As long as there's money to be made, people will play the U.S. stock market. The flow of money is unstoppable. Given that, the benefit of tokenizing stocks for the crypto market is that at least the money stays within the crypto ecosystem. The transition also feels more natural. Tokenizing stocks is just the beginning—the era of tokenizing all assets is bound to come. Infrastructure like Ethereum will eventually support tens of trillions, even hundreds of trillions of dollars, though it will take several cycles to get there. The tokenization of U.S. stocks is developing rapidly. The combination of U.S. stocks with memes, and U.S. stocks with DeFi, is just the start. This will kick off the era of on-chain assets. To break it down further: tokenized U.S. stocks grew from around $700 million at the start of the year to a distributed value of roughly $2–2.8 billion by August. The key factor is circulation: in the 30 days leading up to the end of August, transfer volume reached approximately $29.5 billion—a massive month-over-month surge. The number of holding addresses expanded from hundreds of thousands to over a million. "U.S. stocks × meme" + "U.S. stocks × DeFi" is already happening on Ethereum L2 Robinhood Chain: Stock tokens are no longer just tracking tools—they're being used as pricing currencies, pool assets, and narrative collateral. This drives demand → more stock tokens get locked into meme pools → spot pools thin out → authorized participants mint more to replenish inventory. This marks the first proper operation of the DeFi machine on traditional assets—this is what the "era of on-chain assets" feels like. Once assets are on-chain within the Ethereum ecosystem, it will further solidify Ethereum's position as the "world settlement layer." Over time, network effects will only grow stronger.