I have been studying the update of @ binancezh bStocks' margin collateral repeatedly in the past few days, and the biggest highlight is that it has truly connected the entire chain. Upon disassembly, it appears to be a four step iteration, but when taken together, it forms a closed loop of asset efficiency. 1. Prior to listing: Pre IPO perpetual contract Do you want to bet on the valuation of a company that has not yet gone public? Just open Pre IPO perpetual. Although it is not a real shareholding, and the price is roughly known in advance, there are fewer pitfalls to enter. 2. After listing: direct stock Once the company goes public, you can directly use USDT to buy real US stocks and ETFs on Binance. At this point, what you have received is the real equity with dividends, bonuses, and company actions, rather than derivatives. 3. On chain upgrade: bStocks Furthermore, turn these stocks into 1:1 endorsed on chain tokens - bStocks. The advantages are obvious: ·24/7 trading ·Self hosted ·Can be transferred and combined on chain ·Automatic reinvestment of dividends ·Support integration with spot/contract accounts 4. Now: bStocks directly enters the margin collateral system In early July, it was officially announced that the first batch of 25 bStocks would be placed in Cross Margin, Portfolio Margin, and Portfolio Margin Pro as qualified collateral, and the corresponding bStocks trading pairs would also support leveraged trading. This step is the most crucial. Previously, when you held bStocks such as NVIDIA, Tesla, and Meta, you could only do two things: either hold them for dividends or sell them for cash. Now you can choose not to sell them and directly mortgage them to release margin, open other positions, and engage in cross asset strategies. The assets are still in your account, continue to receive bottom tier dividends (automatic reinvestment), while also leveraging efficiency. This is the true 'one asset, three uses': ·Holding positions → earning economic equity ·Mortgage → Release liquidity ·Trading → Support Leverage In traditional finance, stocks, margin, and encrypted accounts are separated. Binance is now consolidating them into a multi asset account, making RWAs truly a part of the trading infrastructure, rather than just 'tradable tokens'. What I personally appreciate the most is that each step is not a proof of concept, but a product that can be used immediately. Of course, currently it is only open to VIP3 and above, and compliant users in the jurisdiction; Mortgage carries the risk of liquidation, while leverage carries the risk of liquidation; The specific mortgage rate and support list shall be based on Binance Margin Data. But the direction is already clear, Binance is pushing "tokenized securities" from "can buy and sell" to a complete closed loop of "can hold, can mortgage, can combine, and can generate money". With each step, we get closer to 'making every asset truly work'. This is the point I am willing to continue paying attention to.