As CoinDesk reports, the crypto markets over the past six months have been dominated by two themes: the Bitcoin ETF (finally approved by the SEC in January) and so-called real-world assets (RWAs). Interestingly, these themes represent two sides of the same coin: Bitcoin ETFs take digital assets off-chain, while RWAs bring traditional assets on-chain. Both traditional and decentralized finance experts have praised these related innovations. For example, BlackRock CEO Larry Fink told CNBC: "ETFs are the first step in the technological revolution in financial markets. The second step will be the tokenization of every financial asset." So, what about the third step? I believe that bringing the entire value chain, not just the final product, on-chain should be the ultimate goal for all financial assets. This includes equities, fixed income, cash equivalents, alternative investments, and the many structured products built on top of them. There may be advantages to offering digital assets off-chain. There may also be advantages to bringing traditional assets on-chain. But this barely scratches the surface of what blockchain can do for capital markets. From issuance and distribution to settlement and custody, unparalleled efficiency, transparency, and programmability can be achieved. It's one thing to bring traditional assets on-chain; it's another to build them entirely on-chain. This is already happening to a small extent today. When users purchase structured products built natively on-chain, they can issue, redeem, exchange, and self-custody products without relying on intermediaries and permissionlessness. On-chain automation also makes product rebalancing and reweighting self-sustaining. Anyone can independently verify the technology stack that supports each product, minimizing trust and maximizing transparency. These capabilities can be extended to all asset classes, not just those on-chain today. Traditional financial companies like WisdomTree have gone beyond simple token wrapping to embrace broader blockchain capabilities such as settlement, record keeping, and trading infrastructure. JPMorgan Onyx is also exploring on-chain settlement and rebalancing execution for alternative assets and broader portfolio management. Blockchain-native organizations like Goldfinch and Maple are also bringing credit markets on-chain through loan facilities and secured collateral.Other asset classes like real estate (RealT), private equity (Tokeny), and carbon credits (Toucan) are also coming on-chain. Of course, there are still regulations to consider and technology to develop, but the collective opportunity beyond Bitcoin ETFs and tokenized RWAs is huge. In a future where all assets are built, managed, and distributed on-chain, investors, asset managers, and even regulators will benefit from transparency, efficiency, and disintermediation. Lower costs, global distribution, and more efficient markets await on the other side.