Binance has truly integrated RWA into the margin system I think this update of bStocks is a big milestone for the RWA track. It's not simply adding a few "on chain US stocks" or a stock token that can be bought and sold, but bStocks has started to be put into Binance's margin system. The first stage of RWA is to put real assets on the chain. This stage has been implemented for a long time. US bonds, stocks, funds, and private equity quotas all have various on chain expressions. But many products stop here. There is a token with a price and a set of underlying asset descriptions, which looks like it has been 'put on chain'. But if this asset cannot be recognized by the account system, cannot be pledged, cannot be included in the margin, and cannot enter the risk control and clearing system, then it is more of an on chain asset voucher. The key to determining whether RWA can move from narrative to product is not whether there is a token, but whether this token can enter the financial system. This is also the most important aspect of bStocks' update this time. —————————— According to Binance's announcement, Binance Cross Margin and Portfolio Margin have included 15 bStocks as qualified collateral assets, and the corresponding bStocks trading pairs also support margin trading. This step represents that bStocks is no longer just a 24/7 tradable US stock price exposure, but has begun to become a collateral asset in the Binance account system. The biggest change here is that tokenized stocks have moved from being "purchasable" to being "usable". The selling point of tokenized stocks in the past was very clear: users could gain exposure to US stock prices with stablecoins, trade 24/7, and avoid friction in traditional brokerage accounts, trading hours, currency exchange, and funding paths. But 'can buy' is only the first layer. If an asset can only be bought and sold, it is more of a price exposure. If an asset can be used as collateral, it begins to become a tool for capital efficiency. This is where the bStocks mortgage feature is really interesting. Previously, bStocks was mainly used for two purposes: holding and trading. Now there is an additional layer: mortgage. As a holding, it provides economic returns related to underlying assets As a trading target, it provides 24/7 exposure to US stocks and ETFs As a collateral asset, it can enter the account system of Cross Margin and Portfolio Margin. Once assets enter the margin system, their nature changes. It is no longer just a passively fluctuating asset in the account, but will be identified by the exchange's risk control system and included in the calculation framework of collateral ratio, discount rate, margin balance, strong balance line, and portfolio account. —————————— So what RWA needs to look at later may not be 'what asset it is linked to', but 'which system it is accepted by'. Similarly, if it is a tokenized stock that can only be transferred on the chain, it is more like a packaged asset voucher. But if it can enter the margin system, it will begin to approach real financial infrastructure. —————————— From this perspective, the Binance product line is actually interconnected. Pre IPO perpetual, providing exposure before listing Direct Stocks， Allow qualified users to buy US stocks and ETFs with stablecoins bStocks， Transforming securities assets into on chain tokenized assets Now bStocks has gone further and become a collateral asset for margin. Looking separately, each step is a functional update. Taken together, this is Binance building a multi asset account closed loop. —————————— In the future, users will no longer just buy Crypto or Stock, but will manage BTC, ETH, stablecoins, US stocks, ETFs, AI stocks, Pre IPO exposure, and tokenized securities collateral in the same account system. This also shows Binance's ambition in US stock market exposure: What it wants to do is not a single trading entry point, but to integrate traditional asset exposure into encrypted trading accounts, allowing it to participate in margin, portfolio, risk control, and fund efficiency. This is the real way RWA enters the encrypted trading system. @binancezh @cz_binance @heyibinance