NVIDIA (NVDA)

$英伟达 (CA EJu78KrhDyaLn3p8Y89dgVGDgLKxU4rzSE7fER5yNVDA) is a bundled scam, don't buy that garbage, stay away. https://t.co/cGUKlP2NDw

You see that right there? That's called high frequency trading son.

And guess what? It was done on the blockchain.

Lighter equity perps🕯️

$NVDA https://t.co/7IsIOfH8t6

The ten-year story of cross-border internet brokerages has ended.

Futu and Tiger proved over ten years that Chinese demand to buy US stocks is real, huge, and unstoppable.

The only question now is: who will serve this demand in the next decade?

More than 1 million US‑stock accounts have become a one‑way lane: only out, no in.

On May 22, the CSRC together with eight other regulators slammed the hammer. Futu was fined 1.85 billion HKD, Tiger 410 million HKD, and Changqiao was also penalised. Existing users were given a two‑year clearing period, during which they could only sell or transfer funds, but not buy new positions. After the period expired, all domestic services were shut down.

Yes, the ten‑year story of cross‑border internet brokerages has ended.

But there is one number no one discusses: the US‑stock assets held by these 1 million users total nearly HK$2.9 trillion. Where will this money go after leaving Futu and Tiger?

US‑based brokers such as Charles Schwab and Interactive Brokers can take a portion, but opening an account requires a passport, overseas address proof, and bank statements, which blocks most people.

Hong Kong bank investment accounts are an option, but they require residency in Hong Kong and charge exorbitant fees.

A large number of users will find themselves in an absurd situation: they have studied US stocks for three years, still hold positions, but suddenly have nowhere to continue buying.

This vacuum is being filled on‑chain.

Bitget launched Reality, a self‑developed tokenized US‑stock issuance platform, in early June. The ambition is clear: it aims at this migration wave.

@xiejiayinBitget said on Twitter a line that draws a boundary between this product and all its predecessors: US‑stock dividends are arriving. Liquidity is arriving. Capital utilisation is being revived.

These three sentences hit the three biggest pain points of US‑stock tokens over the past year.

What was the experience with previous US‑stock tokens?

-- Poor liquidity; large orders could eat several percentage points of price.
-- No dividends; when Nvidia paid a dividend, token holders received nothing.
-- Tokens could only be held; they could not be used as margin or entered into protocols, resulting in zero capital efficiency.

In short, they were "view‑only" half‑finished products.

What does Reality do differently?

Liquidity is directly connected to US brokers. Behind each rToken is a FINRA‑registered, licensed broker; orders are routed to Nasdaq and NYSE liquidity pools, providing exchange‑level depth.

Dividends are paid to wallets in stablecoins. Apple pays a dividend, USDC is credited. Stock splits and corporate actions are synchronized 1:1. This has rarely been achieved by earlier US‑stock token products.

Tokens can be used as margin. Your Nvidia rToken can serve as margin for futures contracts, be lent in borrowing protocols, or participate in strategy trading. Traditional brokers cannot do this; a stock you hold on Futu remains just a stock.

Underlying compliance is solid. Each rToken is backed 1:1 by real shares held by a FINRA‑registered, SIPC‑member US broker, with registration in DTCC. Reserve ratio exceeds 100%, audited by an independent CPA, and verifiable on‑chain.

The first batch includes over 100 US stocks, with weekly additions based on popularity.

A larger judgement:

After this round of regulatory reshuffling, mainland users’ ways to buy US stocks will be divided into three tiers:

Tier 1: US‑based brokers. Charles Schwab, Interactive Brokers – most compliant but highest barrier, suitable for those with passports and overseas bank accounts.

Tier 2: Licensed but non‑traditional platforms. For example, BIT and other overseas‑licensed brokers that accept stablecoin deposits and trade real shares.

Tier 3: Tokenized US stocks. Earlier projects like xStocks, Ondo represented real shares with on‑chain tokens, allowing stablecoin trading 24/7, composable in DeFi.

Three years ago only Tier 1 existed. This year Tier 2 and Tier 3 exploded together, coinciding with the collective exit of the first‑generation cross‑border brokers.

HK$2.9 trillion of assets are seeking a new outlet. Where this money ultimately flows could determine the market winner for the next five years.