To be honest, I strongly recommend @Bitget_zh to take this route. If it's purely on-chain, it doesn’t really matter, but if it’s trading within the exchange, the stock token model is a hybrid.

You call it a stock, but it actually isn't; it's just an approved stock facade that tracks the stock price as an "index."

You call it a Token, but compared to conventional $BTC and $ETH, this stock token cannot be compatible unless it is on the same issuing platform. The Nvidia based on Ondo and the Nvidia based on Xstocks are not the same thing, which actually disperses liquidity, making it worse.

If Bitget took the brokerage route, liquidity wouldn't even be a concern, as it would be connected to NASDAQ or NYSE, completely eliminating issues of insufficient liquidity.

Moreover, for cryptocurrency exchanges, the greatest advantage is the ability to facilitate exchanges of USDT or USDC or even USD1 to USD, directly bypassing the CRS problem (though there might be CARF, China is not part of the CARF protocol countries).

The most important thing is that users can actually use USDT to buy real stocks, receive dividends, enjoy stock rights, and then conduct derivative trading based on the stocks they have already purchased. This is the right way.

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