CZ just said: Stock IPOs will go on-chain! This isn’t just CZ throwing out buzzwords—mainstream Wall Street institutions are accelerating the trend of executing IPOs on-chain. What does an on-chain IPO mean? Traditional IPOs require underwriting by investment banks, exchange reviews, and custody by central securities depositories. The process is complex and the costs are sky-high. Tokenized IPOs move stock issuance and ownership records directly onto the blockchain, theoretically allowing investors from any country to hold shares directly without going through multiple intermediaries. This isn’t just CZ’s vision—Wall Street is already taking action. Top investment bank Cantor Fitzgerald is collaborating with tokenization platform Securitize to develop a framework for tokenized IPOs, enabling companies to issue shares via blockchain while maintaining compliance with traditional IPO regulations. DTCC (the institution responsible for U.S. stock settlements) is also expanding its testing, working with nearly 40 financial giants like JPMorgan, Goldman Sachs, and BlackRock to explore stock tokenization. Data shows that the value of tokenized stocks on-chain has grown 16% in the past 30 days, reaching nearly $1.9 billion. What does this mean for everyday investors? In the future, with IPOs going directly on-chain, retail investors could participate in early-stage investments in high-quality global assets without relying on traditional brokerage channels. This could significantly lower investment barriers and make global capital flow more efficiently. The stock market is gradually moving toward blockchain—this is an irreversible structural shift. So, what about China’s stock market?