The on chain asset layout behind OKX financing The institutions involved in @ okx financing this time already have business dealings with OKX. Circle's USDC and Ripple's RLUSD have been used on the platform, QRT is an institutional counterparty, and Standard Chartered participates in BUIDL custody. Now these partners have become shareholders again, in addition to their original business, they have also begun to share the equity benefits brought by OKX's growth. Circle - Expand the application scenarios of USDC Prior to the financing announcement, OKX announced the migration of some US dollar spot trading pairs to USDC trading pairs. Users can still see the name BTC-USD, which corresponds to BTC-USDC at the underlying level, while allowing the use of other supported stablecoins for trading. For Circle, this increases the opportunity for USDC to participate in trading. Don't underestimate this change. USDC has developed rapidly in the United States, and an important part of it is that USDC can be used directly as US dollars on Coinbase. Now, the use of USDC on OKX has been promoted, hoping to expand its usage in a larger market. QRT - Provides liquidity for OKXICE The role of QRT should be more important in OKXICE. Trading US stock tokens 24/7 requires continuous capital participation, especially after the US stock market is closed, and the risk of holding positions is still borne by some people. QRT has already provided liquidity to OKX and participated in the expansion of new products and markets. QRT's investment in OKX is more like a collaboration between the two in terms of liquidity and suppliers on the "on chain US stock". From my personal understanding, OKX prefers to provide good products rather than focusing too much on liquidity. Unlike other cryptocurrency exchanges, OKXICE mainly relies on on on the chain, where liquidity is provided by external participants to the on chain pool, while other centralized exchanges access liquidity from the US stock market. Therefore, OKXICE needs external liquidity more to help the pool take on larger orders, reduce slippage, and narrow the price difference with the original stock through arbitrage. Standard Chartered - Provides custody and financial services for on chain US stocks Standard Chartered's main focus in the cryptocurrency field is the custody of BUIDL, which is itself a US asset on the chain. From this perspective, it is highly likely that OKXICE's underlying stocks can be managed and exchanged through junk trading, and even expanded to more collateral and customers through Standard Chartered's cooperation, allowing institutions to allocate funds. And SC Ventures itself is the investment and business incubation department under Zhada, so it can be considered as one. So overall, my personal opinion is that this investment is more like a strategic expansion starting from OKXICE, including Circle, which is a collaboration between "on chain US dollar assets" and OKX.