You might ask: Since I already trade stocks on a certain major brokerage platform, why bother with on-chain stocks? Why mix traditional stocks and crypto assets together? These questions really hit the point. I believe that within the next year, the answers to these questions will become increasingly clear.

I want to discuss the development prospects of on-chain spot stocks from two perspectives: first, the obvious improvement in the regulatory environment; second, the upgrade of blockchain infrastructure—faster chains and lower transaction costs—all of which make the issuance, circulation, and use of on-chain stocks gradually more feasible.

To illustrate, let's compare with stablecoins. How did stablecoins succeed? They solved the most urgent problem for on-chain users: access to USD. Early adopters were already active on blockchain. Stablecoins are hugely valuable to them—they facilitate easy trading between different crypto assets, eliminate the need for frequent fiat on/off ramps, and earnings can be stored directly on-chain. Peer-to-peer payments are also simplified. Over time, more use cases emerged, such as stablecoin-based lending products.

This evolution gives us insight. The logic behind on-chain stocks is actually similar, but the conditions now are more favorable than when stablecoins first appeared—regulatory frameworks are improving, and technological costs are decreasing. The growth of multi-currency stablecoins like EURC also indicates a trend toward diversified demand. I believe this logic, when applied to on-chain stocks, will also gradually become valid.