I’ve said it many times before: the U.S. stock market isn’t necessarily a cure-all for the crypto market, but U.S. stock contracts are very likely a new growth driver for crypto exchanges. Compared to some random altcoins, U.S. stocks at least have financial reports to back them up, with real revenue, profits, assets, and valuation systems. Plus, they’re anchored by the largest stock market in the world. The trading demand for companies like NVIDIA, Tesla, Apple, and SK Hynix far exceeds that of most altcoins. The latest stats from @RootDataCrypto already reflect this trend. The open interest for U.S. stock derivatives on @binance has reached approximately $4 billion, with a 24-hour trading volume of $22.38 billion, capturing a 43.22% market share and ranking first. @Gate’s open interest is close to $1 billion, with a 24-hour trading volume of $3.28 billion. It ranks first globally in the comprehensive derivatives score with 96 points and second globally in the spot trading score with 79.55 points. @HyperliquidX has an open interest of $2.18 billion and a 24-hour trading volume of $4.18 billion, ranking third. The biggest advantage of crypto exchanges offering U.S. stock contracts is that they’ve directly applied the mature trading methods of crypto to stocks. Especially with features like high leverage, easy long/short trading, and no need for traditional brokerage accounts, combined with the fact that crypto users are already accustomed to perpetual contracts, for many people already trading in the crypto space, trading NVDA or TSLA feels almost no different from trading BTC. And now, it’s not just about U.S. stocks. Many exchanges are offering users more diverse global stock trading options. For example, Binance just launched contracts for ChangXin Technology today, and Gate had already introduced spot contracts for companies like ChangXin Storage, Unitree Robotics, and CATL (Contemporary Amperex Technology) a while ago. That’s why I’ve always believed that stock contracts won’t bring about a new bull market for crypto but will instead provide exchanges with a completely different growth path. In the past, exchanges competed for funds within the crypto world. Now, they’re starting to compete for funds from regions with financial regulations. If this trend continues, the next phase of competition among major crypto exchanges will likely focus on attracting more users from financially regulated regions, enabling them to seamlessly trade global assets—centered around “USD stablecoins.”