How long does it take for other exchanges to catch up with the advantages of Backpack ✍ Simply put, depending on different competitors, it may take 6 months to 3 years or more. The structure of Backpack is "US broker+physical 1:1 redemption". If other cryptocurrency exchanges want to catch up, it will take at least one year; If it is a licensed platform like Robinhood, it will take at least 6 months. In the cryptocurrency industry, and even in the emerging RWA (Real World Assets) industry, having an advantage of at least 6 months to 1 year means such a huge gap that everyone knows. So, I won't go into too much detail. Let's go eat kimchi stewed pork .. ① MiCA (European Market Infrastructure Act) - not an advantage, can be caught up in 4-9 months. Backpack obtained MiCA CASP and Payment Authority (PSD2) licenses from the Central Bank of Latvia on May 27th, combined with MiFID II licenses obtained through the acquisition of FTX EU (CySEC) in 2025, thus obtaining triple licenses in 27 countries of the European Union. However, MiCA itself is not uncommon. According to ESMA's registration list, 359 companies have obtained MiCA licenses, including Coin Standard, Coinbase, and OKX. The new application processing time is approximately 4-9 months, so it is difficult to differentiate solely based on MiCA. ② MiFID II - A Case Study of Shortening Time through Acquisition. Selling tokens in the form of "securities" in the EU requires a securities license, not a cryptocurrency license. Backpack solved this problem by acquiring FTX EU instead of applying directly. Competitors can also achieve this within one year by acquiring companies that have already obtained licenses. ③ American brokers+1:1 physical redemption - this is the real advantage. The tokens of Backpack are actual securities under Article 8 of the UCC in New York State, with the right to cash dividends, corporate actions, transfer to other securities firms, and can be redeemed as physical securities on a 1:1 basis. The company also stated that it uses ACATS and DTCC systems. In contrast, many competitors adopt a structure of price tracking through Jersey SPVs (Special Purpose Vehicles), which makes physical transfer impossible. To catch up with this, one needs to have American broker qualifications. Although SEC registration takes 45 days, FINRA's membership review process is lengthy and involves multiple steps. Even acquiring an existing brokerage firm requires obtaining FINRA's Change of Control Approval (CMA), which takes 180 days. In addition, it is necessary to add liquidation, custody, nominal registration of partners, and handle operational processes such as dividends and tax agreements. Therefore, I estimate that the following time will be required: *Companies that already have American broker qualifications (such as Robinhood): 6 months to 1 year. This mainly depends on whether one is willing to change the business model from a tracking model to a physical equity model. *Offshore exchanges without US broker qualifications (such as Coin Standard, OKX, Bitget, etc.): at least 1.5 to 3 years. For companies like Binance that cannot actually enter the US market, this is almost impossible. ④ Variable - DTCC's October service may weaken the advantage of Backpack. If DTCC's tokenization service goes online, all participants of DTC (Deposit Trading Company) can create physical based digital twins. That is to say, there is a high possibility that the "physical correlation channel" will become popular within 1-2 years. At that time, the remaining advantages of Backpack will no longer be the channel itself, but rather liquidity and trading volume. And these data have already been revealed. Although Backpack only holds about 4% of the tokenized stock supply, it accounts for 64% of the trading volume. Although its biggest competitor xStocks has 68% of the supply, its trading volume is less than half. In addition, the CEO also announced yesterday that it will increase to 200 stocks, with each stock increasing to 10000. In summary, even with optimistic estimates, regulatory advantages will take at least 1-3 years. During this period, whether Backpack can consolidate network effects through trading volume and stock quantity will be the real key BP @Backpack_CN @Backpack