Looking at the trading volume of US stock tokens from Ondo and Bitget, the tokenization process of the US stock market over the past 26 years has been accelerating from the beginning of the 25th year to the beginning of the 26th year. Seeing this data: The cumulative trading volume of Bitget's tokenized stocks in December last year was nearly $1 billion, accounting for 90% of Ondo's global market, indicating that Ondo's tokenized stock trading volume exceeded $1.1 billion in December last year. The monthly trading volume of stock tokens exceeding 1 billion US dollars is a milestone event for both platforms, indicating that the market's acceptance of stock tokens is rapidly increasing, and this is just the beginning. Overall, 25 years is the year of stock tokenization, and 26 years should be the year of accelerated stock tokenization/asset tokenization. The tokenization of stocks should have started with SEC Chairman Atkins' speech in May 25, which fully promoted the migration of US securities sub assets from off chain to on chain, sounding the horn of the stock/securities tokenization process. So the driving force behind the acceleration of this process in 26 years should be the upcoming SEC innovation exemption rules. SEC Chairman Paul Atkins has repeatedly confirmed that the exemption will officially take effect in January 2026 (originally planned for the end of 2025, slightly delayed due to the government shutdown). We should be able to see the official announcement of the SEC's innovation exemption rules within January. This marks a shift in regulation from "watching/enforcing" to "actively supporting experiments". The innovation exemption rules have a direct driving effect on tokenized US stocks: 1) The biggest obstacle to tokenizing US stocks before was the requirement for securities registration and Howey testing (almost all tokens that provide economic benefits are considered securities and require full registration). 2) Innovation exemptions provide temporary exemptions, allowing 24/7 trading, instant settlement, and fragmented ownership during the pilot phase without directly violating existing rules. Allow platforms such as Ondo, Bitget, Kraken, etc. to quickly launch products under limits, reporting, and supervision, addressing the "chicken and egg" problem (lack of sufficient liquidity → issuance hesitation → slow adoption). 3) Progress at other levels is also accelerating: DTC (Depository Trust Company) won a no action letter in December 2025, allowing the launch of token pilot in the second half of 2026 (covering Russell 1000 stocks, major ETFs and treasury bond); Nasdaq's tokenization trading proposal is also being pushed forward. From this perspective, it can also be seen that 2026 will be the year of accelerated tokenization of stocks, with the market size rapidly expanding from billions to tens of billions. Exemption will further lower the threshold and the process is accelerating.