Recently, BIT has launched a US stock financing function. After careful research, I think this matter is more important than many people imagine. At present, the well-known cryptocurrency trading platforms in the US stock market all support stablecoin purchases of US stocks, but financing accounts have not been opened yet. And BIT's official public beta of the financing function this time also means that the entire product is moving closer to traditional securities firms. Many people's first reaction when they hear about financing is the leveraged contracts in the cryptocurrency industry. In fact, the two are completely different in logic. 1 . US stock financing is essentially about securities firms lending money to investors to buy stocks. And leveraged contracts are mainly based on price exposure. Assuming you have $100000, the securities firm will lend you a portion of the funds according to margin rules, and you can purchase more stocks. You hold real stocks in your account and enjoy economic benefits such as dividends and stock splits. The financing portion earns interest daily based on the loan amount. Leveraged perpetual contracts are completely different. In fact, investors did not buy stocks, they only agreed on a price contract with their trading counterparts. Profit and loss come from price changes, with mutual payment of capital rates between positions, no dividends, and no actual stock delivery. There is also a significant difference between financing and leveraged contracts in terms of risk control logic. The US stock financing adopts a maintenance margin system. When the account risk gradually increases, securities firms usually issue margin call notifications to remind investors to replenish funds or proactively reduce positions. If the risk continues to expand, securities firms will gradually sell some stocks and restore their accounts to a safe level. The risk control of perpetual contracts is more direct. After the margin falls below the maintenance margin, it will enter the strong liquidation process, and in high leverage situations, all positions may even be liquidated in a short period of time. 3. The sources of risk borne by the two are also different. The biggest cost of US stock financing comes from financing interest and the decline in stock prices themselves. In addition to price fluctuations, perpetual contracts also need to bear the risks brought by capital rates, leverage ratios, and forced flat prices. So, US stock financing is more suitable for investors who hold high-quality assets for the long term and hope to improve their capital utilization. Perpetual contracts are more suitable for short-term trading, risk hedging, and directional trading. That's also why I think BIT's launch of US stock financing this time is more important. Because once the financing function appears, it will not be as simple as buying US stocks with stablecoins. The platform needs to handle financing purchasing power, margin ratio, financing interest rate, maintenance margin, risk status, follow-up and forced liquidation mechanisms, which are the most core parts of traditional securities margin accounts. From this perspective, the financing function will become a new standard for the US stock business of cryptocurrency platforms. This is a test of the capabilities, risk control system, capital efficiency, and product integrity of underlying securities firms. In addition, this public beta activity is also quite attractive. The first $20000 financing amount is interest free, with a maximum interest rebate of 40% for any excess. The actual financing cost during the event period can be as low as approximately 2.8% annualized. If borrowed and repaid on the same US stock trading day, there will be no financing interest generated on that day. For example, for a financing of $24000, the only amount that needs to be calculated for interest is the excess $4000, which is about a dozen dollars in interest per month. For investors who already have financing needs, this cost is within the normal range of traditional securities firms. Although financing can amplify profits, it can also amplify losses. Especially when the US stock market experiences significant fluctuations, insufficient account margin may still result in being required to replenish positions or even forced to sell assets. So this type of function is suitable for understanding the rules first, and then experiencing small amounts, and is not suitable for treating financing as risk-free arbitrage.