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Recently, when I opened Twitter, the screen was full of U.S. stock tokenization. It's no exaggeration to say that if you've not been discussing this for the past few days, it probably means that you have lost touch with the market. "U.S. stocks on the chain" is the biggest hot spot in the market this week. Robinhood launched a stock tokenization service in Europe, while xStocks also launched on Kraken and Bybit. Solana DEX and the Arbitrum ecosystem began to list AAPLx, TSLAx and other trading pairs, and a new set of narratives such as stock tokenization was quickly rolled out. But if you only see the heat and don't understand the structure, then you may become a leek in this narrative. In my opinion, stock tokenization is not essentially a "token", but a stress test of on-chain finance: Can the Web3 world really host the issuance, trading, pricing, and redemption of mainstream financial assets? It's not a heat, it's a structural stress test of on-chain finance From my perspective, our industry narrative is constantly evolving in cycles. As early as 2019, both Binance and FTX tried to tokenize U.S. stocks, but both were eventually shut down by regulators. Mirror Protocol, which used synthetic assets to simulate U.S. stock prices, also died with the Terra crash and SEC regulation. This is not a new thing, but the industry was not very mature at that time. And today's stock tokenization is not a reckless experiment, but a compliance path led by licensed institutions such as Robinhood and Backed Finance. This is a critical watershed. Taking Robinhood as an example, the stock tokenization service it launched in Europe this time has taken an unprecedented closed-loop path of "broker-owned + on-chain issuance". Instead of simply listing a price on the chain, Robinhood is licensed in the EU on its own, buying real US stocks, and issuing 1:1 mapped tokens on-chain. From custody, issuance, to clearing and settlement, and user interaction, the whole process is connected, and the trading experience is basically close to the combination of securities account + wallet. In the early stage, they deployed these tokens on Arbitrum to ensure that the speed and cost of on-chain transactions were controllable, and later they planned to move to the self-built Robinhood Chain, which means that the entire infra should also be controlled by themselves. Although the voting rights cannot be opened yet, because it is necessary to avoid governance supervision, the overall structure can already be seen in the prototype: it is like establishing an almost independent "on-chain securities trading system" at the structural level. For the crypto industry, this is the first time to see a traditional online brokerage, not only has autonomy on the issuance side, but also has carried out a deconstruction of the on-chain structure of assets. From reckless trials to compliance closures This round of stock tokenization is not accidental, as I have repeated before. Essentially, several core variables resonate at the same point in time. The so-called right time, place and people, probably that's it. First of all, there is the loosening of the regulatory level and the clarity of the direction. For example, MiCA in Europe has officially landed, and the SEC in the United States has stopped blindly firing the hammer and has begun to release some signals that "can be talked about and can be done". Robinhood was able to launch its stock token service in the EU so quickly because of its securities license in Lithuania; The fact that xStocks is connected to both Kraken and Bybit is also inseparable from the compliance structures it has built in Switzerland and Jersey. At the same time, since the funds on the chain are indeed looking for new assets to export, the structure of the funds in the market has changed. The gap between traditional financial markets and crypto non-MEME markets is only going to get smaller. Looking at the present, there are a bunch of projects on the chain that have no fundamentals but have ultra-high FDV, and there is no place for liquidity to go there, and stable funds have also begun to find "anchor and logical" asset allocation outlets. At this time, regular armies such as Robinhood and xStocks come in with compliant structures and trading experiences, and stock tokens become attractive. It's familiar, it's stable, it has a narrative space, and it's also tied to stablecoins and DeFi. The combination of TradFi and Crypto has gone deeper and deeper. From BlackRock to JPMorgan Chase, from UBS to MAS, traditional financial giants are no longer standing on the sidelines, but are really building chains, running pilots, and doing infrastructure. As the most mainstream and recognizable asset, stocks will obviously become the preferred choice for tokenization. Is the on-chain of traditional assets an opportunity for crypto or a threat to projects? Jiayi's subjective view: Looking ahead, stock tokenization will most likely not be an explosive growth curve, but it has the potential to become a very resilient