The fusion and surge of stock tokenization and token securitization. 1. Stock tokenization is in full swing: Today, Kraken's tokenized stocks officially launched trading on Solana through XStocksfi; Two insiders from Robinhood revealed to Bloomberg that they are developing a blockchain-based platform that allows European retail investors to trade U.S. stocks. The technology selection for this platform may be Arbitrum or Solana, and the specific partner selection is still ongoing; In mid-June, Coinbase's Chief Legal Officer, Paul Grewal, revealed that the company is seeking SEC approval to launch its "tokenized stock" service. Bybit announced today the launch of xStocks in collaboration with XStocksfi — a fully collateralized, freely transferable top-tier U.S. stock tokenization on-chain product. The vision of U.S. stocks on-chain from March is rapidly becoming a reality. 2. Token securitization is also gaining momentum. Token securitization is transitioning from the MicroStrategy case to a new direction of capital operation. Many companies listed in the U.S. and Hong Kong are similar to MicroStrategy, incorporating certain tokens into their valuation system through stock issuance, financing, and merger transactions. Mainstream stablecoin issuers like Circle are also choosing to go public in the U.S., with Kraken, Gemini, and others queuing for IPOs, while crypto companies like OKX, which have already issued platform tokens, are embracing U.S. stocks, hoping to gain greater liquidity in traditional capital markets. Platforms like Rumble, which focus on "censorship-free" video sharing and cloud services, have launched a non-custodial Bitcoin and stablecoin wallet integrated into the Rumble platform. This means that Rumble users will be able to use Bitcoin and USDT for tipping, payments, and other operations directly on the platform in the future. With Tether's support, Rumble is expected to rapidly evolve towards decentralized media. Not to mention the previous SEC Chairman, Atkins. 3. Stocks and tokens are fundamentally consistent: stocks are the production relations of the previous era, while cryptocurrencies are the production relations of the next era. From this perspective, the fusion is an inevitable trend that is happening. Of course, this trend poses a greater challenge for tokens. Stocks have undergone two to three hundred years of evolution, forming a complete regulatory framework and value distribution system, with sufficient value core (except for a few fraudulent stocks). However, tokens are currently transitioning from chaos to regulation, which reminds me of the period from the establishment of the Federal Reserve in 1913 to the establishment of the SEC in 1933. Before that, the U.S. stock market was more chaotic than regulated, but after regulation, traditional capital markets experienced significant development. Will the crypto market also experience a similar transformation after undergoing regulatory cleansing? Personally, I believe it is highly likely, but this transitional period will be painful (everyone can already feel it), and it may not be short. 4. Previously, the crypto market was narrative-driven. When most narratives were debunked, it naturally transitioned from last year's decoupling to the current lack of anchoring. This transitional period is the process of re-seeking an anchor. A few months ago, we discussed how stock tokenization could force crypto-native projects to focus more on innovation and value creation rather than merely storytelling. Now it seems that before this forcing occurs, there is a crazy squeeze: altcoins are still maintaining their market value by telling stories, but these stock tokenization products are directly supported by real assets, with prices, liquidity, and supply all benchmarked against U.S. stocks themselves, which is actually a crazy squeeze and draining of small coins. No pain, no gain! 5. Where are the future opportunities? Previously, @HAZENLEE_ had a viewpoint on the compliance landing of On Chain Business or AI Agent concepts. Through Dex and interactions with these projects, value can be exchanged. These new concept landing projects are the "altcoins" of the Web 3.2 era. Whichever completes the upgrade of production relations first, whether it be tokens or stocks, will achieve unprecedented liquidity prosperity. And liquidity is a necessary condition for innovation. 6. As an investor, what should one do? In the face of this fusion trend, it is possible that in the future, assets will simply be assets, regardless of whether they are stocks or tokens, and regardless of primary or secondary markets. Today is about stock tokenization, but in the future, there may be valuable companies issuing tokens directly on-chain, closely linked to their business and revenue, and circulating in both the stock and token markets.