In just a few days, Ondo tokenized stocks' AUM has caught up with xStocks, and it’s only a matter of time before it surpasses them. Rumor has it that some exchanges are considering delisting xStocks, mainly due to poor liquidity. The root cause of xStocks' liquidity issues lies in the lack of incentive for compliant professional investors to issue stock tokens, leading to long-term stagnation in tokenization scale. Retail investors only buy on the secondary market, and to put it bluntly, the amount of xStocks tokens in DEX pools is limited. The larger the purchase amount, the more the token quantity gets diluted in crypto terms. Meanwhile, on CEX, the lack of MM cooperation results in excessive price spreads. When it comes to tokenized stocks, the key is figuring out how to enable users to buy real stocks more effectively using stablecoins. Tokenization itself is more like a technical means or derivative to achieve this goal. It’s worth mentioning that buying Ondo stock tokens through the aggregator CowSwap allows users to bypass Ondo platform’s KYC. If CEX lists these tokens in the future, they might adopt a similar logic. Could this be considered a generational stock-buying strategy? Of course, the logic behind purchasing through an aggregator is the same as buying directly on the Ondo platform: buying equals minting, and selling equals redeeming.