Think of a picture. You are not in the United States and do not have a local identity or banking system. The traditional process of account opening, deposit, and review by securities firms is like a wall to you. But for users in eligible regions, opening the Binance wallet and clicking on Markets>Stocks can buy tokenized stocks of Apple, Tesla, and Nvidia. Pay with USDC. Trading covers 24/5 hours, and some assets have achieved 24/7 coverage. After buying tokens, you can also mortgage and borrow money in supported DeFi protocols. This is not a proof of concept. This is something that is running. Ondo Finance launched Ondo Global Markets in September 2025, and by May of this year, TVL had surpassed $1 billion, with a cumulative trading volume of $18 billion. The world's first tokenized stock platform has achieved this level of scale. eight months. Traditional securities firms may not be able to expand into certain markets in ten years. A blockchain protocol has been implemented. When most people talk about "cryptocurrency+US stocks", their intuition is that the cryptocurrency market is bearish and funds are running to buy US stocks as a safe haven. You carefully examine the data, the direction is correct, but the path is incorrect. Bitcoin has fallen significantly from its peak last year, not to mention knockoffs. But a considerable portion of the money flowing from encryption to the US stock market has not left the chain at all. It may have simply been withdrawn from DeFi positions, stablecoin balances, or other crypto asset exposures and replaced with tokenized Apple and Nvidia. This is not 'cryptocurrency capital flight'. The money has changed lanes, but it is still on the chain. Ondo Stocks has gone from zero to 1 billion TVL in eight months, with a cumulative trading volume of 18 billion. Every dollar no longer has to be deposited into the user's own traditional brokerage account first. Traditional clearing and settlement, as well as deposit and withdrawal, are still limited by working days, banking systems, and brokerage processes. And stablecoin entry, on chain settlement, and tokenization encapsulation are completely rewriting this path. Another thing is more worth pondering. The total market value of global stock markets is approximately $150 trillion. http://RWA.xyz According to data, the tokenized US stock market currently has an on chain scale of less than 2 billion US dollars. Not 20 trillion. It's 2 billion. To calculate the permeability, several zeros need to be added after the decimal point. This means two completely opposite interpretations: Those who are bearish say: It's been almost a year and only 2 billion, but Wall Street isn't panicking at all Many people say: 2 billion has already passed, and there is a gap of 15 trillion behind This has happened too many times in history. In 2009, some people said that Bitcoin would not exceed $1, in 2015, some people said that ETH had no real use cases, and in 2019, some people said that DeFi was just a wool party game. Whether a market can grow or not never depends on how big it is today, but on whether the problems it solves are real. The problem solved by tokenizing US stocks is too straightforward: there are a large number of investors worldwide who cannot buy and sell US stocks smoothly due to location restrictions. It's not that I don't want to buy, it's that the path is stuck. Let's take another look at what our competitors are doing. Solana's on chain US stock token spot saw a weekly trading volume of $1.29 billion in mid June. Binance bStocks has been online for 15 days, with holdings exceeding 100 million and trading volume of 458 million. Hyperliquid has been continuously listed on the US stock market for 10 days and has earned 2 billion yuan. Robinhood's stock token promotion is not enough, they have built their own chain. Note one thing: Solana and Hyperliquid are following the path of spot DEX and perpetual contracts, while Binance is following the combination of wallet, tokenization, and CEX. Three groups of people are using three completely different paths to enter the same market. This is not an industry consensus. Everyone saw the same thing, running away with their own weapons. SEC Chairman Paul Atkins has publicly supported the establishment of a clearer regulatory framework for tokenized securities and believes that the US market may accelerate towards blockchain in the coming years. Finally, let me make a few personal judgments. The world's largest traditional securities firms and asset management platforms - Jiaxin Wealth Management, Fidelity, and Interactive Brokers - collectively manage assets and enterprise value at the level of a giant. What is the foundation of their profitability? Channel monopoly and process monopoly. Investors need to go through them to buy and sell US stocks, and this' must go through me 'gives them pricing power. The Ondo+Binance wallet solution has transformed the concept of 'must go through me' into 'you can participate on your own'. Stable coin entry, fast on chain settlement, DeFi composability - there are more direct alternatives on the chain for every step that traditional securities firms require you to queue for approval, clearing, and receiving funds. Of course not overnight. The compliance framework is still evolving, liquidity is still accumulating, and user habits are still migrating. But the interesting thing about this is not that it has already happened, but that it is happening now. 1 billion TVL and 18 billion transaction volume in eight months. Pushing the decimal point back two places results in trillions of dollars. Pushing three is the moment when the traditional financial system needs to readjust to a new set of rules. The cracks in the wall that Wall Street spent a hundred years building are already visible. Binance