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I heard that Brother Sun is going to issue a stablecoin, and his background is no less than Trump's usd1 busd usdc usde usdf usds usdp usdt tusd pyusd dai I've lost count of how many stablecoins there are now

Authors: Rashad Ahmed and Iñaki Aldasoro Compiler: Institute of Financial Technology, Chinese Minmin University introduction Dollar-backed stablecoins have experienced significant growth and are poised to reshape financial markets. As of March 2025, the total AUM of these cryptocurrencies, which are committed to being denominated against the U.S. dollar and backed by dollar-denominated assets, exceeded $200 billion, more than short-term U.S. securities held by major foreign investors such as China (Figure 1, left). Stablecoin issuers, notably Tether (USDT) and Circle (USDC), primarily support their tokens through U.S. short-term Treasury bonds (T-bills) and money market instruments, making them significant players in the short-term debt market. In fact, dollar-backed stablecoins bought nearly $40 billion of short-term U.S. Treasuries in 2024, the size of the largest U.S. government money market fund, and more than most foreign investors bought (Figure 1, right). Although previous studies have focused on the role of stablecoins in cryptocurrency volatility (Griffin and Shams, 2020), their impact on commercial paper markets (Barthelemy et al., 2023), or their systemic risk (Bullmann et al., 2019), their interaction with traditional safe asset markets remains underexplored. This paper examines whether stablecoin flows exert measurable demand pressure on US Treasury yields. We documented two key findings. First, stablecoin flows have depressed short-term Treasury yields in a manner comparable to the impact of small-scale QE on long-term yields. In our most stringent specification, overcoming the endogeneity problem by using a series of crypto shocks that affect stablecoin flows but do not directly affect Treasury yields, we found that a $3.5 billion 5-day stablecoin inflow (i.e., 2 standard deviations) would reduce the 3-month Treasury yield by about 2-2.5 basis points (bps) in 10 days. Second, we break down the yield impact into issuer-specific contributions and find that USDT contributed the most to Treasury yield depression, followed by USDC. We discuss the policy implications of these findings for monetary policy transmission, stablecoin reserve transparency, and financial stability. Our empirical analysis is based on daily data from January 2021 to March 2025. To construct a measure of stablecoin flows, we collected market cap data for the six largest USD-backed stablecoins and aggregated them into a single number. We then use the 5-day change in the total market capitalisation of the stablecoin as a proxy indicator for stablecoin inflows. We collected data on the U.S. Treasury yield curve as well as cryptocurrency prices (Bitcoin and Ethereum). We chose the 3-month Treasury yield as the outcome variable we are interested in, as the largest stablecoins have disclosed or publicly stated this maturity as their preferred investment maturity. A simple univariate local projection that correlates the change in the 3-month Treasury yield with the 5-day stablecoin flow can be subject to significant endogenous biases. In fact, this "naïve" normative estimate suggests that the $3.5 billion stablecoin inflow correlates with a 3-month Treasury yield falling by as much as 25 basis points in 30 days. The magnitude of this effect is incredibly large, as it suggests that the impact of a 2-standard-deviation stablecoin inflow on short-term interest rates is similar to that of a cut in the Fed's policy rate. We believe that these large estimates can be explained by the presence of endogeneity that skews the estimates downwards (i.e., negative estimates that are larger relative to the true effect) due to missing variable bias (because potential confounders are not controlled) and simultaneity bias (because Treasury yields may affect stablecoin liquidity). To overcome the endogeneity problem, we first extend the local projection specification to control the Treasury yield curve as well as crypto asset prices. These control variables are divided into two groups. The first group includes the forward change in the yield of US Treasury bonds of all maturities other than 3 months (from t to t+h). We control the evolution of the forward Treasury yield curve to isolate the conditional impact of stablecoin flows on the 3-month yield based on changes in yields of neighbouring maturities over the same local projected maturities. The second set of control variables includes Treasury yields and cryptoasset prices with a 5-day change (from T-5 to T) to control for various financial and macroeconomic conditions that may be associated with stablecoin flows. With the introduction of these control variables, local projections estimate that Treasury yields fell by 2.5 to 5 basis points after the $3.5 billion stablecoin inflow. These estimates are statistically significant, but nearly an order of magnitude smaller than the "naïve" estimates. The attenuation of the estimates is consistent with what we would expect from the endogenous bias signs. In the third specification, we further strengthen the identification through the Instrumental Variable (IV) strategy. According to the methodology of Aldasoro et al. (2025), we instrumentalize 5-day stablecoin flows with a series of crypto shocks