《IOSG: What You’re Buying on CEX Isn’t Really U.S. Stocks – Breaking Down the 94% Clearing Monopoly and Equity Dissipation Under a Five-Layer Pipeline》 (Authors: Ethan & Xinyang) By 2026, U.S. stock derivatives and tokenization will coexist: Tokenized assets are restricted by a five-layer structure, with voting/dividend transmission hindered, and SIPC protection leaving a vacuum. Alpaca monopolizes clearing custody, ITN improves information synchronization but hasn’t achieved instant clearing. The traditional API route remains stable, while DTCC’s future pilot may provide a trust anchor, fostering coexistence of multiple systems and gradual integration into a digital capital market. Read the full article: https://www.(wublock123.com)/articles/article-59174