Binance getting into stocks has a few implications: 1. Binance is most likely not doing an on-chain version—this would just benefit HYPE and USDC, and based on what we know about Binance, they prefer to operate within their own ecosystem. 2. However, other CEXs like OK and BITGET might go on-chain. If they don’t, their advantage in the crypto space won’t be significant. 3. Positive for CRCL and HYPE. Potential risk: Stricter crackdowns in China—after all, they just blocked Futu, and now the crypto space is getting even hotter.