Recently, an interesting phenomenon has been discovered that more and more exchanges are abandoning the RWA path and turning to direct connections with US stock brokers. Today, I saw that Gate has also come to an end. I have been discussing this matter with a few friends recently, and based on my own thoughts, I would like to share my thoughts! Why is RWA a a bit unresponsive? (Only applicable to RWA tokenization in the US stock market) Stock tokenization has been very popular in the past two years, with various project parties boasting about their ability to put US stocks on the blockchain. Sounds great, anyone who has actually used it knows where the pit lies: Poor asset selectivity, with a total of around a hundred targets, small tickets cannot be bought • Liquidity is completely limited by the issuance of tokens, and slightly larger orders may experience significant slippage The holding cost is high, and the contract or CFD model cannot withstand long-term holding In the later stage, tokenized options and margin trading cannot be played at all I don't think this is due to the project team's lack of effort, it may be a weakness of the phased RWA model. As is well known, the liquidity of assets anchored by tokens is always limited by how many tokens have been issued, making it logically difficult to operate in the short term. How did Gate play this time? By directly using the Omnibus model and collaborating with securities firms holding legitimate broker dealer licenses in the United States, one can buy and sell real stocks directly on several major exchanges in the United States. This opens up a new path: • Asset coverage of over 10000 stocks and ETFs, not just a few hundred, but over 10000 During intraday trading, you can directly enjoy NBBO from major exchanges in the United States, achieving almost zero slippage Real US stock assets, liquidation and custody are all completed by compliant securities firms Users can buy and sell directly with USDT or USDC, and dividends will be automatically distributed in stablecoins I think this is the true integration of cryptocurrency exchanges and traditional finance, not relying on simple tokenization packaging, but combining the advantages of both sides. Users trading with stablecoins enjoy the liquidity and depth of the real US stock market. Gate is responsible for handling customer identification and orders. Securities firms are responsible for clearing and custody. Each performs their own duties, and professional people do professional things. As I mentioned before, traditional users are still not very receptive to the concept of tokenization. Although RWA itself is addressing the issue of 'trust'. But the more you want to anchor real assets with tokens, the less trust users have. Who knows if there are real assets behind that token? How is it managed? Can you check? Gate directly bypassed this issue. I won't play token anchoring with you, I will directly buy real stocks for you and clear them in custody with compliant securities firms. If you want American stocks, I will give you American stocks without fancy packaging. This also echoes what I mentioned before, that the more complex the packaging of any financial product, the bigger the pit. The most reliable mode is actually a simple, direct, and logically clear one, which Gate does very well. Finally, it may be time for the cryptocurrency market to return to its essence as it has developed so far. I think sometimes, not everything needs to be tokenized, and not all problems need to be solved with blockchain. Sometimes, the best innovation is to combine the advantages of traditional finance with the convenience of encryption, allowing users to truly benefit. I think Gate's choice this time has understood the trend. We'll wait and see if it can be done. But at least in terms of direction, it's still very exciting! DYOR