foundational infrastructure of the entire ecosystem. That is why DUSK might actually seize opportunities in this wave.