In fact, Chinese people had been on this path for 30 years before using USDT to buy US stocks. In the past 30 years, the way Chinese people access the US stock market has changed for three generations. In the past few days, I have been thinking that it is also interesting to observe these three historical stages separately: Phase One (1997-2014): Shanghai Hong Kong Stock Connect and US Securities Firms Phase 2 (2014-2024): Chinese securities firms and Hong Kong bank cards Phase Three (Starting from 2025): Stablecoins and cryptocurrency exchanges will inevitably create many opportunities The first stage (1997-2014): QDII and Jiaxin era, the US stock market is a game for the rich The earliest two ways for ordinary people to buy US stocks were: -QDII Fund. Simply put, domestic fund companies issue fund products that can be invested in overseas markets. Due to the control of RMB capital projects, QDII funds are a regulated arrangement that allows domestic institutions to invest in overseas capital markets. You are buying fund shares, not US stocks. The management fee is 1.5-2% per year, and a 40% decline over three years is the entire memory of that generation towards US stocks. -Jiaxin Wealth Management (wire transfer in US dollars to overseas address). The basic terms that were able to use these channels back then were high net worth, foreign enterprise executives, and parents studying abroad. Don't even think about ordinary middle-class people. At this stage, it is quite difficult to catch the US stock market. At that time, the US stock market was the privilege of the wealthy, and ordinary people could only indirectly hold it. The second stage (2014-2024): In the past ten years, Internet brokers have made it the first time that middle-class people in mainland China can buy US stocks with mobile phones The turning point was in 2014. Futu obtained the Hong Kong No.1 license, while Tiger was established in Beijing. The two companies are focusing on the same window. The mobile Internet penetration rate has broken 50%+the Shanghai Hong Kong Stock Connect has been opened+the US stock market has entered the starting point of Tesla/Nvidia Changniu. What they do is to shorten the time for opening a US stock account from 3 days to 3 minutes, and transfer funds from international wire transfers to bank card swiping. Futu was listed on NASDAQ in 2019, with a peak market value of 40 billion yuan. Tiger was launched in 2020. In 2021, Futu's holdings of clients exceeded one million. This decade is the window of dividends for the 80s and 90s generations. You can buy tens of times more apples and hundreds of times more Nvidia. This is the first time that the US stock market has entered the Chinese middle class mobile phone market. You need to go through securities firms, Hong Kong, bank cards, and foreign exchange channels. Phase Three (Starting from 2025): The stablecoin era, which brings the entry point of the US stock market onto the chain At this stage, we need to answer a very core question, Why will cryptocurrency exchanges experience a third wave in 2026? On the one hand, the circulation scale of stablecoins has exceeded 300 billion US dollars, and Asian users settle in USDT on a daily basis; On the other hand, the RWA framework has been integrated, and the underlying stock custody has already implemented a verifiable and redeemable process. From Binance to crypto exchanges such as Bitget and Gate, it is currently the most important form of providing financial services to global users through a globally unified infrastructure. And at the current time point, the US stock market, especially the AI sector, has a siphon effect on global funds, So I think there will be many new opportunities for window dividends emerging at present. After all, we are still in the early stages of history when buying US stocks through encrypted means.