US M2 supply: $22.8 trillion Companies like Tether and Circle tokenize the US dollar, with stablecoins reaching a market size of $320 billion, accounting for about 1.4%. The US stock market is valued at approximately $70 trillion. Companies like Ondo and bStocks are tokenizing US stocks, with an overall market size of around $1.5 billion, accounting for about 0.0021%. Stablecoins have proven the real demand for 'bringing the US dollar on-chain,' but tokenizing US stocks is just getting started. When CEXs like Binance gradually transform into gateways for US stock brokerage, allowing users to directly buy real US stocks, will tokenized US stocks still be a necessary path? Perhaps it’s not the only path, but rather an optional step in the course of history: in scenarios like 24/7 trading, on-chain portfolios, and DeFi collateralization, it could serve as an additional layer of liquidity outside the traditional US stock market. One thing is certain, though—whether through tokenization or directly buying US stocks on CEXs, blockchain and exchanges are turning US assets into more globalized, lower-barrier financial products.