infrastructure evolution path in the Web3 world. The significance of this narrative lies in the fact that it has brought about two important structural changes: first, the asset boundaries have begun to truly migrate on-chain, and second, the traditional financial system is willing to use the on-chain method to organize part of the transaction and custody process. These two things, once established, are irreversible. So, is it good or bad for stocks to rush for Crypto project liquidity? In my opinion, this is a typical double-edged sword. It brings higher quality assets, but it also subtly rewrites the flow structure of funds on the chain. From the Front: 1. The entry of "blue-chip assets" in traditional finance has given new places for on-chain funds, and has also added some options for the allocation of "stable assets". In a market where the narrative rotates too fast and funds move for a long time, this kind of assets with a clear structure and realistic anchor points are actually helping liquidity regain the basic coordinates of "where to allocate and where to match". 2. At the same time, this will also bring about the "catfish effect". As soon as the strong narrative asset of U.S. stock tokenization came up, the benchmark of the entire chain was raised, which will inevitably push the overall quality of Web3 projects to go up. Let's just let the garbage project be eliminated from the market, in my heart. 3. Crypto players can directly buy stocks in the form of Cypto Native, which reduces the liquidity sucking of the large pool of Crypto by US stocks But look at it the other way around: 1. It also puts pressure on crypto-native projects. Not only will the narrative be robbed, but the capital structure and user preferences on the chain will also be slowly reshaped. Especially when tokenized stocks become liquid and start running perp, lending, and portfolio allocation, it will directly compete with native assets for stablecoin traffic, mainstream users, and on-chain attention. 2. For the project party: it will be difficult to obtain financing. When there is AAPLx, TSLAx, and in the future, tokenized private equity from OpenAI or SpaceX appear in the on-chain asset pool. Investors and users' intuitive judgments about "what is worth investing in" and "what has a pricing anchor" will migrate. Stock tokenization makes us rethink: Is Web3 a system that can carry mainstream assets and real trading behavior? Can we use an open financial structure to rebuild a securities system with lower friction and greater transparency than the traditional market?

Author: X Mere  Over the past few years, the crypto industry has been trying to connect with real-world assets (RWAs), but most of them have stayed at the tokenization of "niche assets" such as bonds, real estate, and art. And Robinhood's latest move may be the watershed of "on-chain mainstream assets" in the true sense. A New Era of U.S. Stock Tokenization: Robinhood's Crypto Breakout and Global Ambitions On June 30, 2025, Robinhood launched an epoch-making tokenized stock trading service in Cannes, France, allowing EU users to trade U.S. stocks through crypto for the first time, which is a substantial step forward in the integration of equity securities and Web3. In this plan, Robinhood will issue more than 200 mainstream U.S. stocks and ETFs into 1:1 pegged on-chain tokens (Stock Tokens), including Apple, Nvidia, Tesla, Google, etc.; At the same time, it includes indirect token exposure products of unlisted companies such as OpenAI and SpaceX. As a brokerage with a U.S. securities license and EU MiCA compliance qualification, this move is not only a technical breakthrough, but also a tipping point for the integration of traditional finance (TradFi) and crypto finance (DeFi). 1. Analysis of Robinhood's stock tokenization mechanism 🚨 Note: Tokenized stocks ≠ traditional stocks. OpenAI and SpaceX have officially stated that they are not cooperating with Robinhood, and that this type of asset is only an indirect simulated position and has no equity relationship. 2. Technical path and ecological layout Phase 1: Deploy Stock Tokens on Arbitrum Arbitrum is used as the infrastructure to quickly integrate with EVMs, Ethereum wallets, DEXs, and more. All tokens can be viewed on-chain records (e.g. etherscan). The liquidity pool plans to connect to protocols such as Uniswap and SushiSwap. Phase 2: Building Robinhood Chain (Layer 2) Robinhood Chain is planned to be launched by the end of the year, built on zk technology (or OP Stack). Realize the closed loop of Robinhood ecological assets (Stock Token, stablecoins, derivatives, RWA, staking services, etc.). Users don't need to switch wallet addresses to achieve "on-chain wealth management" on Robinhood Chain. 3. Regulatory Pathways: Fine-grained in the gray area Paul Atkins, former chairman of the SEC, recently said, "Tokenized securities are an inevitable trend, and more clarity is needed at this time." This statement is seen by the market as one of the signals of the direction of deregulation. 