The cryptocurrency brokerage model has welcomed a new heavyweight player, and another top exchange - Bybit has entered the market. I have always been optimistic about this model - stablecoin deposit and withdrawal+compliant US stock broker link, which almost perfectly combines the efficiency of encryption with the real rights of TradFi. Bybit's real stock business has been officially launched, giving cryptocurrency market users another silky smooth option. Simply put, Bybit's move this time is a typical "crypto brokerage" gameplay. Discuss several core points of personal understanding: 1. The core model of Bybit's new US stock business: a hybrid of encryption front-end and brokerage back-end Bybit's US stock business is directly connected to the compliant US stock brokerage chain, with the order entry point on Bybit and subsequent securities trading undertaken by partner brokers. Specifically, Infra Capital Limited acts as an intermediary broker, and orders are executed through Alpaca. The clearing, settlement, and custody of US securities are provided by Alpaca Securities LLC. Eligible positions can receive dividends, and company actions such as stock splits will also be reflected in the positions according to product rules. Stocks, ETFs, and other similar assets in mainstream markets such as the New York Stock Exchange and Nasdaq can be traded through Bybit accounts. Users' stock orders on Bybit are traded directly on the US stock exchange through the compliant broker link. So Bybit, this encrypted front-end+brokerage back-end model, is also a typical stablecoin or encrypted version of the "introduction broker+white label model". It has been sorted out here before at https://(x.com)/qinbufark/status/2058155759696019533. The compliance history of Chinese American stock brokers is brief. In fact, Tiger Securities used this "introduction broker+white label model" before its IPO in 2019. 2. Characteristics of Bybit's US stock business 1) At present, this business supports USDC. Users must complete KYC 2 before they can participate in stock trading through a unified trading account and view and manage stock holdings in the familiar Bybit portal. This is more straightforward for those who already hold USDC: if you want to use a portion of the funds to allocate to supported US stocks or ETFs, you can complete the relevant operations on the platform. 2) The scope of this announcement is over 1000 US stocks and ETFs, covering all popular stocks. Securities that support fragmented stocks, eligible trades can start from $5, and fragmented stocks make the allocation amount more flexible. 3) On the funding side, users holding USDC can exchange it for US dollars on the platform to purchase stocks. Securities trading is still settled in US dollars, following the T+1 rule. For those who already hold stablecoins and have a need for US stock allocation, this can reduce some of the steps of arranging funds across platforms. 4) Real equity+exchange level liquidity: 1:1 endorsement of real US stocks (non synthetic index), no longer the fake equity of "automatic price adjustment". TradFi's integration into the encrypted world is worth paying attention to Traditional securities firms excel in transaction execution and custody, which can be connected to encrypted platforms through cooperation; Users who are accustomed to managing funds on the platform have gained access to the stock market. For users, the change is reflected in daily operations: the account that was originally used to trade Bitcoin can now also be used to manage US stock holdings. Coin market users can 'go straight to Wall Street without leaving Bybit'. Essentially, Bybit is helping cryptocurrency users simplify the process of "trading US stocks" from a tedious TradFi process to being as simple as trading cryptocurrency. It is equivalent to pulling the user stickiness of CEX up another step. From a personal perspective, the cryptocurrency brokerage model has evolved from a "concept" to a real battlefield in 2026. CEX players are rushing in, not to grab stock, but to keep cryptocurrency funds and users in their own ecosystem, while enjoying the dividends of the wealth effect of the US stock market. Bybit's US stock business this time is equivalent to taking "real stocks+encryption efficiency" one step further. For ordinary users, there is another reliable option!