Binance's US stock market has been online for a week, and according to the official release of the first week's data, it is the first time that a clear portrait of the "new generation of investors entering the stock market through the cryptocurrency track" has been outlined. About 25% of users are under the age of 25; More than 80% of trading volume comes from emerging markets (rather than developed regions); Nearly 39% of orders have an amount below $100. This set of data points to the same group of people: young, located in areas where traditional financial services are weak, and with limited investable funds. In traditional brokerage channels, orders below $100 are almost impossible to account for 40%. This means that a considerable number of people are buying stocks for the first time in their lives. The demand has always existed, but there was no easy path in the past. More interestingly, about 70% of users choose to hold rather than trade frequently. Crypto users often give the impression of high turnover, but data shows that most people buy US stocks and hold onto them. Their targets are mainly concentrated in MRVL, GOOGL, NVDA, NOK, QQQ, CRCL, CRWV, INTC, DRAM, and MU; indicating that these people are not here to speculate, but to allocate assets with macro judgments. And stablecoins can serve as a bridge between encryption and the US stock market. When the threshold is lowered, the demand that is blocked by the traditional system will rush in at a faster rate. It can be imagined that the financial accounts of the next generation of investors are likely not in banks, but in a super application that can manage various assets simultaneously. And Binance is currently competing for this position.