4. Global Competitive Landscape: Platform Technology, Liquidity and Regulatory Game Robinhood's "Licensed Broker Identity + Token Custody" model theoretically has stronger legal endorsements and user trust barriers Why is this step significant? We dismantle Robinhood's stock tokenization + Layer2 strategy from six levels and the far-reaching impact it has had on the crypto industry. 1. RWA is "mainstreamed" for the first time: making on-chain assets truly accessible to global investors Real World Assets (RWA) has been a hot topic for on-chain asset expansion. However, in the past, most projects revolved around real estate, private bonds or art, and there were problems such as high cognitive thresholds, poor liquidity, and vague pricing mechanisms. Robinhood directly introduces the world's most liquid, recognizable, and traded asset class – US equities – and maps them to on-chain tokens. 👀 Compare influence: you tell people "I bought art tokens", and no one understands; But to say "I bought Apple stock (AAPL) on-chain", almost everyone knows what it is. This marks a new era of more mass, higher frequency, and more compliant RWA. 2. Compliance Demonstration: The first real-world model for institutional-grade on-chain asset issuance Robinhood is a US-based licensed broker-dealer and one of the first compliance platforms to pass the EU's MiCA framework. This means: Stock tokens are not "shadow assets", but "on-chain mappings" backed by real stock custody and protected by regulators. This is very likely to become a standard path for financial giants such as BlackRock and Fidelity to enter the chain in the future, establishing a set of compliance templates for institutional-level funds to "test the waters of DeFi". 3. The revolution of the user entry path: a natural transition from stock trading apps to on-chain assets Once known as the "enlightenment tool for retail investors", Robinhood is now starting to direct tens of millions of Web2 investors into Web3: Users don't need a wallet plug-in to trade on-chain assets through Robinhood's account system; Support traditional payment methods for depositing, shielding complex processes such as wallets, mnemonics, and GAS fees; Deliver on-chain financial services through a familiar UI/UX. This is a truly "low-threshold, high-value" user entry channel, which is expected to become the new main force of Crypto customer acquisition. 4. Layer2 New Paradigm: Not Game, Not DeFi, It's "On-Chain Wealth Management" Unlike the previous Layer2 scaling for NFTs or DeFi, Robinhood Chain has a clear positioning: to serve on-chain wealth management scenarios. Hold stock tokens, crypto assets, and stablecoins on the chain at the same time; Realize diversified operations such as financial management, lending, dividends, and reinvestment; Provide hundreds of millions of users with a complex investment experience of "traditional wealth management + on-chain assets". This is an unprecedented Layer2 narrative angle that has the potential to redefine the L2 paradigm. 5. Global trading hours restructured: U.S. stocks can also trade 24 hours a day? Traditional U.S. stocks can only be traded in EST, and if you miss it, you have to wait a day. After the stock token is launched, users can achieve almost 24/5 trading liquidity on the chain, and even up to 7x24 in the future. This is especially friendly to investors in non-US time zones such as Asia, the Middle East, and Africa, and truly achieves: "Anyone, at any time, in the world can participate in the world's best quality asset trading without barriers." This may also gradually affect the traditional market mechanism - causing the mainstream securities market to start to consider the possibility of optimizing the trading structure brought about by "on-chain". 6. DeFi's underlying asset quality has jumped: market capitalization, liquidity, and trust have been comprehensively improved In the current DeFi market, a large number of collaterals are ETH, stETH, LSD tokens or platform tokens, which are volatile and cyclical. And the stock token will: to be a more robust collateral base; Provide stronger endorsement support for stablecoins; Provide more room for creation of on-chain derivatives (e.g., options, ETFs). This has a substantial effect on the "anti-cyclical and anti-credit risk ability" of the entire on-chain financial system. Write at the end Robinhood's launch of stock tokenization and Robinhood Chain is not just a product iteration or chain building, but more like a gong sounding for the crypto industry: "The golden age of on-chain finance will no longer be limited to native assets, but will fully embrace the world's mainstream financial assets." Crypto is no longer the antithesis of the financial system, but is reconstructing the logic of global asset trading with blockchain technology. In the past, we had expected BlackRock to do this, or Coinbase, Binance to do it. But now, Robinhood is the first to take a key step to break through the triple loop of compliance, users, and assets. This will be the "front door" for Crypto to enter the mainstream financial ecosystem, rather than a detour or smuggling.