that are built on the unpredictable components of the Bloomberg Galaxy Crypto Index. We use the accumulation sum of crypto shock sequences as instrumental variables to capture the special but persistent nature of crypto market booms and busts. The first-stage regression of 5-day stablecoin flows to cumulative crypto shocks satisfies the correlation condition and shows that stablecoins tend to have significant inflows during crypto market booms. We believe the exclusion restriction is satisfied, as the particular crypto boom is isolated enough not to have a meaningful impact on Treasury market pricing – unless through inflows into stablecoins, issuers use those funds to buy Treasury bonds. Our IV estimate suggests that a $3.5 billion stablecoin inflow would reduce the 3-month Treasury yield by 2-2.5 basis points. These results are robust for changing the set of control variables by focusing on maturities that have a low correlation with the 3-month yield – if any, the results are slightly stronger in number. In the additional analysis, we did not find a spillover effect of stablecoin purchases on longer maturities such as 2-year and 5-year maturities, although we did find limited spillovers in the 10-year maturities. In principle, the effects of inflows and outflows may be asymmetrical, as the former allows the issuer a certain amount of discretion in the timing of purchases, which does not exist when market conditions are tight. When we allow estimates to vary under inflow and outflow conditions, we do find that the impact of outflows on yields is quantitatively greater than that of inflows (+6-8 bps vs. -3bps, respectively). Finally, based on our IV strategy and baseline specifications, we also break down the estimated yield impact of stablecoin flows into issuer-specific contributions. We found that USDT flows contributed the most on average at around 70%, while USDC flows contributed about 19% to the impact of estimated yields. Other stablecoin issuers contributed the rest (about 11%). These contributions are qualitatively proportional to the size of the issuer. Our findings have important policy implications, especially if the stablecoin market continues to grow. With regard to monetary policy, our yield impact estimates suggest that if the stablecoin industry continues to grow rapidly, it could eventually affect the transmission of monetary policy to Treasury yields. The growing influence of stablecoins in the Treasury market may also lead to the scarcity of safe assets for non-bank financial institutions, which could impact liquidity premiums. With regard to stablecoin regulation, our results highlight the importance of transparent reserve disclosure in order to effectively monitor a centralised portfolio of stablecoin reserves. When stablecoins become large investors in the Treasury market, there can be potential financial stability implications. On the one hand, it exposes the market to the risk of a sell-off that could occur in the event of a run on major stablecoins. In fact, our estimates suggest that this asymmetric effect is already measurable. Our estimates may be the lower bound of the potential selling effect, as they are based on a sample that is primarily based on growth markets and therefore may underestimate the potential for nonlinear effects under severe pressure. In addition, stablecoins themselves may facilitate arbitrage strategies, such as Treasury basis trading, through investments such as reverse repo agreements backed by Treasury collateral, which is a primary concern for regulators. Equity and liquidity buffers may mitigate some of these financial stability risks. Data & Methodology Our analysis is based on daily data from January 2021 to March 2025. First, we collected market cap data from CoinMarketCap for six USD-backed stablecoins: USDT, USDC, TUSD, BUSD, FDUSD, and PYUSD. We aggregate the data of these stablecoins to get a metric that measures the total market capitalisation of the stablecoins, and then calculate their 5-day change. We have collected the daily prices of Bitcoin and Ethereum, the two largest cryptocurrencies, through Yahoo Finance. We obtained the daily series of the US Treasury yield curve from FRED. We considered the following terms: 1 month, 3 months, 6 months, 1 year, 2 years, and 10 years. As part of our identification strategy, we also used a daily version of the crypto-shock sequence proposed by Aldasoro et al. (2025). Crypto shocks are calculated as an unpredictable component of the Bloomberg Galaxy Crypto Index (BGCI), which captures a broad range of crypto market dynamics (we'll provide more details on crypto shocks below). Figure 2 shows the market capitalisation and U.S. Treasury yields of USD-backed stablecoins over the sample period. Stablecoin market capitalisation has been rising since the second half of 2023, with significant growth in early and late 2024. The industry is highly concentrated. The two largest stablecoins (USDT and USDC) account for more than 95% of the outstanding amount. Treasury yields in our sample cover both the rate hike cycle and the pause and subsequent easing cycle that begins around mid-2024. The sample period also includes a period of significant curve reversal, most notably the dark blue line moving from the bottom to the top of the yield curve. Conclusions and Implications Scale. It is estimated that the yield impact of 2 to 2.5 basis points comes from $3.5 billion (or 2 standard deviations) of stablecoin inflows, and