It's not difficult to tokenize stocks, but the challenge is to unify liquidity! I just updated the OKX App to version 6.180 and switched to the Fanzhong version in my preference settings, Then I saw the entrance for buying US stocks under the new currency! Currently, we are seeing over 40 tokenized US stocks and ETFs launched, such as XNVDA XCRCL, The first reaction that everyone may see at first glance is: Another channel for purchasing US stocks has been added, allowing everyone to trade Apple, Nvidia, Tesla, and Nasdaq ETFs 24/7 using USDT. But what really deserves attention is not the addition of another entrance to buy US stocks. OK's main focus this time is the unified tokenized stock market. What does it mean? In the past, the same Apple stock could be tokenized by different institutions, but everyone's token name, issuance ratio, custodian institution, blockchain, and order book were different. This is equivalent to dividing liquidity into many small pools due to lack of interconnectivity. What OKX wants to do now is to hide the issuer layer in the backend. In the future, no matter which supported issuer's Apple stock token is deposited, OKX will convert it into a unified Apple stock share, For example, the front-end displays XAAPL and then enters the same order book for transactions. This is a bit like gold certificates issued by different banks, which are all calculated and traded uniformly in grams. This is what Lao Xu @ star_okx has highlighted: creating a more efficient market through global access, continuous liquidity, and programmable settlements. However, currently only xStocks is truly connected, The benefits of this mode are very direct: one ️⃣ Liquidity is no longer fragmented by different issuers, the order book is deeper, and theoretically, price differentials and slippage will be better. two ️⃣ Users do not need to study the token ratio and technical standards of each issuer, and can directly trade USDT without having to transfer money back and forth between securities firms, banks, and exchanges. three ️⃣ New issuers do not need to retrain a market from scratch, but can access existing order books, with issuers responsible for underlying assets and OKX responsible for a unified trading portal. ⁠ I think this logic is likely to change the boundaries of cryptocurrency exchanges: in the future, exchanges may compete not only for how many coins they have, but also for who can sell stocks ETF、 Both commodities and encrypted assets are loaded into the same account, and global transactions are completed using stablecoins. If this model can run smoothly, the institutions issuing tokens should gradually retreat to the backend, and trading platforms that have unified standards, order books, and liquidity will become new entry points. The tokenization of stocks is never just about making stocks into tokens. The real challenge is to unify standards, liquidity, and clarify custody, redemption, and legal rights. This is a greatly improved update!