The convergence and hurricane of stock tokenization and token securitization. 1. Stock tokenization is in full swing: Today, Kraken's tokenized shares are officially listed on Solana through XStocksfi; Two people familiar with Robinhood told Bloomberg that they are developing a blockchain-based platform that will allow retail investors in Europe to trade U.S. stocks. The technology selection for this platform may be Arbitrum or Solana, and the specific choice of partner is still in progress; Coinbase's chief legal officer, Paul Gruval, revealed in mid-June that the company is seeking SEC approval to launch its "tokenized stock" service. Bybit today announced the launch of xStocks, a fully collateralized, transferable, top-of-the-line U.S. stock tokenization product in partnership with XStocksfi. The U.S. stock chain imagined in March is fast becoming a reality 2. Token securitization is also gaining momentum Token securitization is changing from a microstretegy case to a new direction of capital operation. In the U.S. and Hong Kong stocks, there are many listed companies with similar micro-strategies, and a certain token is included in the company's valuation system through the issuance of stock financing, mergers and acquisitions, etc. There are also mainstream stablecoin issuers like Circle, which are directly trading in Krekan, Gemini and other companies that choose to IPO in the U.S. stock market and are still queuing up for IPO, as well as crypto companies like OKX that have already issued platform coins, and heavyweight players in the crypto industry have embraced U.S. stocks in the hope of obtaining greater liquidity in the traditional capital market. There is also a "censorship-free" video-sharing and cloud service platform like Rumble, which has launched a non-custodial Bitcoin and stablecoin wallet that is integrated into the Rumble platform. In other words, Rumble users will be able to use Bitcoin and USDT directly on the platform in the future for tipping, payment, and other operations. With the support of Tether, Rumble is expected to rapidly evolve towards decentralized media. Not to mention the former SEC Chairman Atkins 3. Stocks and coins are logically consistent at the bottom: stocks are the production relations of the previous era, and cryptocurrencies are the production relations of the next era. Of course, this trend is a greater challenge to the currency, and the evolution of stocks for two or three hundred years has formed a complete regulatory system, value distribution system, and sufficient value core (except for a small number of fraudulent stocks). However, the currency is in the process of moving from chaos to standardization, which reminds me of the establishment of the Federal Reserve in 1913 and the establishment of the SEC in 1933. Will the same be true when the currency market undergoes the baptism of standardization? Personally, I believe that there is a high probability that it is, but the current transition period will be very painful (everyone can already feel it), and the time may not be short. 4. Before the currency market, the narrative anchor was fixed, and when most of the narrative was falsified, it was naturally from last year's de-anchoring to the current unanchored, and this transition period was the process of re-finding the anchor. A few months ago, I talked about how the stock listing on the chain can force crypto-native projects to pay more attention to innovation and value creation, rather than blindly narrative. Now it seems that they have to face a crazy squeeze before they are forced to do so: altcoins are still relying on storytelling to maintain their market value, but these stock tokenized products directly support the bottom with real assets, and the price, liquidity, and supply are all benchmarked against the U.S. stocks themselves, which is actually a crazy squeeze and bloodsucking of small coins. Don't break it, don't stand it! 5. Where are the opportunities in the future? Previously@HAZENLEE_ there was a point of view that the concept of On Chain Business or AI Agent was implemented in compliance. And interact with these projects through Dex to exchange value. And the landing projects of these new concepts are the "altcoins" in the Web3.2 era Whoever completes the upgrading of production relations first will achieve an unprecedented liquidity boom in currency and stocks. Mobility is a sufficient condition for innovation. 6. And what should you do as an investor? In the face of this convergence trend, then the future is possible Assets are assets, and there is no distinction between stocks and coins, nor is it divided into primary and secondary levels. Today, it is the tokenization of U.S. stocks, and in the future, it may be that valuable companies will directly issue tokens on the chain, which are strongly related to business and income, and can be circulated in both the stock and currency markets.