The trading and clearing logic in Bitget's US stock 2.0 model is as follows: one ⃣ Users can buy rToken (such as rNVDA) on Bitget using USDT; two ⃣ Reality receives user purchase instructions and triggers the actual purchase process of underlying stocks; three ⃣ Broker dealer (FINRA registered) directly connects to NASDAQ/NYSE, buys corresponding stocks in the US stock market, and registers them in Alpaca account for custody; Liquidation is completed through DTCC. four ⃣ After Alpaca confirms that the underlying stocks are in place, Reality will cast corresponding rToken on the chain at a 1:1 ratio and distribute it to user accounts. If the user sells, it is executed in the opposite direction. The combination of Reality and Alpaca encapsulates the complete functionality of traditional US stock brokerage accounts into an on chain infrastructure that can be called. Users perceive tokens, while the underlying layer follows a complete US stock compliance process. At the same time, it can solve a series of problems such as trading depth, low wear and tear, stock splitting, and dividend distribution. As for the CRS risk exposure issue that everyone is concerned about: At present, the implementation rules of CRS in most jurisdictions have not explicitly included cryptocurrency exchanges in the scope of reporting financial institutions. Therefore, at this stage, holding rToken on Bitget is unlikely to have a reporting obligation.