Just realized that Gate has launched their Gstocks page?! Previously, Gate's stock trading used a direct broker model, but now this Gstocks seems to be a tokenized stock model, right? Haven’t seen any official announcement yet though. If I’m understanding correctly, Gate is now essentially walking on two legs: The first leg is direct access to licensed brokers for stocks. Users trade real stocks, with support for dividends, stock splits, transfers, and other corporate actions—basically a traditional brokerage experience. The second leg is Gstocks tokenized stocks. These are 1:1 pegged to native stocks but introduce on-chain capabilities like Proof of Reserves (PoR), staking, lending, and other DeFi scenarios, turning stocks into composable on-chain assets. These two approaches tackle compliance and asset authenticity on one hand, while unlocking on-chain liquidity and financial innovation on the other. From SPCX being one of the few legit IPOs aimed at crypto folks to the launch of U.S. stocks, Hong Kong stocks, and Korean stocks, Gate’s strategy feels like it might already be ahead of the industry. Personally, I think this approach could very well become the mainstream model for securities on-chain in the future.