In the past few days, the front-page headlines have almost all been about the #美股代币化 incident, and everyone is pleased with this matter. So, what exactly is the gameplay?

Looking at the gameplay of several mainstream institutions, the gameplay of #Kraken is similar to that of #Bybit .

For example, Kraken's 'xStocks' collaborates with the Swiss institution Backed Finance to issue tokens based on the Solana chain (such as TSLAx representing Tesla stock). As shown in the figure, you will see that they all end with the letter 'x.' Its operating mechanism is:

The underlying stocks are purchased by licensed brokers (such as Interactive Brokers) and held in a Clearstream segregated account. Tokens are minted on-chain in a 1:1 ratio, supporting 24/7 trading.

The approach of #Robinhood is slightly different; it issues tokenized stocks based on the Arbitrum L2 network and plans to migrate to its self-developed chain, Robinhood Chain, also supporting equity in unlisted companies (such as OpenAI and SpaceX).

In summary, they are essentially custodial holdings, meaning you do not have ownership of the stocks; it's more like a virtual mapping.

For traditional U.S. stock players, they can open an account and trade stocks in reality, and they would not turn to buy in the crypto space, and they do not hold stocks directly. Therefore, there will not be a significant capital effect on the crypto space in the short term.

For crypto players, there are both advantages and disadvantages.

1️⃣ The advantage is that you can directly participate in U.S. stock investments, avoiding a series of complicated processes like opening accounts and cards.

2️⃣ A new type of DeFi narrative can once again stimulate the capital sentiment within the circle, which may help warm up the market to some extent.

3️⃣ The disadvantage is that there probably won't be a season for copycat projects anymore. With the arrival of U.S. stocks supported by real enterprises, who would still buy most of the copycat projects at their peak?

In the long run, tokenization of U.S. stocks will undoubtedly open up the entire RWA track. Combined with stablecoin policies, the prospects are quite promising, of course, this is inseparable from how various institutions operate + the security guarantee of external regulation!

That's all.