Written by Zhang Wuji Wepoets With the rapid development of blockchain technology and the digital transformation of the global financial market, the tokenization of U.S. stocks, as a cutting-edge financial innovation, is gradually moving from concept to reality. By converting traditional stock assets into digital tokens on the blockchain, tokenization breaks the limitations of geography and time, providing global investors with a more efficient and convenient investment channel. However, while this emerging sector offers great potential, it also faces multiple challenges of compliance, technology, and market acceptance. This article discusses the logic and significance behind the tokenization of U.S. stocks from four aspects: the current situation, potential, compliance path, market impact and investment precautions, and attempts to provide a comprehensive perspective for investors and industry observers. Part 1: The total market capitalization of U.S. stocks, an overview of tokenization projects, and an analysis of their potential The total market capitalization of U.S. stocks As of June 2025, the total market capitalization of the U.S. stock market has exceeded $55 trillion, accounting for about 50% of the global stock market capitalization, ranking first in the global capital market. This scale is supported by the solid growth of the U.S. economy, continued innovation in the technology industry, and a mature financial infrastructure. Nasdaq and NYSE-listed tech giants such as Apple, Microsoft and NVIDIA, with trillions of dollars in market capitalization, have become the core pillars of the U.S. stock market. The high liquidity, transparency, and global reach of U.S. equities make them ideal targets for tokenized assets. An overview of U.S. stock tokenization projects and platforms U.S. stock tokenization converts traditional stocks into digital tokens through blockchain technology, and investors indirectly own the equity of the underlying stock by holding the tokens. These tokens are typically pegged to real shares at a 1:1 ratio, enabling round-the-clock trading, partial equity investments, and decentralized settlement. The following are the main tokenization projects and platforms at the moment: Kraken: In May 2025, Kraken announced the launch of a tokenized U.S. stock trading service for non-U.S. customers, including popular stocks such as Apple and Tesla. The platform uses blockchain technology to achieve 24×7 hours of trading, breaking through the trading time limit of the traditional stock market. Coinbase: Coinbase is in talks with the SEC seeking approval to launch an on-chain U.S. stock trading service that plans to cover spot, futures, and decentralized exchange (DEX) functions, challenging traditional brokerages such as Robinhood. Bybit: Bybit launched USDT-based stock CFD trading on its TradFi platform on May 19. Users only need to create an MT 5 account to directly use USDT collateral to trade US stocks, which currently contain a total of 78 stocks Ondo Finance: Ondo Finance is a decentralized institutional-grade financial protocol that has partnered with the Trump family project WLFI. As early as February 5, Ondo Finance announced the upcoming launch of Ondo Global Markets (Ondo GM), an RWA tokenization trading platform that allows users to buy and sell stocks, bonds, and ETF tokens backed by real-world assets 1:1. MyStonks: MyStonks is a decentralized digital asset trading platform that will launch the on-chain U.S. stock token market in May 2025, and cooperates with global asset managers to provide tokenized U.S. stock trading services with escrow endorsements, covering popular stocks such as Apple, Amazon, and Google. Users can buy stock tokens through USDC or USDT, and the platform converts stablecoins to USD, buys real stocks and mints ERC-20 tokens 1:1. In addition, there are also U.S. stock tokenization platforms and projects such as Backed, Dinari, Helix, DigiFT, etc., which are worth paying attention to. The potential scale and development prospects of U.S. stocks on the chain According to forecasts from the Boston Consulting Group (BCG) and others, the real-world asset (RWA) tokenization market is expected to reach $2 trillion to $30 trillion by 2030, covering assets such as stocks, bonds, real estate, and more. At present, the market size of tokenized assets is about $12 billion (excluding stablecoins), and the tokenization of U.S. stocks has great potential as a core component. Development prospects: Global accessibility: Tokenization removes geographical barriers, allowing non-US investors to invest in U.S. stocks without the need for a traditional brokerage account, significantly lowering the barrier to entry. Round-the-clock trading: Blockchain supports 24×7 hours of trading, making up for the lack of traditional stock market closure hours and improving market flexibility. Cost efficiency: Decentralized settlement reduces intermediary links and reduces transaction costs. For example, MyStonks' trading fees are as low as 0.3%, which is much lower than traditional brokers. Improved liquidity: Fractional ownership makes high-priced stocks such as Amazon (about $4,000 per share) more attractive to small and medium-sized investors, promoting market