After watching Reality's announcement for a long time, it can basically be confirmed that Reality is a RWA wrapper structure integrating real securities custody + rToken mapping on the blockchain + Bitget account system.

The core asset of Reality is rToken, and what users buy are mapped assets of U.S. stocks or ETFs on the chain. Each rToken corresponds to an underlying real stock or ETF, and according to public statements, it is supported 1:1. Brokerage operations are completed through a FINRA-registered, SIPC-member broker-dealer, with the underlying securities ultimately entering the DTCC system, and the proof of reserves conducted by The Network Firm through public attestations.

From the disclosures, it is clear that there is indeed custody of real securities by compliant U.S. broker-dealers at the base level. Reality likely uses some form of omnibus brokerage, referral, or a similar underlying arrangement like Introducing Broker.

This statement might be a bit dry, but the actual underlying regulatory model is similar to early Futubull and Tiger, where both are front-end platforms for customer acquisition, and the back end connects to the U.S. securities trading, clearing, and custody systems.

Of course, one difference at the front end is that Reality has tokenized the stocks themselves; after tokenization, rTokens can be integrated into a unified account for trading, collateral, lending, wealth management, portfolio margining, and even future on-chain DeFi.

To put it simply, after tokenization of stocks, @Bitget_zh's U.S. stock assets can become collateral assets in a cryptocurrency trading account.

For example, if a user holds rToken corresponding to NVIDIA, then under the platform rules and after adjusting for the collateral ratio, this NVIDIA exposure can not only sit there for price fluctuations but can become collateral in a unified account to support margin requirements for $BTC, $ETH, or other trading products.

This is actually what @Bitget_zh truly wants Reality to achieve.

It is not just about allowing users to buy U.S. stocks but rather turning U.S. stocks into collateral assets within cryptocurrency accounts. Stocks in traditional brokerages can only be used within securities accounts, but after rTokenization, U.S. stocks can enter the margin, leverage, lending, structured products, and cross-asset trading systems of cryptocurrency exchanges.

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