the size of the industry is about $200 billion by the end of 2024. As the stablecoin industry continues to grow, it is not unreasonable to expect its footprint in the Treasury market to increase as well. Assuming that by 2028, the stablecoin industry grows 10-fold to $2 trillion, the difference in 5-day traffic increases proportionally. The 2 standard deviation flow would then reach about $11 billion, with an estimated impact of -6.28 to 7.85 basis points on Treasury yields. These estimates suggest that the growing stablecoin industry may eventually dampen short-term yields, completely affecting the transmission of the Fed's monetary policy to market yields. Mechanism. There are at least three channels for stablecoins to influence pricing in the Treasury market. The first is through direct demand, as the purchase of stablecoins reduces the available supply of paper money, as long as the money flowing into the stablecoin does not flow into treasury bills. The second channel is indirect, as stablecoin demand for U.S. Treasuries could ease traders' balance sheet constraints. This, in turn, will affect asset prices, as this will reduce the supply of Treasuries that traders need to absorb. The third channel is through the signal effect, as large inflows can become a signal of institutional risk appetite or lack thereof, which investors then incorporate into the market. Policy implications. Policies around reserve transparency will interact with the growing footprint of stablecoins in the Treasury market. For example, USDC's fine-grained reserve disclosures improve market predictability, while USDT's opacity complicates analysis. Regulatory requirements for standardised reporting could mitigate the systemic risk posed by the centralised ownership of government bonds by making some of these flows more transparent and predictable. While the stablecoin market is still relatively small, stablecoin issuers are already a meaningful player in the Treasury market, and our findings suggest that yields are already having some impact at this early stage. Monetary policy will also interact with the role of stablecoins as investors in the Treasury market. For example, in a situation where stablecoins become very large, stablecoin-driven yield compression could weaken the Fed's control over short-term interest rates, which may require coordinated monetary policy among regulators to effectively influence financial conditions. This view is not just theoretical – for example, the "green dilemma" of the early 21st century stems from the fact that the Fed's monetary policy did not have the desired impact on long-term Treasury yields. At the time, this was largely due to the huge demand for U.S. Treasuries from foreign investors, which affected pricing in the U.S. Treasury market. Finally, stablecoins become investors in the Treasury market, which has a clear impact on financial stability. As discussed in the literature on stablecoins, they are still functional, and their balance sheets are subject to liquidity and interest rate risk, as well as some credit risk. Therefore, if a major stablecoin comes under severe redemption pressure, especially given the lack of a discount window or lender of last resort, a concentrated position in Treasury bills could expose the market to a sell-off, especially those that will not mature immediately. The evidence we provide on the asymmetric effect suggests that stablecoins may have a greater impact on the Treasury market in an environment characterised by large and sharp outflows. In this regard, the magnitudes suggested by our estimates may be a lower bound, as they are based on a sample that primarily includes a growing market. This is likely to change as the stablecoin industry grows, exacerbating concerns about the stability of the Treasury market. Limit. Our analysis provides some preliminary evidence of the emerging footprint of stablecoins in the Treasury market. However, our results should be interpreted with caution. First of all, we face data constraints in our analysis, as the USDT reserve portfolio is incompletely disclosed in its expiration date, which complicates identification. Therefore, we must assume which Treasury bill maturity is most likely to be affected by stablecoin flows. Second, we control volatility in financial markets by including Bitcoin and Ether returns, as well as changes in yields on various Treasury maturities. However, these variables may not fully capture the risk sentiment and macroeconomic conditions that collectively affect stablecoin flows and Treasury yields. We tried to solve this problem with a tool variable strategy, but we realised that our tool variables themselves may be limited, including misspecifications in our local project model. In addition, due to data constraints and the high concentration of the stablecoin industry, our estimates rely almost entirely on time series variations, as the cross-section is too limited to be exploited in any meaningful way. All in all, stablecoins have become significant players in the Treasury market, having a measurably significant impact on short-term yields. Their growth blurs the lines between cryptocurrencies and traditional finance, requiring regulators to focus on how they are reserved, the potential impact on monetary policy transmission, and financial stability risks. Future research could explore cross-border spillovers and interactions with money market funds, particularly during liquidity crises.

