Robinhood's core logic in developing on chain stocks is still tax avoidance needs and regulatory arbitrage. If Robinhood's on chain stocks do not require KYC and licensing, then users from high tax countries and some countries where opening accounts for participating in US stock trading is more complicated may have some enthusiasm. For example, users of Dongda who open an account on Binance can easily buy U and withdraw coins to the blockchain to speculate on US stocks. Or is it better to go to Hong Kong to open a Hong Kong card and face post tax recovery after opening the account? In fact, one of the major demands for Perp DEX is tax avoidance and regulatory arbitrage. Faced with the following tax levels, if the on chain capacity is reasonable, would you choose to open an account on the stock exchange to trade US stocks, or on chain? By the way, Dongda has actually joined the Common Reporting Standard (CRS) for a long time, and recently we have heard many news about high net worth US stock investors being taxed. So, do you know where the demand is?