The real opportunity in the RWA track will never lie in the territory already saturated by traditional brokerages. It makes sense—traditional financial institutions have long covered the vast majority of retail and institutional funds, and the market landscape is essentially fixed. Rather than pessimistically viewing the on-chain US stocks, it's more accurate to say that their impact on the entire crypto ecosystem is limited—at most adding, but not reaching multiplicative effects. Even in the tokenization of capital markets, what is mainly offered to users are two things: relatively stable fixed yields and security guarantees that are difficult to achieve through traditional channels. The true incremental opportunities should be outside these conventional paths.