Binance released its data performance after integrating TradFi assets such as US stocks and ETFs: in less than 30 days, AUM managed assets exceeded $1 billion, with a total trading volume of $3 billion. How should we view it? 1) Compared to @ krakenfx, which had an earlier layout, its xStocks has been running for a year and should be considered a more mature and liquid trading framework. However, Binance has just launched and opened up 7000+US stocks and ETF targets in one go, and its monthly trading volume has already surpassed that of the same period last year. This indicates that the market demand for tokenization in the US stock market is already strong, and the core competitiveness lies in who can provide a wider range of trading targets and deeper trading depth on a larger scale among CEX; 2) Data shows that 73% of Binance's US stock users come from emerging markets, which means that in addition to traditional securities trading channels such as Futu and Changqiao, encrypted platforms are becoming an important new entry point for many users to enter the US stock market. Compared with the complex thresholds of traditional securities such as account opening and foreign exchange conversion, the encrypted market has a certain channel advantage with extremely low threshold and stablecoin settlement; This indirectly confirms that the timing for this wave of CEX to promote the transformation of the US stock tokenization comprehensive trading platform is good; 3) Among the more than 7000 stocks and ETF targets provided by Binance, approximately 71% of the stock holdings are allocated to the AI technology sector, which is sufficient to demonstrate the attractiveness of AI mainline narratives such as storage, semiconductors, and optical modules to market funds. It also indicates that the encryption community and AI technology narrative are highly resonant, and most encryption users' accumulated knowledge of computing power, semiconductors, AI infrastructure, etc. can easily become the main narrative investment group for AI. The above. Overall, CEX's promotion of US stock tokenization is still in a very early stage, with a trading volume of $3 billion compared to Nasdaq. Even compared to the current pure cryptocurrency native asset trading volume, it is insignificant, but this is just the beginning and there is definitely greater room for growth. For CEX, the greater significance is that the encryption platform can "replace" traditional brokerage platforms and become a new global investment target access platform and infrastructure.