Tokenization of US stocks is quite popular, but the core focus points, aside from the assets themselves, are liquidity, transparency, and capital efficiency, which are the most critical elements.

These three elements essentially determine whether tokenized trading of US stocks is just a fleeting product disguised in Crypto clothing or a new form of trading global assets in the future.

Because Tokenized does not equal Liquid, an asset being tokenized only signifies that it has a new form of expression, it does not inherently guarantee enough depth, narrow enough bid-ask spreads, or a sufficiently good trading experience.

I just tried observing the rNVDA/USDT market during the BG @Bitget_zh US stock trading period.

The page shows:

Sell one approximately: 198.62

Buy one approximately: 198.57

Price spread approximately: 0.05 USDT

Spread approximately: 0.025%

From this bid-ask spread, the base quote for rNVDA is relatively tight, at least small-scale users won’t feel that the spread is exaggerated at first glance in the trading experience.

At the same time, I tested a few major assets like rTSLA / rAAPL / rMSFT, and the overall experience on small orders is acceptable. Especially during US stock trading hours, the market activity is noticeably better.

Additionally, I tested a limit order by placing a rToken to see if there is real market making and how many people are willing to take orders near reasonable prices; the activity was better than I expected, at least in terms of small trades on major assets, there is already a relatively mature trading format.

What truly determines whether rToken can succeed is not how many US stock assets it has listed, but if it can continuously provide stable liquidity, transparent pricing, and sufficiently low trading frictions when users genuinely want to buy, sell, or allocate.

So my view on tokenized US stocks is:

The direction is correct, and the demand is real.

If in the future, rToken can continuously solve these three issues of liquidity, transparency, and capital efficiency, then it will not just be a short-term hotspot but could become an important path for Crypto to connect with traditional financial assets.

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