I'm guessing Xstocks is run by Chinese people, haha. Guys, you can go "collect your eggs"—they've prepared some USDC stocks to issue. Now, both Xstocks (a Kraken subsidiary) and Kraken are entering the Chinese market. The biggest reason is probably the still active user base in the Chinese-speaking region; there are too few users from other countries. And coincidentally—the on-chain stock market has exploded. Whether it's CEXs or DEXs, they're all rushing towards "on-chain US stocks." Something many haven't fully explained: The Chinese-speaking region has a huge characteristic: Buying US stocks has extremely high barriers to entry; obtaining a Hong Kong bank card is difficult. Opening accounts with overseas brokers is troublesome, the fund compliance path is complex, and there are many risk control restrictions. European and American users buying US stocks? Two minutes. Mainland users? Layer upon layer of hurdles. Therefore, if the on-chain stock market succeeds—its biggest potential market will definitely be mainland China. Not because it has the most money, but because there is demand that hasn't been met, coupled with a huge population base, there's still room for growth. Currently, this market is actually being fought between ONDO (supported by Binance) and Xstocks (a Kraken subsidiary), and the outcome in the Chinese-speaking region is crucial. Here's a key point: ONDO and xStocks' stock tokens are not interchangeable. To swap them, you can only do so through a DEX. This means—whoever controls the access controls the liquidity. I've compared the characteristics of the two projects in detail. Comparing the two camps: 🔵 Kraken + xStocks: Stronger compliance, has a segregation mechanism, and is directly affiliated with Kraken. Theoretically, if problems arise, you can find the main body to seek redress. Realistically speaking: If xStocks encounters risks, I can still seek redress from Kraken. If ONDO has problems, Binance won't cover it. If I had to choose? I would choose xStocks. Binance + ONDO: Binance has better Chinese user traffic. But ONDO itself is not a Binance subsidiary. If ONDO has problems, there might be no way to seek redress. Finally, my experience of over ten years tells me: The best benchmark in the US stock market is: The Nasdaq 100 Index (QQQx) Long-term annualized return is close to 10%+ @xStocksFi_zh