The current stock tokenization fee is 0.2% to 1%. Trading one lot of Tesla at 31370 * 0.2% = 62.73 USD. It's hard to compare the fees with brokers. Additionally, this type of custodial stock trading can easily be halted by regulators, and the volume may not be too large, with many hidden risks.

In contrast, trading platforms like Robinhood and eToro already support both stock and cryptocurrency trading. Even more exaggerated, Robinhood offers US stock trading completely free, which outperforms the current stock token trading products on the market, but unfortunately, they do not allow registrations from mainland users.

The largest market for stock-coin trading should be in the Chinese-speaking market. Kraken and Bybit's stock-coin trading solutions are still semi-finished products, even less effective than what FTX offered in the previous cycle.

What is truly promising are the paths taken by Robinhood and Coinbase that comply with regulations. Of course, Binance will eventually join the competition, which will be the most exciting part. Many people have Binance accounts but no US stock accounts, giving them a natural advantage as they understand the Chinese-speaking market the best.

As for the profitability of this business, you can refer to Robinhood's annual net profit of 1.4 billion USD. Ultimately, the financial giants Binance, Coinbase, and Robinhood will definitely give rise to companies with annual net profits exceeding 10 billion USD, comparable to the revenue of the seven major US stocks. Right now, several of these companies have not exceeded a market value of 100 billion USD, leaving several times of growth potential, which could lead to the birth of a trillion-level company.