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Original author: 1912212.eth, Foresight News On May 22, Kraken, an all-crypto trading platform, announced that it will partner with Backed Finance to launch a tokenised stock and ETF trading service called "xStocks", covering more than 50 U.S.-listed stocks and ETFs such as Apple, Tesla, and Nvidia. In recent years, the integration of blockchain technology and traditional finance has been accelerating, and cryptocurrency trading platforms are becoming the vanguard of this change. The movement of tokenising the dollar and Treasury bonds in the past is now being pushed to US stocks by trading platforms? Strategic expansion Founded in 2011, Kraken is one of the oldest cryptocurrency trading platforms in the world, with a reputation for security and compliance. In recent years, Kraken has continued to push the boundaries of its business as the crypto market has become more competitive. In 2024, Kraken acquired NinjaTrader, a futures trading platform, and launched more than 11, 000 traditional trading services for U.S. stocks and ETFs in select U.S. states. Tokenized stocks refer to the conversion of equity in traditional stocks or ETFs into digital tokens through blockchain technology, with each token representing a portion of ownership of the underlying asset. These tokens can be traded 24/7 on the blockchain, breaking through the trading hours and geographical restrictions of traditional stock markets. Kraken's xStocks, based on the Solana chain, are planned to be available to non-US customers across Europe, Latin America, Africa, and Asia. Backed Finance is responsible for acquiring and escrow the underlying shares, ensuring that each token is pegged 1:1 to real assets and that holders can redeem the cash value of the tokens at any time. This initiative is not an isolated incident. In 2025, global crypto trading platforms are accelerating their penetration into traditional finance. For example, Bybit recently announced that it will support USDT trading in 78 high-quality global equity assets, covering tech giants (such as Microsoft, Google), consumer goods companies (such as Coca-Cola), and energy companies (such as ExxonMobil). Users can use the stablecoin USDT to trade and enjoy the advantages of low threshold and high liquidity. Industry trends show that tokenised assets are becoming a bridge between crypto trading platforms and traditional finance. FTX vs. Binance Tokenized U.S. Stock History The concept of tokenised stocks is not new, as crypto trading platforms began to test the waters around 2020, with FTX and Binance being the most representative. Founded in 2019, FTX was once the world's third-largest crypto trading platform and was known for its innovative products. In 2020, FTX launched tokenised stock trading, allowing users to trade digital tokens of Tesla, Apple, and other U.S. stocks through its platform. The tokens are provided by FTX's Swiss subsidiary, Canco GmbH, and are pegged to real shares hosted by a third-party broker. FTX's tokenised shares support fractional trading, allowing users to purchase some shares at a cost as low as $1, greatly lowering the investment threshold. In addition, FTX is also experimenting with tokenised ETFs such as the SPDR S&P 500 ETF (SPY). However, FTX's tokenised stock business has been limited due to compliance issues and market volatility. In November 2022, FTX went bankrupt due to a mismanagement of funds and fraud scandal, and its tokenised stock business was terminated. Still, FTX's attempt is a testament to the market demand for tokenised stocks, especially among emerging markets and young investors. In 2021, Binance also launched tokenised stock trading, with the first batch including Coinbase, Tesla, and other stocks. These tokens are settled in Binance stablecoin BUSD, which supports fractional trading, and aims to provide users around the world with convenient access to U.S. stocks. However, Binance's tokenised stock business soon ran into regulatory headwinds. Financial regulators in several countries have questioned its compliance, arguing that tokenised stocks may have bypassed the regulatory framework of traditional securities markets. In the same year, Binance announced the termination of the business to focus on core crypto trading. FTX's experience with Binance shows that tokenised shares are technically feasible but face challenges in terms of compliance, asset custody, and market acceptance. With the launch of xStocks, Kraken clearly learns the lessons of its predecessors, emphasising working with regulators and ensuring transparency and security through Backed Finance. Why trading platforms are keen to tokenise