A big step towards tokenization of the US stock market, finally seeing a US stock token that combines broker level liquidity, real dividends, and DeFi composability. Reality, a RWA platform under Bitget, announced yesterday the launch of rToken, which is Bitget's second-generation upgraded product on the US stock tokenization track. Today, after carefully examining the mechanism, my subjective feeling is that this is currently the best US stock tokenization model that integrates broker level liquidity, real dividends, and DeFi composability. Let's talk about a few points of personal understanding: 1. How is rToken generated? 1) Users can directly use stablecoins (such as USDT/USDC) to purchase a certain US stock's rToken on Bitget, which is actually a one-time casting process. The user's order is first directly connected to the liquidity depth of the New York Stock Exchange and Nasdaq through the US compliant licensed brokerage link, which can be said to be unlimited liquidity, to buy the corresponding amount of stocks for the user. Then Bitget will mint the corresponding amount of this US stock rToken on the platform (the stocks are registered under the username under the custody of the compliant broker). The process of selling the rToken of this stock by the user is naturally reversed, which is equivalent to redeeming the corresponding number of stocks held by a compliant broker from Bg and selling them on NASDAQ or the New York Stock Exchange. Actually, this is also from before https://(x.com)/qinbufark/status/2058956787043483760? The stablecoin version of s=46&t=k6rimWs Ebo2D2TXolYcM-A, which introduces the broker+white label model, goes even further. Bitget mints US stocks purchased by users through a compliant broker link using stablecoins into tokens called rToken. 2. What are the benefits of doing this? 1) This is a 1:1 real asset backed on chain token, with underlying assets directly sourced from Nasdaq+NYSE (managed through protected brokers/brokers). Each rToken corresponds to a real US stock or ETF share (non synthetic, not a price index) 2) The biggest problem with brokerage level liquidity in the past was that the liquidity of US stock tokens came from on chain consolidation, which was vastly different from the liquidity depth on the New York Stock Exchange and Nasdaq. Large price difference and significant slippage 3) There are real dividends available Dividends are directly distributed to users' Bitget accounts in the form of stablecoins, which is completely consistent with the holdings of securities firms such as Tiger and Futu, and is no longer "price automatic adjustment" or missing equity. This is actually a problem with Bitget's first generation of US stock tokens. 4) Activate capital utilization rate (biggest highlight) RToken can be used as margin and supports DeFi functions within the Bitget platform, such as strategy trading, lending and wealth management, and leverage. Allowing US stock tokens to truly circulate on the chain is equivalent to bringing a large amount of high-quality underlying collateralized assets to Defi. 3. The problem with the original US stock token model The four advantages mentioned above essentially correspond to the previous fragmentation of liquidity, poor depth, and high slippage of US stock tokens; There are indeed issues with shareholder equity (such as not being able to enjoy dividends). From these perspectives, the rToken model has completely surpassed the Ondo and xStocks US stock token models, and is also completely different from the pure CFD contract form of stock token contracts. 4. Why is it a big step towards tokenization of the US stock market, and what are the innovations? Many friends know that I am very fond of the cryptocurrency brokerage model, which allows me to deposit and withdraw stablecoins and enjoy approximately unlimited liquidity in the US stock market through a compliant US stock brokerage link. In late April, it was suggested that Bitget adopt a direct connection model with US stock brokers, and rToken is equivalent to Bitget minting the US stock purchased by users through a compliant broker link using stablecoins into tokens rToken, which goes even further! Simply put, this is equivalent to combining the efficiency of encryption with the true compliance of TradFi, creating a hybrid model of "crypto brokers", more accurately, a tokenized version of crypto brokers. The advantage of this is that it can be used as margin and can also participate in various Defi, truly unlocking the composability of Defi in tokenized US stocks. It has to be said that Bitget's efficiency and execution power, and this model is expected to be followed by many other CEX in the future. My personal tracking of US stock tokenization is very close, and I have written dozens of articles about tokenization in the past year RWA、 I have previously sorted out tweets related to asset on chain, which can be viewed here: https://(x.com)/qinbufank/status/202660289198539876? s=46&t=k6rimWsEbo2D2tXolYcM-A