The topic of US stocks going on-chain has been discussed quite a bit, and many friends believe that US stocks on-chain are the best RWA products, thinking there will be a very large market. I even saw some institutional research reports that are very optimistic about this track, but is it really the case? I can't say how it will be in the future; perhaps there will be new developments, but right now, this track is actually a mess.

I won't mention the few platforms to avoid making it uncomfortable for everyone. Dune has the data; interested friends can take a look. Since a few major platforms started to publicly promote their entry into the US stock market in 2025, the data can only be described as dismal. Over 1,000 DAU and daily trading volume of two to three million dollars is currently considered a good level for US stocks on-chain.

A few large platforms were able to maintain over a hundred million dollars in trading volume in the early stages, but as time went on, the volume has been decreasing. The reason for this decline is actually very simple: the user positioning has been wrong from the start. It's like trying to promote a US-based prediction market in the Chinese market; it's very difficult to succeed.

For US stocks, those who are eligible have already opened accounts with compliant brokers. What is the reason for trading US stocks on-chain? If it's to avoid KYC, they will eventually find that if they want to settle, it will be extremely difficult, and the KYC process cannot be completely avoided. The claim that trading with stablecoins avoids the issues of USD inflow and outflow is actually a false proposition.

The conversion of stablecoins to USD is not a very complicated matter for those who can open accounts for US stocks. The only thing many friends lack is an overseas identity. Many might say that there are more people without overseas identities; how can these people use stablecoins to trade US stocks?

The most fundamental question lies here: are there really that many people in the cryptocurrency space wanting to trade US stocks? If an investor doesn't even care about the rise of $BTC and rarely buys spot, focusing more on contracts and leverage, then what is the point of trading US stocks? The volatility of US stocks is much lower compared to cryptocurrencies, which means the space for long and short positions is comparatively smaller.

Many friends also say that tokens from US stocks going on-chain can enter the DeFi space, which is actually the biggest joke. True DeFi has never been about creating assets out of thin air; all DeFi that relies on printing assets out of nothing struggles to survive for long. Moreover, the biggest use of DeFi right now is in collateralized lending, and tokenizing US stocks fundamentally cannot achieve unified standards, and settlement is not something an average person can accomplish.

What is the purpose of collateralizing US stocks on-chain? What is the difference from cryptocurrencies? It's just a shitcoin masquerading as US stocks, at least that's how it is for now.

Still, I firmly believe in RWA and the development of on-chain brokers, but simply putting US stocks on-chain has little to do with on-chain brokers. The role of brokers is to issue assets, not to transfer assets.

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