stocks Crypto trading platforms are deploying tokenised stocks, which are not only driven by technology, but also by market and strategic considerations. According to April 2025 data, the total market capitalisation of U.S. stocks is about $52 trillion, accounting for more than 45% of the global stock market. The user base of crypto trading platforms is mainly young investors with a high risk appetite, but the scale of the traditional financial market far exceeds that of the crypto market. Tokenized stocks provide an entry point for trading platforms to cut into traditional finance, attracting traditional investors who are interested in stocks and ETFs. For example, Kraken's xStocks, which caters to non-US customers, targets investors in emerging markets who have strong demand for U.S. stocks but are limited by traditional channels. In addition, the core advantages of blockchain technology are decentralisation, transparency and efficiency. Tokenized stocks use the blockchain to achieve 24/7 trading, instant settlement, and low-cost operations, which solves the problems of limited trading hours and high intermediary fees in the traditional stock market. In addition, blockchain supports fractional transactions, allowing small investors to participate in high-value assets, enhancing financial inclusion. In the context of fierce competition on crypto trading platforms, tokenised stocks have become a weapon for differentiated competition. Kraken's xStocks not only provide trading capabilities, but also allow users to use tokens as collateral for DeFi protocols, enhancing the liquidity and use cases of assets. This cross-border integration provides users with more diversified investment options and consolidates the ecological stickiness of the trading platform. What is the impact on traditional stock trading platforms The tokenised stock business of exchanges such as Kraken poses certain challenges to traditional stock trading platforms such as NASDAQ and NYSE, but also brings opportunities for cooperation and transformation. Trading hours on traditional stock trading platforms are usually limited to specific hours of the business day, and cross-border investments involve high fees and settlement cycles. The 24/7 trading and instant settlement of tokenised stocks directly challenges the operating model of traditional trading platforms. Especially in emerging markets, investors may be more inclined to gain exposure to U.S. stocks through crypto trading platforms rather than traditional brokers. In the face of the impact of blockchain technology, traditional trading platforms are not without countermeasures. Institutions such as NASDAQ have begun to explore the application of blockchain in the field of securities settlement and clearing. For example, Nasdaq partnered with R 3 to develop an asset management platform based on the Corda blockchain. In the future, traditional trading platforms may cooperate with crypto trading platforms to launch their own tokenised products or provide more efficient trading services through technological upgrades. The rise of tokenised stocks has prompted regulators to re-examine the compliance framework for blockchain finance. This provides an opportunity for traditional trading platforms to work with regulators to maintain market fairness and stability by setting industry standards. For example, the recent easing of the SEC's enforcement actions against crypto trading platforms shows that regulators are open to blockchain technology innovation. brief summary Kraken's xStocks, Bybit's USDT stock trading, and FTX's early attempts at Binance have all outlined the evolution of tokenised stocks. This trend is not only a product of the integration of blockchain technology and traditional finance, but also a microcosm of the diversification and technology-driven global investment demand. For investors, tokenised stocks offer a more flexible and low-cost way to allocate assets; For the trading platform, it is a strategic weapon to seize the market and differentiate the competition; For traditional stock trading platforms, it is not only a challenge, but also an opportunity for technological upgrading and market expansion. However, the adoption of tokenised stocks still faces multiple challenges of compliance, technology and market education. Trading platforms like Kraken need to find a balance between innovation and regulation to ensure asset security and user trust. In the future, with the maturity of blockchain technology and the clarity of the regulatory environment, tokenised stocks are expected to become an important part of the global financial market. Link to original article

