I estimate that many friends will ask whether the US stocks bought on the chain are considered tokenized assets and whether they may become collateral for derivatives. In my personal understanding, currently all "US stocks" sold on blockchain platforms are not real US stocks. Even if some platforms claim to be redeemable, convertible 1:1, or even claim to correspond to real stock positions, this does not mean that they are truly US stocks. The reason is simple, because currently the vast majority of platforms are not regulated securities registered under the US clearing system (DTCC, NSCC, DTC), nor are they held by compliant securities firms or custodians through formal securities accounts. Of course, only for now. Currently, most of the US stocks on the blockchain are essentially a mapping or contractual substitute for the naming of US stocks, which can at most represent the price fluctuations of corresponding assets, and are not legal "stocks". They do not have direct voting rights, direct agency rights, legal ownership, and cannot enter the margin and collateral system of the US regulatory market. To truly become collateral for derivatives, the following conditions must be met: 1. It must be a regulated securities, that is, stocks registered under the SEC and FINRA systems and held in custody in DTCC. It must be kept by a compliant custodian institution, including custodians at the level of banks, regulated trusts, and clearing houses. 2. The collateral must be recognized by the liquidation, supervision, and risk control system, and each unit's collateral must be traceable, frozen, and cleared in the liquidation chain. The underlying assets cannot be tokens issued by the platform itself, and now the vast majority of on chain US stocks belong to this category. So most on chain US stocks look like stocks, and their prices are also linked to stocks, but they are not securities, not ownership, nor collateral that can enter the traditional financial system. A truly compliant tokenized stock must be a "real stock" on the chain, rather than a simulated stock on the chain. At present, there is only one company in the United States that is compliant and can be sold to retail users. It has publicly announced that it has obtained FINRA Broker Dealer license and is allowed to provide tokenized Securities services to retail users in the United States. However, almost all of our partners are unaware of this company, which is not any of the commonly used ones on our blockchain. Bitget VIP， Lower rates and more generous benefits