The trend of exchanges fully embracing the tokenization of US stocks is becoming increasingly evident. Yesterday @ okx announced that it has formed a new joint venture with ICE, the parent company of the New York Stock Exchange, and it seems that it is also going to engage in a large-scale tokenization of US stocks. Discuss two viewpoints: 1) When laying out the tokenization of US stocks on exchanges such as Kraken, Bitget, Binance, etc., OKX performed very low-key because they had always held the ace ICE in their hands. As early as March this year, ICE invested in OKX and invested in its board of directors, with plans to launch NYSE tokenized stocks for global users. As the parent company of the New York Stock Exchange, ICE has obvious advantages in the tokenization field of the US stock market. It not only has mature qualifications and infrastructure such as registered brokers and futures commission merchants in the United States, but also can directly bypass a large number of regulatory compliance and custody clearing license application difficulties; 2) From the earliest exchanges relying on third-party endorsement models such as xStocks and Ondo, to Bitget launching Reality and Binance launching bStocks, there has been a clear trend from "agency" to "self operated". Because the third-party proxy encapsulation model had a first mover advantage with good liquidity in the early stages, but had obvious shortcomings in terms of ecological compatibility and user experience within the exchange site, which was not conducive to the exchange building a closed-loop ecosystem around the tokenization of the US stock market. Obviously, OKX and ICE's joint venture in this business is to leverage the "bloodline" advantage of NYSE and adopt a strategy of sticking to the bottom. Looking forward to it. @zakk_okx @Haiteng_okx @Mercy_okx @mia_okx