There are three models of securities tokenization in the United States, and the process of securities tokenization is accelerating. In fact, upon closer inspection, each model is different now. The three exchanges are already promoting three different models: Coinbase has completely lost central custody and central settlement; The New York Stock Exchange has developed a tokenized stock trading system that is parallel to the existing stock trading system, using stablecoins for trading and real-time settlement. It also eliminates the need for central custody and central settlement; NASDAQ's stock tokenization trading system retains DTCC, the central custodian and settlement institution, which can be considered as retaining most of the mid to back office jobs in the Wall Street stock market. Let's talk in detail about these three modes: 1. Coinbase's Model The most radical 'on chain native' path aims to bypass or minimize traditional central custody/settlement 1) Emphasize on chain settlement, self custody, and real-time/instant settlement, mainly based on Base, supporting 24/7 trading, USDC or other stablecoin settlements. Pursuing the elimination of unnecessary intermediaries, including minimizing reliance on DTCC/DTC. 2) Coinbase has launched the Coinbase Tokenize platform for issuing, managing, and trading tokenized assets (including equities, private equity assets, funds, real estate, and other RWAs). The subsequent transfer can be fully settled on chain (outside DTCC normal settlement), which is indeed the most revolutionary. Current situation and limitations: Coinbase has publicly sought SEC approval (including tokenized equities) multiple times over the past six months, but has not yet received a full SEC green light. Coinbase is currently not registered as a transfer agent and has not obtained a complete exemption from brokers in the securities field. Detour the FCM subsidiary regulated by the CFTC and actively participate in the CFTC's tokenized collaboration pilot. 2. The model of NYSE (New York Stock Exchange, parent company ICE): Parallel system+stablecoin+instant settlement, approaching 'no central custody/settlement' 1) In January 26, the New York Stock Exchange announced the development of a new tokenized securities platform, which combines NYSE's Pillar matching engine with a blockchain based post trade system. 2) Support 24/7 trading, instant settlement, USD level orders, stablecoin settlement, and support for multi chain (settlement and custody), including fungible tokenized shares (interchangeable tokenized stocks equivalent to traditional stocks) and native digital securities. Shareholders' rights (dividends, voting) are identical to the traditional version. This is indeed a parallel venue that does not directly rely on the traditional path of DTCC, but uses blockchain post trade to achieve near real-time settlement, approaching 'no central custody/central settlement'. Waiting for SEC's formal approval of rule changes 3. Nasdaq's model: The most conservative 'reformists' retain DTCC/DTC as the central repository and settlement core 1) On March 18th, the SEC approved a change in Nasdaq rules, allowing qualified participants to choose to settle transactions in tokenized form on Nasdaq. But clearing and settlement are still handled by DTC, and tokenized shares are parallel to traditional shares Investors can choose to tokenize settlement with the option of flag t, while fully retaining DTCC's middle and backend infrastructure (custody, clearing, and settlement). 2) Relying on the SEC non objection letter obtained by DTC on December 11, 2025 (covering Russell 1000 stocks, major ETFs, Treasuries, and other highly liquid assets). Expected to launch in the second half of 2026, supporting license chains The SEC clearly favors this "controlled, gradual" path: giving DTC no action first, and then approving Nasdaq rule changes, reflecting the position of "technology neutrality but retaining investor protection". And Coinbase on chain native, AMM style liquidity pool self-custody、 The pattern without DTCC dependency conflicts with the SEC's current preference for a "gradual, controllable" path (prioritizing Nasdaq/DTCC's permissioned DLT framework). Of course, there are also many projects that are promoting the tokenization of the US stock market themselves. For example, ondo's US stock token works with securities firms to mint their held stocks into on chain tokens, and Xstacks' model is more of a synthetic form that tracks stock prices. Of course, looking at the future, the model of three exchanges is still more fundamental. 26 years is the "acceleration year" of securities tokenization in the United States, where the three major exchanges and three paths are competing in parallel and may eventually merge (Nasdaq uses DTC, partially bridged to public chains; Coinbase/NYSE promotes more on chain native gameplay