This week, there was a signal that was more noticeable than the collapse of US stocks: US stocks began to be able to borrow money as collateral on the chain. Aave has partnered with Coinbase to launch US stock collateralized lending on Base, where tokenized stocks such as AAPL, TSLA, and NVDA can be directly collateralized with USDC. Since its launch, it has deposited approximately $9.6 million and lent out approximately $4.1 million. At the same time, Robinhood Chain's lock up volume reached a new high of $1.14 billion, and Morpho also integrated Robinhood stock tokens as collateral. My judgment is that the competition for tokenized US stocks is changing course. Previously, we were comparing whether we could buy it, but now we are comparing what we can do after buying it: whether we can borrow money as collateral, whether we can hedge, and whether we can adjust our position 24 hours a day. Trading US stocks with USDT is just the starting point. The real use of assets on the chain is what sets us apart from traditional securities firms. The risks also need to be clearly stated. The deposit of 9.6 million US dollars is still very small in the entire US stock market, with shallow liquidity. Moreover, when the US stock market is closed, on chain trading continues as usual. In the event of last night's sharp decline, the price fluctuations and liquidation risks of the collateral will be amplified. The direction is correct, but it is still very early.