Yesterday, we talked about the 'tokenization of U.S. stocks' in the crypto-native route, with everyone showcasing their unique approaches. Today, Bitget officially announced the launch of Reality, which provides a great opportunity to compare its innovations and advantages. If the Ondo model is a third-party on-chain asset protocol connected to trading gateways, then Reality is more like Bitget’s own system for issuing, custody, trading, and account usage around U.S. stock assets. What’s clear is that Reality addresses two major pain points in the industry: 1⃣ Are the underlying assets of RWA (Real World Assets) actually there? With 1:1 real securities backing, held by FINRA-registered, SIPC-member brokers, and securities ultimately registered with DTCC, this transforms into real economic rights rather than just 'price tracking.' 2⃣ Trading hours, liquidity, and dividends Directly connected to licensed brokers for Nasdaq/NYSE liquidity; supports both real-time and asynchronous settlement modes, with tokens instantly minted/burned or settled on a net daily basis; dividends are automatically distributed in USDT. Compared to other models that often compromise between 'compliance vs. freedom' or 'real dividends vs. real liquidity,' Reality aims to have both. It seems Bitget is exploring a new direction for crypto exchanges to enter the 'U.S. stock tokenization' track, building the strongest moat in terms of liquidity, authenticity, and compliance. Looking at the industry’s progress, this is the direction it must head toward. Otherwise, when traditional financial infrastructures like Nasdaq, NYSE, and ICE advance and mature, they might completely outcompete the various models under the current crypto-native route.