The crypto space is a testing ground for financial innovation; I believe the crypto space is not Web3, but Fin2.

The tokenized US stock products emerging from the mature testing ground are immediately adopted in the U.S.

The U.S. continues to solidify its financial hegemony in the Fin2 era.

On-chain US stocks have dismantled three things from traditional capital markets:

Barriers + Time zones + Regulatory isolation

Funds will flow faster into U.S. core assets and BTC, further compressing the survival space for Altcoins and EM Equity.

U.S. core assets are open to black and gray markets, reshaping the pathways to global core assets.
> In the past, only compliant KYC accounts could purchase U.S. core assets, but now anyone can anonymously acquire US stocks on-chain with 1 USDT, such as AAPLx, NVDAx, TSLAx.
> Tokenized RWA is now realizing the reshaping of liquidity, barriers, and mechanisms for primary and secondary investments. Memecoins in the crypto space are a disruptive attempt at the issuance and trading of primary assets; the experiment has concluded and has matured for replication in the U.S. capital markets.
> Domestic brokerages, funds, and financial regulators can build positions in U.S. assets through on-chain DEX, and assets that CEXs dare not buy can also be acquired on-chain, making it difficult for tax audits, capital controls, and political scrutiny to intervene.

Air coins sentenced to death, digital gold crowned, the strong grow stronger.
> On-chain US stocks provide certainty in cash flow and equity endorsement; the hype around altcoins is unlikely to reignite.
> Players earning real money on-chain are continuing to accumulate BTC. From today, people in the crypto space truly own and realize their value-storing assets, further solidifying BTC's status as digital gold.
> The Magnificent 7, OpenAI, SpaceX, and other highly liquid and sought-after core assets will be the first to enjoy global buying and 24/7 trading, representing a curve where Web3 infrastructure is applied to traditional financial asset exchanges.
> A question to consider: Do the infrastructures of NYSE, NASDAQ, and CME still need innovation?

Liquidity siphoning effect
> Not only are the junk assets in the crypto space being drained, but non-core assets in Emerging Markets and Small Caps liquidity will also be siphoned, leading to a stronghold of the strong, where the winners take all globally.

The boutique investment bank I once imagined on-chain is also iterating.
> xStocks is the prototype of an on-chain boutique investment bank, a bridge for stock tokenization infrastructure and crypto-stock conversion.
> In the future, we will see prototypes of decentralized, permissionless investment banks.
> Traditional intermediary functions such as custody, clearing, and brokerage are being replaced by smart contracts.

This is a playground for adventurers; this digital territory is staging the most radical paradigm revolution in financial history.
> BTC revolutionized fiat currency, disrupting national credit monetary systems with mathematical certainty.
> Stablecoins upgraded fiat infrastructure, empowering traditional fiat liquidity channels.
> Tokenized securities are reshaping exchanges, rewriting the pathways of global liquidity.

Every innovation seeks balance between deconstruction and reconstruction.

What will be the next super innovation to emerge from the financial experimental field?

When the settlement speed of USDC surpasses SWIFT, and the liquidity depth of Uniswap rivals Nasdaq, we are already standing at the threshold of a new financial civilization.