I found that most of the market's attention is focused on the launch of the Binance main site for US stock trading, and few people talk about the bStocks protocol behind the upgrade of Binance's US stock tokenization infrastructure, as well as its subsequent impact on the @ BNBCHAIN ecosystem. Let me talk about it: 1) Simply put, bStocks is a BEP-20 tokenized product protocol independently issued by @ Binance on BNB Chain with 1:1 endorsement of real US stocks. The ADGM SPV, which is affiliated with Binance Group upstream, serves as a compliant issuer and is held by a regulated custodian institution with real shares. Before the emergence of bStocks, Binance Wallet had been using Ondo's tokenized stocks third-party solution. Now adopting bStocks as the official proprietary solution can better achieve deep integration with the cryptocurrency security ecosystem, rather than relying on third parties. 2) Why do you say that? The reason why major exchanges have integrated Ondo's US stock tokenization solution before is due to Ondo's mature leading first mover advantage in the tokenized stock field, including its compliance endorsement mechanism and third-party audit protection mechanism, as well as its deep liquidity advantage in multiple chains such as Ethereum, Solana, BSC, etc. But with the compliant registration entity of Abu Dhabi ADGM SPV, as well as the upstream and downstream supervision and custody endorsement directly connected to Alpaca stock brokers, Binance can "self operate" the US stock tokenization plan. Because this can better integrate the liquidity of the main site, while connecting its wallet and on chain DeFi protocol ecosystem, achieving better ecological linkage effects. 3) For example, the US stocks held by users on the Binance main site are actually custodial assets recorded by the exchange and held by regulatory and custodial institutions. With Binance's proprietary bStocks, it is possible to achieve real-time 1:1 no fee conversion between the main US stock market and on chain US stocks. This not only solves the problem of users worrying about the lack of dividends on the main site's stocks, but also enables real-time migration of stock assets to the blockchain DeFi environment, unlocking more derivative gameplay and becoming programmable on chain native assets. For example, users can directly withdraw the converted bStocks to their wallet, provide liquidity on PancakeSwap, mortgage loans on Venus, participate in various DeFi strategies, and continue to enjoy the dividends and reinvestment returns of underlying stocks. This is truly the integration of DeFi+TradFi scenarios, achieving true RWAFi. 4) Looking deeper, we can understand the profound meaning behind Binance's native deployment of bStocks on BNB Chain. Because the US stock trading implemented by the main site based on external broker infrastructure such as Alpaca is essentially an integrated model of front-end+third-party back-end. After the launch of bStocks, Binance truly gained complete self operated issuance, custody mapping, on chain conversion, and DeFi combination capabilities. Perhaps on the exchange side, users only care about whether Binance has launched the most popular US stock ticker, but BNBChain's bStocks side is completely different. This is not only a solution for the current on chain US stock market, but also a prerequisite for expanding the infrastructure of more RWA assets such as bonds, funds, and real estate in the future. At present, after the launch of bStocks, there will be strong ecological support on BNBChain, including Trust Wallet, Aster, Venus, Lista DAO, etc., which are promoting US stock "participation in mining" activities. For these DeFi protocols, on chain US stocks also need to provide more reliable collateral and richer liquidity depth to enhance business. I think this is the long-term significance of bStocks for the Binance ecosystem. At present, being a US stock underwriter may cause short-term losses, but in the medium to long term, integrating TradFi scenarios into the DeFi world can be of great help.