I researched Robinhood's stock tokenization again today. I discovered it and OKXICE operate on two different models. OKXICE aims for a one-step solution, while Robinhood employs a more gradual approach. Perhaps this presents an opportunity for Robinhood in some ways. The main difference between OKXICE and Robinhood: OKXICE follows the US SEC's Innovation Exemption route. That is, for a third-party platform to create "truly tokenized stock" (1:1 backing, with dividends and voting rights), it must notify the issuer, who then has 30 days to formally object. If they object, the token cannot be issued. Currently, approximately 50 large companies oppose it, including Morgan Stanley, Nvidia, Microsoft, and Goldman Sachs. Robinhood takes a different path. They issue stock tokens in the form of debt securities through their Jersey subsidiary, providing only exposure (price tracking) and no real shareholder rights (no voting rights/non-real shareholder rights; dividends are distributed through a multiplier mechanism rather than cash dividends). And currently, they are not sold to Americans. Because they do not fall under the "third-party tokenized stock" exemption framework in the US, the issuer currently cannot use the same mechanism to prevent them. The current situation is: Some companies that oppose OKXICE have had their corresponding tokens listed on Robinhood's blockchain. For example, JPMorgan opposes OKXICE, however, Robinhood has listed JPM-related tokens; similar situations exist with McDonald's stock tokens, etc. Currently, there are approximately 200 stock/ETF-related tokens on the Robinhood Chain, and trading volume is clearly increasing, with some tokens even being used in DeFi lending and other scenarios. Of course, in the long run, the market demand for real stocks will be greater. However, synthetic exposure will eventually be limited, and the long-term direction is the fully compliant path of OKXICE. Robinhood's clever move is to get things started first. After all, to achieve large-scale implementation of true tokenized stocks in the US, more explicit and long-term rules are needed, not just a temporary 5-year exemption. In this context, Robinhood's approach is relatively easier to implement: get it going first, developing offshore synthetic exposure products is a more realistic option. In the long run, truly bringing "full 1:1 tokenized stocks" onto the blockchain is the ultimate goal.