Tokenized U.S. stocks are a pretty hot topic, but the core focus, beyond the underlying assets themselves, lies in three key factors: liquidity, transparency, and capital efficiency. These three factors essentially determine whether tokenized U.S. stock trading is just another fleeting product dressed in Crypto clothing or a new way to trade global assets in the future. Because Tokenized ≠ Liquid. Just because an asset is tokenized doesn’t mean it naturally has enough depth, tight bid-ask spreads, or a good trading experience. I recently tried trading U.S. stocks on BG @Bitget_zh during market hours and took a quick look at the order book for rNVDA/USDT. The page showed: Sell 1: ~198.62 Buy 1: ~198.57 Spread: ~0.05 USDT Spread percentage: ~0.025% Judging by this bid-ask spread, the base quote for rNVDA is relatively tight. At least for small-scale users, the trading experience at first glance doesn’t feel like the spread is outrageous. I also tested rTSLA, rAAPL, and rMSFT, a few top-tier assets, and the experience for small orders was generally decent. Especially during U.S. market hours, the order book activity was noticeably better. Additionally, I tested limit orders by placing an order for rTokens to see if there was real market-making and how many people were willing to take orders near reasonable prices. The activity was better than I expected. At least for small trades in top-tier assets, the trading experience has already reached a relatively mature stage. What will truly determine whether rTokens can succeed isn’t how many U.S. stock assets are listed, but whether they can consistently provide stable liquidity, transparent order books, and low trading friction when users actually want to buy, sell, or allocate. So, my take on tokenized U.S. stocks is this: The direction is right, and the demand is real. If rTokens can continue to address the issues of liquidity, transparency, and capital efficiency in the future, then they won’t just be a short-term trend—they could become an important bridge connecting Crypto with traditional financial assets.