In summary, there are currently two types of spot trading solutions for cryptocurrency stocks.

xStocks:

Real stocks are held by xStocks in Jersey and minted into stock tokens on the Solana chain at a 1:1 ratio, which are then circulated on the chain without restrictions for users in mainland China. Currently, both Kraken and Bybit have officially announced spot trading. This platform is backed by Coinbase.

Robinhood:

Robinhood itself purchases and holds stocks, then issues them on the Arbitrum chain, with plans to later transition to its own Layer 2 for circulation. Currently, Robinhood has officially announced 24-hour support for spot trading and perpetual contracts in the European region.

However, it should be noted that it is unclear whether there are any restrictions on this part on the Arbitrum chain, which implies that users in mainland China can trade their stock tokens on the Arbitrum chain through DEX.

Behind all this, both Solana and Arbitrum public chains are benefiting, which has also led to noticeable movements in the ARB token in recent days.