#资产代币化 Seeing the news that JPMorgan issued a $50 million commercial paper on Solana, I have to calmly say a few honest words.

This is indeed a signal — traditional financial giants are starting to take on-chain settlement seriously, but don’t be fooled by this news. I was also brainwashed by various "revolutionary innovations" in the early days, but now my perspective on such events has completely changed.

First, clarify a few facts: JPMorgan chose Solana for the pilot, settled in USDC, with buyers being Coinbase and Franklin Templeton — all of which are institutions backed by real assets. This is crucial because it distinguishes from those air projects that ride the "tokenization" wave to scam investors. Tokenizing bonds itself is fine; the problem lies in who issues them, what collateral is used, and who bears the risk.

But here’s a hidden risk I want to remind you of: when asset tokenization becomes a trend, it will attract a large number of clone projects jumping on the bandwagon. You’ll see various messages about "certain assets issued on-chain," most of which—99%—are likely traps — lacking real asset backing, no regulatory endorsement, only empty promises. This is the most common scam I’ve seen.

What truly matters is not how exciting this news is, but to ask: can the tokenized assets truly be redeemed? What are the risk prevention mechanisms? Who is responsible if something goes wrong? If you can’t answer these questions, stay far away. This is a principle that everyone who’s been around for a while understands.