To be honest, I strongly recommend @Bitget_zh to take this path. If it's purely on-chain, it doesn't really matter, but when it comes to trading within an exchange, the stock token model feels like a hybrid that doesn't fully make sense. You call it a stock, but it actually isn't. It's just a stock-like wrapper that tracks stock prices as an 'index.' You call it a token, but compared to regular $BTC and $ETH, these stock tokens aren't interoperable unless they're issued on the same platform. For example, NVIDIA based on Ondo and NVIDIA based on Xstocks are completely different things. This essentially fragments liquidity, making it worse. However, if Bitget adopts the brokerage model, liquidity issues wouldn't even need to be considered, since everything would be connected to NASDAQ or NYSE, eliminating any concerns about insufficient liquidity. Moreover, for crypto exchanges, the biggest advantage is the ability to facilitate conversions between $USDT, $USDC, or even USD1 and USD directly, bypassing CRS issues (though CARF might still apply, but China isn't part of the CARF agreement). The most important thing is that users can use $USDT to buy actual stocks, receive dividends, enjoy shareholder rights, and even trade derivatives based on the stocks they've already purchased. This is the right path forward.