【The core of CeDeFi is not about who has lenient regulations, but rather 'who has a real clearing system'】

Many Web3 practitioners still understand CeDeFi as 'a compromise version of DeFi', as if it is merely putting a layer of compliance over DeFi.

However, in reality, as RWA (real-world assets) accelerate on-chain and institutional capital explores on-chain investment channels, CeDeFi is becoming the clearing entry for the next generation financial system.

The core capabilities of CeDeFi are:

- The ability to complete identity verification (KYC/KYB) on-chain

- The ability to support the on-chain circulation of custodial assets

- The ability to interface with traditional finance's APIs and clearing processes

- Auditable and regulated, forming a trustworthy settlement closed loop

From the perspective of RWA practice:

• The tokenization market for U.S. Treasury bonds has exceeded $1 billion

• Traditional institutions such as BlackRock and Franklin Templeton have already laid out on-chain Treasury bond funds

• TradFi is looking for trustworthy 'on-chain asset circulation + custody + clearing and settlement' service providers

There are not many projects that truly possess this capability: Fireblocks, Vaulta, Kinto, Circle, etc., are competing in the infrastructure battle around clearing, identity, and stablecoins.

CeDeFi is essentially a new clearing stack, the embryonic form of an on-chain 'compliance financial operating system'.

Whoever owns a real on-chain clearing system holds the key to accessing the global capital network.