Bitget's rToken is pretty interesting—it’s fully adopting a front-end crypto + back-end U.S. stock model. Alpaca acts as the custodian, and it’s a FINRA-registered, licensed U.S. broker-dealer. It’s protected by SIPC with a $500,000 coverage limit, so as long as you’re under that amount, you don’t need to worry about exchange issues. Each rToken corresponds to a specific stock held in Alpaca’s custody account. It’s not a collateral pool; it’s a one-to-one match for every transaction. They’ve also brought in The Network Firm + CPA for auditing. This is more of a Web2-style setup, different from the Web3 approach where assets can just be moved after a snapshot. If you’re interested in using crypto to trade U.S. stocks, you can check out this platform: https://link.(xiaoyinsi.com)/bitget-x