Damn it, from Oura IPO, I saw hope for an ICO, and this time it's time for stocks! In Oura's prospectus, I came across an interesting name: Robinhood. Oura itself still follows the traditional IPO process, but Robinhood's first official entry into the underwriting team indicates that retail securities firms are starting to participate in the issuance process from selling stocks after going public to participating in the promotion before going public. A securities firm with global retail users, tokenized stock products, and on chain infrastructure is entering the primary market, and this signal is much more important than its ranking on the underwriting list. I increasingly believe that the next trend will follow three steps: stock tokenization, stock globalization, and finally stock ICO. The first step is to solve how assets can be put on the chain, the second step is to solve how global investors can reach them, and the third step is to truly tap into the core business of Wall Street. What network does a company use to sell newly issued equity to the world. The biggest problem with traditional IPOs is essentially that the issuance network is too outdated. The company hires investment banks for underwriting, investment bank bookkeeping, institutions first obtain quotas, stocks enter the exchange and custody clearing system, and finally are allocated to brokerage accounts layer by layer. The Internet has turned transactions into global real-time, but the distribution still retains the structure of decades ago. Once stocks are native to the blockchain, KYC、 Equity registration, transfer restrictions, allocation, stablecoin payments, and securities delivery can all be integrated into the same digital infrastructure, and stocks and money can even be settled atomically. This is where the ICO was truly established. What I mean by ICO is that IPOs begin to absorb the strongest issuance capabilities of Crypto: global distribution, 7 × 24-hour fund network, wallet as account, stablecoin as settlement fund, and on chain registration as ownership infrastructure. Compliance requirements still exist, and securities laws will not disappear, but the distribution radius and settlement efficiency of corporate financing will undergo significant changes. Previously, when a US company went public, global retail investors could only wait for their respective country's securities firms to provide entry. In the future, a new stock issuance may face globally verified wallets from day one. Robinhood just sat at the underwriting table today, and the next step may be to directly transfer the IPO quota to the on chain account. The next step is for the stock to exist natively on the chain from the first day of issuance. Stablecoins have globalized the US dollar, while stock tokenization is globalizing the secondary market. Once the primary issuance is completed, Wall Street will usher in a truly stock based ICO era.