There have been many discussions on the liquidity issue of tokenization in the US stock market. Here are a few solutions: 1. Motivate liquidity pool 2. Institutions/market makers provide liquidity 3. High performance real-time transaction matching Incentive liquidity pool: Simple and crude, it belongs to the practice of inheriting the previous cycle, which is to incentivize LPs with tokens. A typical case is Mirror. Currently, xstocks does not have any incentive actions, making it difficult to start trading. Institution/Market Maker: The core is to open up arbitrage channels. Market voices are concerned about compliance issues, but in the current trend, I think someone will definitely take the lead. In principle, as long as institutions/market makers have both issuance and redemption powers, arbitrage can be completed, which is a profitable business. High performance instant trading: This plan was proposed by Ondo. Simply put, you can make a purchase request one second and quickly complete the stock purchase and issuance of tokens on the chain the next. This plan does not rely too much on on on chain liquidity and basically inherits the liquidity of the stock market. The intermediate solution is to play a matching role. These several solutions actually revolve around one core, which is the arbitrage channel. The on chain prices are provided through Oracle and anchored by arbitrage. If the friction between casting and redemption processes is too high, the arbitrage efficiency will decline. I have looked at the backed finance solution behind xstocks, which supports any qualified investor who has passed KYC review to cast and redeem stock tokens. These users pay stablecoins to backed, and backed completes stock trading and redemption through cooperative securities firms. These users actually have arbitrage ability, but the channel is not smooth enough and the quantity is not enough. But compared to the previous cycle, there have been significant changes in the regulatory environment and technological conditions, which are sufficient to support this market. What is lacking is whether there is a 'big brother' to drive this matter forward at full capacity.