It is truly the arrival of a new era: Yesterday, Binance Alpha launched Ondo's US stock token, Coinbase officially launched 5 * 24-hour US stock trading, and OKX also launched US stock token contracts, In addition, Bitget, which embraced various traditional financial asset trading earlier and more aggressively, is also included. It can be said that the top few exchanges in the field of encryption have already fully embraced tokenized stocks, and in the future, further embracing various tokenized financial assets is also a major trend. For the cryptocurrency market, it is both an opportunity and a challenge, and in fact, the challenge is even greater. Asset on chain RWA、 The tokenization process is a major area that I personally pay close attention to, and I have written a lot of related tweets before. I sorted it out once in mid July last year. It is necessary to sort out the relevant tweets after mid July last year. For tweets before July, you can refer to the retweets and references: 1. The future direction of encryption 1) 250805, A critical argument about the future of encryption: exploring native application scenarios for encryption may have been wrong from the beginning, and the most likely scenarios for the future of encryption are two: One is to put assets on chain and combine them with traditional real assets, leveraging the function of encryption as a new capital paradigm; The second is the full integration with AI. https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1952664519630852249? s=46&t=k6rimWsEbo2D2tXolYcM-A 2) 251207 Exploration of the Void in the Coin Market and Future Opportunities https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1997561492909298132? s=46&t=k6rimWsEbo2D2tXolYcM-A 2. Regulation on the tokenization process 1) Three important speeches by SEC Chairman 250513 explicitly proposed for the first time that securities should be migrated from traditional on chain databases to blockchain ledger systems; Establish a reasonable and clear regulatory framework for encrypted assets, and establish clear rules for the issuance, custody, and trading of encrypted assets; https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1922124088056938823? s=46&t=k6rimWsEbo2D2tXolYcM-A 250802 announces launch of Crypto project plan to migrate all US markets to blockchain https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1951940871928037683? s=46&t=k6rimWsEbo2D2tXolYcM-A 250912's speech at the Paris OECD on the two major trends of capital markets and agentic finance in the future chain: https://(((((((((((((x.com))))))))/qinbank/status/1966334196168978867? s=46&t=k6rimWsEbo2D2tXolYcM-A 2) What is the 251203 SEC Innovation Exemption? (Not yet launched) https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1996069164612812912? s=46&t=k6rimWsEbo2D2tXolYcM-A 3. The forms of assets listed on the US stock market and their impact on cryptocurrency 1) Outlook for the final form of 250828 stock on the chain https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1960965441565905025? s=46&t=k6rimWsEbo2D2tXolYcM-A 2) Over the next year, more and more people will feel the impact of the tokenization trend in the US stock market, which poses challenges to asset and user operations https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1965998586577277430? s=46&t=k6rimWsEbo2D2tXolYcM-A 3) One important reason and one core reason for the strong support of platforms such as Binance and Base for PERPS DEX is that as the tokenization process of the US stock market or various real assets (stocks, bonds, funds, REITs, equity, etc.) continues to deepen, centralized exchanges and altcoin markets are greatly squeezed. To seize the derivative market after tokenization of US stocks/traditional real assets. https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1969632027394916545? s=46&t=k6rimWsEbo2D2tXolYcM-A 4) 251019: In the future, there will be more high-quality asset supply, and DeFi and on chain derivatives will expand to a much larger scale than their current size https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1979762001686716443? s=46&t=k6rimWsEbo2D2tXolYcM-A 5) The future competitive points of securities firms on the 260120 blockchain https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/2013538789759864958? s=46&t=k6rimWsEbo2D2tXolYcM-A 6) The End of the 251218 Financial Trading Platform: Super APP https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/2001570578034233668? s=46&t=k6rimWsEbo2D2tXolYcM-A 4. Exploration of Traditional Financial Market Exchanges 1) 250910 NASDAQ explores stock tokenization and even direct tokenization ipo https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1965785836055876012? s=46&t=k6rimWsEbo2D2tXolYcM-A 2) 251212 DTCC receives Sec non objection letter, custody asset tokenization https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/1999341385896591604? s=46&t=k6rimWsEbo2D2tXolYcM-A 3) 260119 New York Stock Exchange enters tokenized securities market https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/2013247665442857104? s=46&t=k6rimWsEbo2D2tXolYcM-A 4) 251216 US stock encryption, Nasdaq will launch 5 * 23 hour trading https://((((((((((((((((x.com))))))))))))))))/qinbafrank/status/2000781654122750007? s=46&t=k6rimWsEbo2D2tXolYcM-A