Traditional finance is changing. When leading exchanges like Nasdaq begin to embrace tokenized securities, what is actually driving this behind the scenes? Under compliant channels, the on-chain US stocks and stock tokens on crypto exchanges may seem similar, but in essence they are worlds apart. One is gradually implementing a strict regulatory framework, while the other is growing wildly under the concept of decentralization. The wave of asset tokenization is reshaping the financial ecosystem, and the competition and cooperation between traditional markets and crypto-native platforms are quietly rewriting the rules of the game. Whoever seizes this opportunity may define the trading landscape of the next era.