Original title: "Kraken Enters the Stock Tokenization Market, Why Are Trading Platforms Piling Up to Seize the Track?" 》 Original author: 1912212.eth, Foresight News On May 22, Kraken, an all-crypto trading platform, announced that it will partner with Backed Finance to launch a tokenised stock and ETF trading service called "xStocks", covering more than 50 U.S.-listed stocks and ETFs such as Apple, Tesla, and Nvidia. In recent years, the integration of blockchain technology and traditional finance has been accelerating, and cryptocurrency trading platforms are becoming the vanguard of this change. The movement of tokenising the dollar and Treasury bonds in the past is now being pushed to US stocks by trading platforms? Strategic expansion Founded in 2011, Kraken is one of the oldest cryptocurrency trading platforms in the world, with a reputation for security and compliance. In recent years, Kraken has continued to push the boundaries of its business as the crypto market has become more competitive. In 2024, Kraken acquired NinjaTrader, a futures trading platform, and launched more than 11,000 traditional trading services for U.S. stocks and ETFs in select U.S. states. Tokenized stocks refer to the conversion of equity in traditional stocks or ETFs into digital tokens through blockchain technology, with each token representing a portion of ownership of the underlying asset. These tokens can be traded 24/7 on the blockchain, breaking through the trading hours and geographical restrictions of traditional stock markets. Kraken's xStocks, based on the Solana chain, are planned to be available to non-US customers across Europe, Latin America, Africa, and Asia. Backed Finance is responsible for acquiring and escrow the underlying shares, ensuring that each token is pegged 1:1 to a real asset, and holders can redeem the cash value of the token at any time. This initiative is not an isolated incident. In 2025, global crypto trading platforms are accelerating their penetration into traditional finance. For example, Bybit recently announced that it will support USDT trading in 78 high-quality global equity assets, covering tech giants (such as Microsoft, Google), consumer goods companies (such as Coca-Cola), and energy companies (such as ExxonMobil). Users can use the stablecoin USDT to trade and enjoy the advantages of low threshold and high liquidity. Industry trends show that tokenised assets are becoming a bridge between crypto trading platforms and traditional finance. FTX vs. Binance Tokenized U.S. Stock History The concept of tokenised stocks is not new, as crypto trading platforms began to test the waters around 2020, with FTX and Binance being the most representative. Founded in 2019, FTX was once the world's third-largest crypto trading platform and was known for its innovative products. In 2020, FTX launched tokenised stock trading, allowing users to trade digital tokens of Tesla, Apple, and other U.S. stocks through its platform. The tokens are provided by FTX's Swiss subsidiary, Canco GmbH, and are pegged to real shares hosted by a third-party broker. FTX's tokenised shares support fractional trading, allowing users to purchase some shares at a cost as low as $1, greatly lowering the investment threshold. In addition, FTX is also experimenting with tokenised ETFs such as the SPDR S&P 500 ETF (SPY). However, FTX's tokenised stock business has been limited due to compliance issues and market volatility. In November 2022, FTX went bankrupt due to a mismanagement of funds and fraud scandal, and its tokenised stock business was terminated. Still, FTX's attempt is a testament to the market demand for tokenised stocks, especially among emerging markets and young investors. In 2021, Binance also launched tokenised stock trading, with the first batch including Coinbase, Tesla, and other stocks. These tokens are settled in Binance stablecoin BUSD, which supports fractional trading, and aims to provide users around the world with convenient access to U.S. stocks. However, Binance's tokenised stock business soon ran into regulatory headwinds. Financial regulators in several countries have questioned its compliance, arguing that tokenised stocks may have bypassed the regulatory framework of traditional securities markets. In the same year, Binance announced the termination of the business to focus on core crypto trading. FTX's experience with Binance shows that tokenised shares are technically feasible but face challenges in terms of compliance, asset custody, and market acceptance. With the launch of xStocks, Kraken clearly learns the lessons of its predecessors, emphasising working with regulators and ensuring transparency and security through Backed Finance. Why trading