Recently, there have been more and more plans to buy US stocks on the blockchain, and Gate has just launched "Gate Stocks". Gate's approach is to allow users to directly buy real US stock spot with stablecoins, without the token layer in between. How did Gate's US stock market run smoothly? Users place orders to buy a certain US stock using stablecoins (USDT) in the Gate App, and the underlying platform follows the US compliant licensed brokerage chain, directly connecting to the liquidity depth of NYSE, Nasdaq, NYSE Arca, NYSE American, and BATS to buy the corresponding number of real stocks. These stocks are cleared through DTCC and held in DTC custody. The trading involves real stocks in the real market. This is a stablecoin version that introduces the Omnibus IB broker model. All the assets of end customers are consolidated into a total account at the clearing end, and the clearing agent only sees the overall net position without seeing the details of each customer. Compared to tokenization schemes, the endpoint of this chain is the real stocks under your name, eliminating the step of minting coins. Who is Alpaca, a cooperative securities firm? Many people's first reaction when looking at a US stock plan is whether the page is effective or not, but in fact, it is the brokerage firm behind it that truly decides whether it is reliable or not. Exchanges including Gate are collaborating with Alpaca this time. Alpaca is a licensed brokerage firm in the United States that holds a brokerage/broker dealer license and is qualified for self clearing broker dealer. It is also a member of SIPC. The meaning of these identities stacked together is that you are buying and selling real stocks in the real US stock market, and the delivery is carried out through the US standard central securities custody and clearing system (DTCC clearing, DTC custody). The account level is also covered by SIPC's member protection mechanism. 3. Solve the three major pain points of on chain US stocks: liquidity+depth difference; Sliding point high; Cannot enjoy dividends and other benefits 1) 1:1 real assets. The bottom layer comes directly from Nasdaq and NYSE, and what you buy is real circulating stocks without the packaging of synthetic or price indices. 2) Brokerage level liquidity. The biggest headache for US stocks on the chain in the past was liquidity matching on the chain, which was much different in depth from the New York Stock Exchange and Nasdaq, with large price differences and obvious slippage. Gate trading (excluding large orders) directly connects with the five major exchanges and trades at the best national buying and selling price NBBO. 3) Real dividends. Dividends are automatically distributed to Gate accounts in the form of stablecoins, which are received directly after tax, just like the experience of holding shares in Tiger and Futu. There is no need to chase, apply, or withdraw funds. 4) Low cost. Stable coin settlement throughout the process, no exchange losses, and funds available immediately. There is no holding cost for spot positions, contracts have funding rates, CFD has overnight fees, and spot positions do not have any. The transaction fee is the same as the spot price. 5) The asset range is large. There are only a few hundred common tokenization schemes, and Gate can connect NYSE, Nasdaq, NYSE Arca, NYSE American, BATS at once, supporting more than 10000 stocks ETF、REITs、 Preferred stock Warrant， Still adding. From these perspectives, Gate's real spot trading model circumvents the structural weaknesses of tokenization schemes such as Ondo and xStocks, and is not the same as CFD contracts such as stock token contracts. Why is it said to be a big step I have always been paying attention to the direction of cryptocurrency brokers, stable coin deposits and withdrawals, and obtaining nearly unlimited US stock liquidity through compliant US stock broker links. The tokenization scheme is to use the coin layer to put real assets on the chain. Gate currently saves this layer and combines the efficiency of encryption (stablecoin settlement, no exchange losses, low threshold) with the compliance of traditional finance (real stocks, real clearing, real dividends). What you receive is the stock itself, without the need for another token. It also has trade-offs. Without the token layer, the composability of DeFi on the chain is not as open as that of tokens. Gate's margin trading and one click securities transfer are still on the way, and currently it is mostly the ability within the platform. But for most people, the purpose is to buy real stocks with USDT, receive dividends with peace of mind, and one less layer of packaging means one less layer of risk. Gate was laid out quite quickly this time, with five major exchanges and tens of thousands of assets all listed at once. Roll up and fly up.