Previously, people always asked me if US stock tokenization platforms such as Ondo and xStocks were good businesses, and I bluntly stated that they lacked a "moat". However, the Reality platform launched by @ bitget confirmed my previous judgment. Why? 1) In the past, the group of independent on chain protocols that focused on tokenization of the US stock market were essentially "asset purchasing and shell nesting" businesses. The pain points they faced were extreme lack of liquidity on the exchange, thin trading depth, and high slippage, which was a disaster for users who were familiar with traditional securities trading operations. CEX entities with a large user base and trading demand can easily do this "matching" business directly through platform integration, which can improve liquidity depth and capital efficiency issues, and avoid the difficult problem of "trust" endorsement costs behind it. The purpose of the emergence of Reality is for this purpose. It can directly connect to NASDAQ and the New York Stock Exchange, and users can trade rToken within the Bitget ecosystem, which is equivalent to enjoying the same market depth and execution efficiency as Wall Street securities firms. In this way, asset tokenization is no longer a "synthetic asset game" of who is better or worse, but has become an acceptance service for funds and transaction efficiency, which is naturally suitable for CEX to lead; 2) Previously, we purchased US stock tokens issued by third-party independent protocols, and after buying them, we could only hold on to them. The capital utilization rate was extremely high, and once we encountered problems such as sudden dividends, stock splits, and mergers from traditional financial companies, there would be serious delays in handling them, which undoubtedly increased the already fragile trust cost. How does Reality solve this problem? It attempts to directly implement a closed-loop design on asset equity mapping. When stocks receive real-time dividends, they will be automatically issued 1:1 or converted into USDT and deposited into the account. The stock split and merger also achieve real-time synchronization. This is not actually a highly sophisticated and complex technology, it entirely depends on the asset scale effect and redemption ability guarantee behind the exchange entity. The key is that the US stock tokens you hold are not only equivalent to spot equity assets of the US stock market, but also can be used as margin for the Bitget unified account, seamlessly connecting grid strategies, copy orders, and even lending and wealth management CEX derivative scenarios. It is equivalent to using real US stock assets to "support" the high volatility of the Crypto ecosystem, with both markets benefiting; 3) The question is, why are third-party US stock tokenization platforms so easily taken over by exchanges? The root cause lies in the relatively heavy compliance and infrastructure costs behind it. Taking Bitget's Reality platform as an example, its underlying real stocks are held by a US licensed broker registered with FINRA and protected by SIPC. They are held through an independent bankruptcy isolation SPV and are updated daily with proof of reserves and audited by a third-party US licensed auditing agency. Most importantly, Bitget's asset tokenization has achieved a significant market share, accumulated rich TradFi asset management experience, and a mature global compliance strategy. When CEX, which has hardcore capabilities such as users and funds, comes to shoulder the banner of Universal Exchange (UEX) strategy, those who rely solely on "shell issuance" as a single point protocol for their entire business model will naturally have their living space squeezed infinitely. The above.