Regarding the US stock trading of Binance today, please provide some details and opinions 1/The core structure of trading: Users → Binance app → Nest Trading → Alpaca Securities → US stock market. 2/Among them, Nest Trading is Binance's own entity, regulated by ADGM/UAE; Alpaca Securities is a US securities firm responsible for the execution, clearing, settlement, and custody of US stocks. 3/So a practical problem arises, although Alpaca, as a US brokerage, does not exchange externally through CRS; However, ADGM/UAE operates within the CRS framework, so when trading US stocks here, it is important to consider the impact of CRS and investors need to prepare for tax planning in advance. 4/There is actually another detail issue here, that is, will Binance/Nest help every KYC user on Binance to open an independent US stock account at Alpaca Securities? If this can be done, it will have stronger persuasiveness and transparency. 5/Binance says that users can receive stock dividends by holding shares. The process is: listed company → clearing system → Alpaca (tax deduction) → Nest/Binance → mapping to the user's Binance account. 6/Users can purchase US stocks through tokens such as USDT, USDC, BNB, USD1, and U within Binance, but USDC is the actual trading medium. Other currencies need to be converted to USDC before trading. When selling, it is also sold in USDC. It still looks good for Circle. Although it is said to have zero commission, platform fees and spreads need to be considered, so it is not truly zero fees. A platform fee of $0.35 will be charged for each order not exceeding $350, and a fee of 0.1% will be charged for orders exceeding $350. 8/bStocks hasn't been released yet, but there will definitely be many combination use cases coming out in the future, which is worth looking forward to. For example, a very simple gameplay is to cast TSLA into bTSLA, and then use an on chain lending agreement to lend out a certain proportion of USD1 and put it in the Binance app to earn an annualized return of about 7%. So currently, it's not a 7 × 24-hour transaction, it's just a 5 × 24-hour transaction. 10/Minimum transaction amount: Starting from 5 USDC, it is very suitable for newcomers and novices to participate. 11/Look at a set of numbers: Over 8000 US stocks and ETFs were listed this time. Since its establishment nearly 9 years ago, Binance has had over 2000 spot trading pairs on its main platform. The number of stocks is four times that of coins. Will Binance still be called a 'cryptocurrency exchange' in the future?