Regarding on-chain US stocks, here’s a common pitfall to watch out for

In the past six months, the topic of "on-chain US stocks" has gained popularity, but many people only see the surface—digitizing traditional stock assets.

That’s not the core issue.

The real key is: whether a universally recognized, long-term operational infrastructure framework can be established. Currently, most solutions are stuck in an awkward position—technically sound in theory, but hanging in the air in practice. Why? Because of the lack of unified structural standards.

You can imagine that if each platform develops its own set of rules and builds on-chain stock systems independently, the final result will be a bunch of isolated solutions. Liquidity becomes fragmented, interoperability is zero, and regulatory costs soar—nobody wants that.

A truly workable solution should be like this: a clear custodial system, a transparent asset settlement mechanism, and industry consensus on standard protocols. Only then can institutions dare to participate and users feel confident to use it.

Recently, actions by a leading exchange sent a signal—traditional finance is starting to seriously engage in this field. This means that on-chain US stocks are transitioning from the idea stage to real-world implementation, but the prerequisite is that everyone must follow the same set of rules.