**TechFlame News** – Tokenized asset platform RootData has released a *Licensed Brokerage & Regulatory Map for Tokenized Stock Exchanges*, offering a systematic review of the vendors, brokerage paths, and regulatory licenses behind mainstream exchanges such as Binance, Gate, Bitget, and Bybit across three product categories: real stocks, TradFi stocks, and tokenized stocks. According to the map, the current stock-class assets on exchanges have gradually formed a three-tier structure: real stock spot trading mainly relies on regulated brokerage systems for securities execution and custody; TradFi stocks are dominated by CFDs and perpetuals; and tokenized stocks are primarily supported by projects like Ondo and xStocks. Among them, Binance currently accesses real US stock/ETF exposure through Nest Trading via Alpaca Securities, has listed Ondo stock tokens in its Alpha zone, and plans to launch bStocks in the future. Gate has established a dual-supplier system with xStocks and Ondo. Bybit currently adopts the Backed Finance (xStocks) solution as its primary approach. Bitget offers 1:1 tokenized US stock/ETF products under its own Reality (rToken) brand. RootData believes that as the tokenized stock market heats up, competition among exchanges is shifting from simply listing products to capabilities in underlying brokerage, real securities custody, and regulatory licensing. Licensed brokers such as Alpaca Securities are increasingly playing an infrastructural role across multiple platform ecosystems.