platforms are keen to tokenise stocks Crypto trading platforms are deploying tokenised stocks, which are not only driven by technology, but also by market and strategic considerations. According to April 2025 data, the total market capitalisation of U.S. stocks is about $52 trillion, accounting for more than 45% of the global stock market. The user base of crypto trading platforms is mainly young investors with a high risk appetite, but the scale of the traditional financial market far exceeds that of the crypto market. Tokenized stocks provide an entry point for trading platforms to cut into traditional finance, attracting traditional investors who are interested in stocks and ETFs. For example, Kraken's xStocks, which caters to non-US customers, targets investors in emerging markets who have strong demand for U.S. stocks but are limited by traditional channels. In addition, the core advantages of blockchain technology are decentralisation, transparency and efficiency. Tokenized stocks use the blockchain to achieve 24/7 trading, instant settlement, and low-cost operations, which solves the problems of limited trading hours and high intermediary fees in the traditional stock market. In addition, blockchain supports fractional transactions, allowing small investors to participate in high-value assets, enhancing financial inclusion. In the context of fierce competition on crypto trading platforms, tokenised stocks have become a weapon for differentiated competition. Kraken's xStocks not only provide trading capabilities, but also allow users to use tokens as collateral for DeFi protocols, enhancing the liquidity and use cases of assets. This cross-border integration provides users with more diversified investment options and consolidates the ecological stickiness of the trading platform. What is the impact on traditional stock trading platforms The tokenised stock business of exchanges such as Kraken poses certain challenges to traditional stock trading platforms such as NASDAQ and NYSE, but also brings opportunities for cooperation and transformation. Trading hours on traditional stock trading platforms are usually limited to specific hours of the business day, and cross-border investments involve high fees and settlement cycles. The 24/7 trading and instant settlement of tokenised stocks directly challenges the operating model of traditional trading platforms. Especially in emerging markets, investors may be more inclined to gain exposure to U.S. stocks through crypto trading platforms rather than traditional brokers. In the face of the impact of blockchain technology, traditional trading platforms are not without countermeasures. Institutions such as NASDAQ have begun to explore the application of blockchain in the field of securities settlement and clearing. For example, Nasdaq has partnered with R3 to develop an asset management platform based on the Corda blockchain. In the future, traditional trading platforms may cooperate with crypto trading platforms to launch their own tokenised products or provide more efficient trading services through technological upgrades. The rise of tokenised stocks has prompted regulators to re-examine the compliance framework for blockchain finance. This provides an opportunity for traditional trading platforms to work with regulators to maintain market fairness and stability by setting industry standards. For example, the recent easing of the SEC's enforcement actions against crypto trading platforms shows that regulators are open to blockchain technology innovation. brief summary Kraken's xStocks, Bybit's USDT stock trading, and FTX's early attempts at Binance have all outlined the evolution of tokenised stocks. This trend is not only a product of the integration of blockchain technology and traditional finance, but also a microcosm of the diversification and technology-driven global investment demand. For investors, tokenised stocks offer a more flexible and low-cost way to allocate assets; For the trading platform, it is a strategic weapon to seize the market and differentiate the competition; For traditional stock trading platforms, it is not only a challenge, but also an opportunity for technological upgrading and market expansion. However, the adoption of tokenised stocks still faces multiple challenges of compliance, technology and market education. Trading platforms like Kraken need to find a balance between innovation and regulation to ensure asset security and user trust. In the future, with the maturity of blockchain technology and the clarity of the regulatory environment, tokenised stocks are expected to become an important part of the global financial market. Link to original article