liquidity. Financial innovation: Tokenized shares can be used as collateral for DeFi protocols, enabling new products such as on-chain lending and derivatives trading. The tokenization of U.S. stocks uses blockchain technology to reduce intermediaries, optimize the settlement process, and reduce the cost of information asymmetry and transaction friction, thereby attracting more global investors to participate and improving market size and liquidity. However, the achievement of tokenization scale relies on technical maturity, regulatory clarity, and market trust. In the next five to ten years, with the optimization of blockchain technology and the improvement of the regulatory framework, the tokenization of U.S. stocks is expected to become one of the mainstream ways of global investment. Part 2: Compliance Risks, Development Barriers and Compliance Pathways Compliance risks and development obstacles While innovating, U.S. stock tokenization faces significant compliance risks and development obstacles: Regulatory Uncertainty: The SEC has a strict regulatory approach to tokenized securities and may treat them as securities assets subject to the Securities Exchange Act of 1934. Past harsh enforcement of ICOs has shown that the SEC scrutinizes tokenized projects extremely strictly. Anti-Money Laundering and KYC Requirements: Tokenization platforms are required to strictly enforce KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations to ensure the legitimacy of the source of funds. Cross-border regulatory challenges: U.S. stock tokenization is geared towards the global market and needs to deal with regulatory differences in different countries and regions. Technical and security risks: Smart contract vulnerabilities, hacking, or improper management of private keys can lead to asset loss. Market acceptance: Traditional investors have low trust in blockchain technology, and some investors are not familiar with on-chain transactions. Exploration and design of compliance paths In order to promote the development of U.S. stock tokenization, platforms need to design a clear compliance path: Broker-dealer license: As practiced by Dinari, a U.S. stock tokenization project, registration as an SEC-approved broker-dealer is key to compliance to ensure the legal issuance and trading of tokenized shares. Regulatory cooperation: Communicate with the SEC, the Commodity Futures Trading Commission (CFTC), and others to develop a tokenization framework that complies with securities regulations. For example, Coinbase is negotiating with the SEC to ensure that tokenized shareholders have the same rights as traditional shareholders. Standardized technology: Adopt Polymath's ERC-1400 or Securitize's compliance frameworks to ensure that tokens are transparent and auditable. KYC/AML process: Partnering with a blockchain analytics firm to enhance transaction transparency and reduce money laundering risks. Cross-border compliance coordination: Collaborate with the Hong Kong Monetary Authority, the European Union's ESMA and other institutions to develop cross-border tokenization transaction standards. According to institutional economics, a clear regulatory framework and property rights protection are the cornerstones of market development. The tokenization platform reduces institutional uncertainty through the compliance path, which is conducive to building investor trust, thereby reducing market friction and promoting capital flow and market scale expansion. Part 3: The multi-dimensional impact of U.S. stock tokenization Impact on the cryptocurrency circle Capital inflows: Tokenization attracts traditional financial investors to the crypto market, increasing the liquidity and market value of crypto assets. With the total market capitalization of the global crypto market already reaching $3.3 trillion in 2025, the introduction of tokenized stocks will further drive capital inflows. Ecological integration: The tokenization of U.S. stocks promotes the integration of DeFi and traditional finance, giving rise to new products such as on-chain lending and derivatives. For example, tokenized shares can be used as collateral to participate in DeFi protocols and improve asset utilization. Increased competition: Crypto exchanges such as Coinbase, Kraken, MyStonks, and others are intensifying competition with traditional brokerages, which could reshape the industry landscape. Impact on traditional financial markets Transaction model innovation: Round-the-clock trading and fractional equity models challenge the business model of traditional brokerages, forcing brokerage platforms such as Robinhood to accelerate their digital transformation. Cost and efficiency: Blockchain settlement reduces intermediary links and transaction costs, but may compress the profit margins of traditional brokers. Regulatory pressure: The proliferation of tokenization will prompt the SEC to accelerate the development of new rules, increasing the cost of compliance for traditional financial institutions. Impact on the U.S. economy Consolidation of financial center status: The tokenization of U.S. stocks strengthens the global attractiveness of the U.S. capital market and strengthens its position as a financial center. Innovation-driven: Tokenization