Recently, the US stock market has been extremely hot, which has also sparked the trend of "US stock tokenization" under the native encryption route. Although each model is different, the core is to integrate the exposure of US stock prices. The advantages are speed, convenience, and user friendliness towards encryption, but the compliance structure and shareholder rights are not unified. Binance Wallet operates in Ondo mode; The exchange does not issue stock tokens, but instead connects to the Ondo RWA protocol. The token structure, minting redemption, dividends and stock splits are all handled by Ondo. Each token is backed 1:1 by real stocks held by custodial securities firms, verified by Ankura through third-party verification, and a daily reserve report is issued. I looked at the 5/19 document and found that the asset to liability ratio was 110.61%. I went in and strolled around, and overall I was able to play better than I had imagined. The sectors are divided very carefully. They are sorted according to the market popularity, such as storage, AI chip, the seven sisters of American stocks, ETF index funds, etc. You can also enjoy dividends. But dividends are not distributed in cash, but automatically reinvested back into the underlying securities, manifested as an increase in token price or quantity. That is to say, it tracks the total return including dividends. In addition, there are also Kraken's xStocks model, Robinhood's Stock Tokens, CFD model, and so on. The industry is still in its early stages, and no one is necessarily right for different paths. Everyone has made different choices between on chain composability, compliance regulation, and shareholder equity. The final outcome will depend on the implementation of regulations and user foot voting.