【Hearsay DYOR】xStocks token is essentially a corp debt structure (tracking the underlying asset), not an equity token. The issuance of bonds tracks the underlying assets, and the issuer does not need custody qualifications, so the backed issuer is an SPV, and the SPV does not have distribution qualifications. There is a Bermuda DA license entity involved in xStock PDSL, which is actually a subsidiary of Kraken and is distributed through this entity. Because it is a debt, it is related to dividends, and xStock directly airdrops tokens; Tokens also don't involve corp actions. Bonds can be issued bearer bonds, so they are indeed more like stablecoins in nature, which are corporate liabilities. More importantly, the transfer of ownership of debt does not need to be registered (equity is required), so there is no stamp duty in the middle (although it is a tax that is very ridiculous in traditional finance), and any transfer can be made on the chain. The purchase will involve the exchange of advances and stablecoins, so there is a single purchase limit. In addition, traditional brokerages only support the market opening hours on weekdays plus blueocean pre-market and after-hours, in order to make up for the losses of market makers, the spread is set at 1%, and the fee is actually relatively high, 0.5%. All in all, giving users access to U.S. stocks has no further effect, but it is sufficient for now. If institutionalization is to be carried out in the future, other distribution structures and solutions are still needed