It is of great significance|Buy U.S. stocks with currency, no dollars, no banks, no KYC! This wave of operation is very top! Kraken and Bybit and even Robinhood have launched coin stock trading platforms - It means that you can buy U.S. stocks directly with digital currency seamlessly, without exchanging for US dollars, without binding bank accounts, and without KYC. The logic is also very simple, the exchange buys U.S. stocks for custody and then issues a corresponding digital currency on the chain, and you can exchange it with other digital currencies. And most importantly: no restrictions on mainland KYC! It seems that this moment has become a hot spot in the industry: The play of currency stocks has also been mentioned countless times in the last cycle, but it should be because compliance is stuck and cannot be implemented, and the liberalization of Trump's family secret policy has indeed made everyone let go of their hands and feet, after all, the pure inflow of external funds is good for U.S. stocks, and the Trump administration is also happy in its heart! What do I think about this- In fact, the essence of these coin and stock platforms is to simulate a securities market in a digital currency exchange. Kraken, Bybit, and Robinhood have evolved from a "spot exchange" to an "all-asset trading platform". This is a major shift that represents an industry trend = crypto exchanges gobbling up brokerage logic. Coinbase has been planning a similar model for a long time, and Kraken has also applied for a U.S. brokerage license, and the next step is likely to be the "on-chain transformation of U.S. stocks". The "free financial attributes" of crypto assets have been strengthened again, which is good for both US stocks and bitcoin, but now it is still a small tree and still growing. Things that I think might continue to evolve -- 1) Take the stock token to the on-chain mortgage loan, 2) A compliant DAO fund with a KYC whitelist buys U.S. stocks, 3) U.S. stock companies take the initiative to go on-chain and issue dual-token models? At the same time, I also think that there are some problems in this, and I know that friends can discuss them together- 1) Legal gray area: who will guarantee the liquidation of on-chain stocks? Is the pegged stock really 1:1 escrow? 2) Cost of trust: Is the "stock token" issued by the exchange a "non-regulatory security"? How is synthetic assets different from the FTX era? 3) Arbitrage Channel? Will the spread arbitrage between U.S. stocks and coin stocks form a new Degen playground? I think this is just the beginning, like a tentative charge that has just begun. On one side is the U.S. stock market, on the other side is the currency circle, the two worlds were originally incompatible, but now they are connected by the intermediary of "currency stocks". It could be either an innovation in cross-border finance or another gray arbitrage field that has not exploded. But in any case, once the opening is torn open, it is difficult to sew it back on. Good for industry trends!