The US stock market is becoming the next big battleground for crypto exchanges. After the hype in the crypto space cooled down, exchanges need to find new growth drivers—they can’t just rely on listing new coins and contracts anymore. The next step is actually pretty clear: Bring traditional high-quality assets like US stocks and ETFs into crypto accounts. This is why I think Gate’s US stock product is worth paying close attention to. Gate Stocks isn’t just a simple “US stock price tracker,” nor is it about issuing a few so-called US stock RWA tokens. It’s more like directly integrating the real US stock market into the Gate app. Users can buy, hold, and sell US stocks and ETFs directly using USDT/USDC. Here are a few key points: 1️⃣ Buy US stocks directly with USDT No need to open a separate traditional brokerage account or convert to USD first. Once you complete Gate’s compliant KYC process, you can use stablecoins to trade US stocks directly. 2️⃣ Direct access to the real US stock market Gate provides stock trading services through Alpaca, a licensed US broker, connecting directly to the real US stock market. This isn’t token mapping or contract price tracking—it’s buying and selling actual stock assets in the real market. 3️⃣ Broad asset coverage Unlike many RWA stock token platforms that only offer a few hundred assets, Gate Stocks supports 10,000+ assets, including stocks, ETFs, REITs, preferred shares, warrants, and more, covering major exchanges like NYSE, Nasdaq, NYSE Arca, NYSE American, and BATS. 4️⃣ Liquidity comes from real exchange depth The biggest issue with traditional stock tokens is that liquidity is limited by issuance volume, leading to large slippage and poor depth. Gate Stocks’ intraday trading connects directly to US exchange liquidity and NBBO quotes, offering an experience closer to the real US stock market. 5️⃣ Dividends automatically credited, zero holding costs for spot Dividends from holding US stocks are automatically credited in stablecoins. Compared to perpetual contract funding fees or CFD overnight fees, the long-term holding cost for US stock spot trading is much lower. I believe the essence of this is that crypto exchanges are evolving from “crypto trading platforms” into “super gateways for all assets.” In the future, users might no longer need to switch back and forth between exchanges, brokers, wallets, and banks. Instead, they’ll be able to manage stablecoins, US stocks, ETFs, and crypto assets all in one account. If the last round of exchange competition was about listing speed, contract depth, and ecosystem narratives, Then the next round of competition will likely be about who can bring global high-quality assets to crypto users in the smoothest way possible. And Gate Stocks has already made the direction of this breakout battle very clear.