According to TechFlame, the CITIC Construction Investment Securities Research Report pointed out that the concentrated tokenization of US stocks broke out, and Bybit, Robinhood, and Kraken announced the launch of US stock tokenization services on the same day; XBIT and xStocks, the “buy coins directly through US stocks” model without KYC is expected to disrupt the industry model and increase competition in the virtual asset trading services market. Hong Kong is focusing on building a global digital asset innovation center. Financial institutions in Hong Kong are actively deploying virtual asset trading services. More than 41 brokerage firms have completed the No. 1 license upgrade. As an incremental business, the virtual asset trading service business may be deployed by Hong Kong brokerage firms in the future, which is expected to bring in more than 10 billion IT transformation requirements. At the same time, the tokenization of US stocks is the pioneer of RWA. Its exploration and practice in compliance supervision, market expansion, and infrastructure construction has provided a key reference and driving role for the continued deepening implementation of the entire RWA ecosystem.