promotes the application of blockchain technology in the financial field and promotes the coordinated development of technology and finance. Potential risks: Regulatory lags can trigger market manipulation or liquidity crises that threaten financial stability. Impact on the pattern of world economic development Extension of U.S. dollar hegemony: The tokenization of U.S. stocks is denominated in U.S. dollars, combined with the global circulation of stablecoins, to strengthen the dominance of the U.S. dollar in the global financial system. Emerging market opportunities: Tokenization lowers the barrier to entry, provides emerging market investors with the opportunity to participate in U.S. stocks, and facilitates global capital flows. Geo-economic game: The U.S.'s promotion of tokenization may prompt China and the European Union to accelerate the deployment of digital assets and change the global financial competition landscape. Technological innovation is a key driver of economic growth. As a combination of technology and finance, the tokenization of U.S. stocks will drive the digital transformation of the U.S. economy and enhance its long-term growth potential. However, over-innovation can lead to a regulatory vacuum, and innovation and stability need to be balanced. U.S. stock tokenization expands the global use of the U.S. dollar through U.S. dollar stablecoins (e.g., USDC, USDT) and strengthens its status as a reserve currency. At the same time, tokenization promotes the efficiency of global resource allocation, but may exacerbate the risk of financial volatility in emerging markets. Part 4: Considerations, Taxation and Risk Management for Investing in U.S. Stocks on the Chain Investment considerations Choose a compliant platform: Prioritize SEC-certified platforms, such as Dinari, MyStonks, to avoid the legal risks of non-compliant platforms. Understand the token mechanism: Confirm whether the token is pegged 1:1 to real shares and whether the redemption mechanism is transparent. Technical risk assessment: Check the blockchain security of the platform, such as smart contract audits, multisig wallets, etc. Market volatility: Tokenized stocks are subject to both U.S. and crypto market volatility, so you need to pay attention to the overall market risk. Tax issues In the U.S., tokenized stock transactions are considered securities transactions and are subject to Internal Revenue Service (IRS) tax regulations: Capital Gains Tax: Transaction gains are subject to either short-term (holding period≤ 1 year, tax rate 10%-37%) or long-term (holding period>1 year, tax rate 0%-20%). Transaction records: Investors are required to keep complete transaction records, including buying and selling times and prices, for tax filing. Cross-border taxation: Non-U.S. residents are subject to the tax regulations of their home country, and it is recommended to consult with a professional tax advisor. Stablecoin taxation: Trading with USDC or USDT may require reporting of capital gains per transaction, adding tax complexity. The tax complexities of tokenized shares can increase compliance costs for investors and impact market participation. Clear tax guidelines and automated tax tools reduce the burden of compliance and facilitate market growth. risk management Diversification: Avoid concentrating on a single tokenized stock or platform to reduce unsystematic risk. Stop-loss strategy: Use the stop-loss function provided by the platform to control market volatility losses. Security measures: Regularly check account security to ensure the security of private keys and multisig wallets. Regulatory developments: Pay attention to the policy changes of the SEC and other institutions, and adjust investment strategies in a timely manner. SUM As a bridge between blockchain technology and traditional finance, U.S. stock tokenization has demonstrated the potential to reshape the global capital market. Tokenization drives efficiency and inclusion in financial markets by reducing transaction costs, increasing liquidity, and expanding market accessibility. However, compliance risks, technical challenges, and market acceptance remain major obstacles to its development. From an economic perspective, tokenization injects new momentum into the U.S. and global economy by reducing transaction friction, optimizing resource allocation, and promoting technological innovation, but it is necessary to be wary of the risks brought about by regulatory lag and market volatility. For investors, on-chain U.S. stocks offer new investment opportunities, but they need to carefully choose a compliant platform, understand tax requirements, and implement an effective risk management strategy. The rise of platforms such as Dinari and MyStonks marks the rapid maturity of the tokenization market, and its compliance and security mechanisms have set a benchmark for the industry. In the future, with the improvement of the regulatory framework and the advancement of blockchain technology, the tokenization of U.S. stocks is expected to become an important part of the global financial market, reshaping the investment landscape and opening a new era of digital finance. In the last sentence, the U.S. stocks on the chain are more risky, NFA, DYOR!

