The recent performance of US stocks related to cryptocurrency concepts has been impressive. On one hand, the US Senate has passed legislation related to stablecoins, providing a certain level of regulatory certainty for the industry's development, which has boosted market confidence and driven up the stock prices of related companies such as Circle and Coinbase. On the other hand, the recovery of the cryptocurrency market and innovative attempts at tokenized stocks have also brought new development opportunities and investment hotspots to cryptocurrency-related US stocks.