After reading Reality's announcement for a long time, it can be basically confirmed that Reality is an RWA wrapper structure that integrates real securities custody, rToken on chain mapping, and Bitget account system. The core asset of Reality is rToken, and users purchase assets mapped to US stocks or ETFs on the chain. Each rToken corresponds to the underlying real stock or ETF, with a 1:1 support ratio according to public standards. The brokerage operations are completed through FINRA registered and SIPC member broker dealer, and the underlying securities ultimately enter the DTCC system. The reserve certificates are publicly attended by The Network Firm. From the disclosure, it appears that there are indeed US compliant broker dealers managing real securities at the bottom. Reality most likely uses some kind of omnibus broker, referral, or underlying arrangement similar to Introducing Broker internally. Perhaps this statement is somewhat dry, but the more practical underlying regulatory model is similar to the early platforms of Futu and Tiger, which were both front-end platforms for acquiring customers and back-end access to the US securities trading, clearing, and custody systems. Of course, some differences in the front-end are that Reality tokenizes the stocks themselves. After tokenization, rToken can be integrated into unified accounts, trading, collateralization, lending, wealth management, portfolio margin, and even future on chain DeFi. In human terms, after tokenization of stocks, @ Bitgetzh's US stock assets can be converted into margin assets in encrypted trading accounts. For example, if the user holds the corresponding rToken for Nvidia, then after the platform rules allow and the collateral ratio is converted, this Nvidia exposure is not just placed there for fluctuations, but can become collateral in a unified account to support the margin requirements of BTC, ETH or other trading varieties. This is what @ Bitgetzh really wants Reality to do. Not simply asking users to buy US stocks, but turning them into collateral assets in encrypted accounts. In traditional securities firms, stocks can only be used in securities accounts, but after rToken, US stocks can enter the margin, leverage, lending, structured products, and cross asset trading systems of cryptocurrency exchanges.