Today @DinariGlobal receives first broker dealer registration with FINRA and approval from US #SEC to offer tokenized US Stocks and ETFs to American Investors. In the United States, the ability to offer tokenized stocks—equity securities represented as digital tokens on a blockchain—is tightly regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Companies must secure broker-dealer registration or operate under specific exemptions to legally offer such products. This milestone, achieved as of June 26, 2025, allows #Dinari to provide tokenized equities that are 1:1 backed by traditional securities, marking a significant step in blockchain-based equity trading.

Entering the second half of June, the situation in the crypto market for 25 years is already clear! There are two main threads of trading logic that run through the crypto market this year: 1️⃣ A bright line is the battle between US President Donald Trump vs Fed Chairman Jerome Powell over whether to cut interest rates this year. While most macro analysts refuse to introduce a political dimension to analyze Trump's battle with Powell over whether to cut interest rates, anyone who understands does. Whether to cut interest rates or not is not directly related to the US inflation data and non-farm payrolls, it is actually a major grasp of the political game between the Democratic Party and the Republican Party in the United States. Observing the current FedWatch interest rate cut expectations, Polymarket prediction market and Twitter public opinion, it can be found that Powell is now firmly in control of the financial market discourse, and Trump can only rely on various tariff wars to exert maximum pressure and tear up some financial market influence on social media. Therefore, before the two major game equilibrium points in the future - Powell's departure in May 26 and the US midterm elections, the entire market is in a state of uncertainty brought about by Powell's confrontational game of tightening the market liquidity faucet and Trump fanning the flames everywhere. 2️⃣ A dark line is the integration of cryptocurrencies into the traditional financial system and participation in the reshaping of the US dollar financial system. Whether it is to increase the strategic reserve of bitcoin in the United States under the principle of fiscal neutrality in the planning, or the American version of the bond plan to increase the scale of stablecoins to more than $2 trillion in a few years, including the next market structure bill to clarify whether the regulator of the crypto market is the SEC or CFTC and whether PerpDEX represented by Hyperliquid can operate in the United States, Trump's regulatory actions and Vance's public speech, are all making it clear that the Trump administration is making cryptocurrency an integral part of reshaping the US dollar financial system in the 21st century. Therefore, 25 years is destined to be a year of uncertainty. For those of us who are retail investors, investing and trading this year is like a boat sailing into stormy seas and storms. It's an epic challenge to make money from investing and trading this year. But 25 years is not a flat year, and finding certainty in uncertainty is the way of the wise. There are two opportunities for certainty in the 26-year orientation that I am optimistic about: 1. U.S. version of the Bond-Stablecoin-PayFi-RWA 2. CFTC Regulated Crypto Marketplace - PerpDEX - Hyperliquid/Consumer Chain - Abstract Anyway, our mission for 25 years is not to play the table, and at the same time secretly prepare 26 years of hole cards. Above.