We have discussed this topic before. Currently, every token that is essentially a "stock" is wrapped in a "stock" shell. The inability to settle means that there is no way to achieve arbitrage, and it is impossible to anchor the price of the token to the price of the stock. Although some tokens support "dividends," these dividends are almost always processed manually; if they decide not to distribute one day, you have no say in the matter.

Of course, none of this is the most important aspect. The most crucial point is that because they are not compliant with the SEC and do not have mainstream brokerage firms connecting to their liquidity pools, the so-called "coin stocks" have liquidity and depth that are completely unrelated to "stocks." In simpler terms, "coin stocks" can fluctuate by 50% in a day, even if the underlying stock only has a 1% fluctuation.

The greater risk is that if a coin stock activates contracts, it becomes a targeted harvest, leaving no room for complaints. CFDs and contracts for difference are not even worth mentioning; for coin stocks, they are already considered serious instruments, while there are even more unserious options. Essentially, if you are evaluating a coin stock and it cannot be settled, you should proceed with caution.

The biggest advantage of on-chain brokers and RWA is compliance. RWA and RWA exchanges that are not compliant are essentially just issuing tokens, and buying and selling are merely transactions of tokens. They are just tokens that share the same name as stocks.

This article is sponsored by #Bitget ｜ @Bitget_zh

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