In human terms, it means RWA conversion, which allows on chain brokers to purchase US stocks or bonds in Europe. Compliant on chain securities firms will be the biggest leaders in the RWA field, without exception. On chain securities firms can run at least one T2 exchange level company. And it will be 100% visible within the next cycle. But most likely it's not Robinhood. Robinhood still faces a lot of pressure, and it might even be an Asian company.