A friend has provided this so-called 'Fidelity Custody Certificate'. I won't comment on whether it's true or false. Friends who understand English should be able to see what it is. It's a confirmation letter for the balance of a Fidelity account. The header is Fidelity Investments, dated April 29, 2025. To MyStonks Holding Limited, please list the account registration type Business, the last four digits of the account... 8002, and the total account value 50473199.00. Signed as Clint Brandner, VP, Operations. The footer reads' Fidelity Brokerage Services LLC, Member NYSE, SIPC... ' © 2025 FMR LLC”。 This type of letter is a balance/position value confirmation letter requested by the client from the securities firm, used for reconciliation or external explanation that "the entity has assets in Fidelity at a certain point in time". It is neither a cooperation announcement nor a custody agreement or regulatory approval. Bottom page: MyStonks' self-made "On Chain Mapping" table List AAPL. M, AMZN. M, GOOGL. M, META. M and other tokens on the Base chain, “Mapping Ratio 1:1”。 This is a self described mapping list by the project party, which does not equate to third-party auditing or endorsement by the custodian. Similarly, I have no intention of debating whether this confirmation letter is true or false, I will assume it is true. So: Can prove A certain account named MyStonks Holding Limited has an account value of approximately 50.47 million yuan with Fidelity on April 29, 2025 (which may be the total market value of cash, securities pending settlement funds, or securities/options positions). It was only at that time, and now it has been four months. I don't know how much money is on the books, whether there is still this account or not. Cannot prove It cannot be proven that there is an "official cooperation/hosting agreement" between Fidelity and MyStonks, and there is no news release or contract number from Fidelity itself. It cannot be proven that these assets have been legally "segregated and held in trust for token holders" (absent "beneficiary structure/trust/third-party control agreement/account usage restrictions", etc.). Unable to prove the authenticity and continuity of the "1:1 mapping" (lack of daily reconciliation/third-party audit/verifiable casting destruction and brokerage clearing reconciliation). Not directly related to the qualification to publicly sell/match tokenized securities (does not mean having broker dealer/ATS/exchange qualifications or market licenses in other destination jurisdictions). Doubt point!! The MSB registration shows MyStonks Holding Limited (BVI, Road Town), and the letter reads' MyStonks holding Limited, address Las Vegas NV ', with non-standard capitalization (legal entity names are usually case sensitive and punctuation). Is this the same company? Why do BVI companies use US addresses? Provide company registration certificate+director resolution/account opening documents to establish subject consistency. Fidelity's balance confirmation letter can usually be generated in the customer's backend, with a verification number/hotline issued by Fidelity; The monthly statement recently issued includes CUSIP/stock code/quantity, not just the "total value". Can you provide periodic proof of on chain liquidity to securities firms/custodial physical holdings (preferably certified by a third-party accounting firm); How to exchange tokens for underlying stocks based on casting/destruction rules and redeemable processes? What are the thresholds/fees/deadlines? I still say that professionalism is important.