After Bitget rToken surpassed 100 million, RWA's competition shifted from "asset on chain" to "fund efficiency" Within five weeks of its launch, Bitget rToken's AUM exceeded 100 million US dollars, which may seem like a growth data on the surface, but what is truly worth seeing is not the "breakthrough" itself, but the trading structure behind it. According to data disclosed by Bitget, the cumulative trading volume of rToken since its launch on June 2nd has reached 6713.7 million US dollars, with a current AUM of approximately 112 million US dollars. That is to say, the cumulative trading volume has approached 6 times the current AUM. The average daily trading volume is 19.75 million US dollars, with a peak of 56.16 million US dollars per day, nearly half of the current AUM. This turnover rate is very informative. If users only hold rToken as an "on chain US stock position" for a long time, the trading volume will not run so fast. The current data seems to indicate that early users did not simply configure rToken, but regarded it as a trading tool that can frequently adjust positions, capture event fluctuations, and gain exposure to the US stock market. This is quite different from the traditional narrative of many RWA products. In the past, RWA mostly talked about "asset on the chain": packaging treasury bond, funds, stocks or other real world assets into tokens so that encryption users can buy them. But rToken is more like answering another question: after purchasing, can this asset continue to participate in the fund circulation in the encrypted account? In traditional securities firms, when a sum of money buys stocks, the funds are basically stored in that account and market structure. If you want to trade BTC, make contracts, run strategies, or adjust positions on weekends, you often need to transfer again, wait for settlement, or even switch account systems. The appeal of rToken lies in its ability to integrate US stock exposure into the native cryptocurrency trading environment. 24/7 market access, unified accounts, margin availability, support for strategic trading, and API functionality are all essentially improving the same thing: capital efficiency. That is to say, rToken is not simply selling "tokenized stocks", but rather the availability of US stock exposure in encrypted trading systems. The same amount of funds may only be a static position in traditional finance; But in the native scenario of encryption, it can simultaneously undertake exposure, margin, strategy components, and even become a part of cross asset rotation. For active traders, this difference is more important than whether they can buy a certain stock. That's also why besides rToken breaking $100M AUM, a 6-fold turnover rate is more worth paying attention to. AUM represents how many assets have been bought, and trading volume represents whether users are willing to trade around it repeatedly. The former proves that the product has completed a cold start, while the latter is closer to the real transaction demand. As Q2 earnings season begins, rToken may face more typical application scenarios. Financial reports, CPI, FOMC, AI infrastructure cycles, and fluctuations in technology stocks will all shift users from 'I want to allocate US stock exposure' to 'I want to trade US stock exposure anytime'. If the first half of RWA is about proving that assets can be moved onto the chain, then the second half is likely to compete for more practical things: liquidity, transparency, and capital efficiency. The real signal released by Bitget rToken breaking $100M AUM this time is that tokenized stocks are transforming from "shareable assets" to "tradable assets". For encrypted users, stocks are no longer just another packaged on chain asset, but may become a part of a unified account that can be scheduled, collateralized, rotated, and strategically managed. https://(x.com)/Bitget_zh/status/2074795822278193518? s=20 RToken Reserve Proof Link: https://realityfinance.xyz/zh-CN/por RToken US stock Bitget @ Bitget_zh @ GracyBitget @ xiejiayinBitget