I use Longbridge Trading and Interactive Brokers to trade US stocks. The transaction fees for the 7 giants in the US stock market are very low. As shown in the chart, the transaction fee for trading 100 shares of Tesla is only 1.3 USD, and the financing interest rate is 5.75%. The current fee for tokenizing stocks is 0.2% to 1% for trading one hand Tesla 31370 * 0.2%=62.73 USD, and the fee is difficult to compare with securities firms. In addition, this custody style stock trading is also prone to regulatory suspension, and the volume may not be too large, with too many hidden dangers. On the contrary, exchanges like Robinhood and eToro already support stock and cryptocurrency trading, and even more exaggeratedly, Robinhood's US stock trading is completely free, which is like hanging out these stock and cryptocurrency trading products on the market now. Unfortunately, registration is not open to mainland users. The largest market for cryptocurrency and stock trading should be in the Chinese language market. The cryptocurrency and stock trading of Karken and Bybit are still semi-finished solutions, even less than what FTX did in the previous cycle. What is truly optimistic about is the regulatory path taken by companies like Robinhood and Coinbase. Of course, Binance will eventually join the battle, which is the most exciting. It should be noted that many people have Binance accounts but no US stock accounts, and they are the most familiar with the Chinese market, which has a natural advantage. The specific profitability of this business can refer to Robinhood's annual net profit of $1.4 billion. Ultimately, the three financial giants Binance, Coinbase, and Robinhood will surely give birth to companies with annual net profits of over 10 billion US dollars, which can be comparable to the revenue of the seven giants of the American stock market. However, the market value of several companies has not yet exceeded 100 billion US dollars, and there is still several times the growth space, which will have the opportunity to give birth to a trillion dollar company.