China Securities: Tokenization of US stocks is exploding, and the demand for securities firms' IT transformation is expected to accelerate.

China Securities Investment Securities' research report points out that the tokenization of U.S. stocks has seen a concentrated outbreak, with Bybit, Robinhood, and Kraken announcing the launch of U.S. stock tokenization services on the same day. XBIT, in collaboration with xStocks, is pioneering a "buy crypto, directly access U.S. stocks" model without KYC, which has the potential to disrupt the industry and intensify competition in the virtual asset trading services market. Hong Kong is committed to building a global digital asset innovation center, and financial institutions in Hong Kong are actively deploying virtual asset trading services, with over 41 securities firms having completed their Type 1 license upgrades. As an incremental business, virtual asset trading services are expected to be gradually adopted by securities firms in Hong Kong, potentially leading to over 10 billion in IT upgrade demand. Meanwhile, the tokenization of U.S. stocks, as a vanguard of $RWA, provides crucial reference and impetus for the continued deepening and implementation of the entire $RWA ecosystem through its exploration and practice in compliance supervision, market expansion, and infrastructure construction. [ChainCatcher]