Not gonna comment on the rankings from 'solid' to NPC, but let’s dive into another topic that most outsiders might argue about, but insiders see differently: does the auditing firm being one of the Big Four really matter? Does it carry enough brand credibility? When people talk about the Big Four, it’s clearly a traditional finance mindset, treating these firms as the ultimate gold standard. But when you look at how tokenized US stock platforms compete on branding, it’s not just about the “face value” of traditional finance—it’s more about being “goal-oriented.” For example, if licensing is a must, does the license cover securities operations and provide long-term support for tokenized products? Custody of underlying stocks is essential, but how do you ensure real-time verifiability? Beyond annual, quarterly, or daily audits, users probably care more about whether the 1:1 backing is always in place. In other words, if the goal is traditional finance-style annual or quarterly compliance reports, then the Big Four or a name like Grant Thornton definitely has an edge. But if the goal is real-time trustworthiness for on-chain assets, that’s a completely different story. Take @coinbase, for example. As a publicly listed US company, its financial audits are already handled by Deloitte, one of the Big Four, but they don’t make a big deal out of it. xStocks mentioned using Grant Thornton for quarterly audits, which is around the global fifth-largest, but still not one of the Big Four. @bitget takes an even more direct approach, using TNF, a US-based CPA firm specializing in crypto assets, focusing on audit frequency and crypto-native capabilities. For instance, TNF excels at continuous or near real-time Proof of Assets, using on-chain verification and Merkle trees—methods that traditional big firms aren’t particularly skilled at. These are the real keys to risk mitigation. Otherwise, relying on the Big Four’s brand name and loose quarterly audit snapshots still leaves gaps and risk exposure. Also, if you look at the underlying infrastructure of xStocks, bStocks, and bitget rTokens, they all use Alpaca, a licensed US custodian broker. It’s not a “super big name” in the traditional sense, but it stands out with clear regulatory compliance, modernized interfaces, and crypto-friendly APIs, making it a natural choice for many tokenized US stock platforms. At the end of the day, beyond these foundational 'hard skills,' isn’t the real focus on who can actually bring fresh blood (users and liquidity) into the crypto industry?