While Kalshi seizes the compliance high ground, Myriad, Flipr, Drift and TryLimitless respectively enter the content, social, derivatives and on-chain efficiency sectors, and innovation in the track enters a multi-threaded competition stage.

The so-called "on-chain US stocks" is still in its experimental phase, currently more like a financial package operating under regulatory oversight than a mature market tool. The true game-changer lies not in who first successfully executes a proof-of-concept, but in who can deliver a complete on-chain trading system integrating spot trading, short selling, leverage, and risk management.

WINT, the US-listed BNB treasury company, was delisted from Nasdaq due to violations, and its stock price plummeted another 77%, leaving its market value at just $3 million. Hyperliquid has now become the company with the highest per capita revenue in the world.

Two very different approaches to the same problem: how to make cryptocurrency accessible to the masses.

Pre-IPO platforms are emerging, and the mainstream trend in the future is tokenization.

Hong Kong's "Stablecoin Ordinance" officially came into effect; Coinbase plans to launch a "universal exchange" plan.

This article will sort out the latest financial performance and strategic trends of crypto-concept listed companies or representative institutions that have proactively disclosed their second-quarter financial reports.

We are already in the midst of this reshuffle of traditional brokerages against crypto-native firms.

Revenue from crypto-related transactions nearly doubled, accounting for about 30% of the trading sector.

Whoever controls the crypto wallet of Generation Z will hold the future of finance.

企业融资革命：不稀释股权的代币化方案 vs 开放生态流动性引擎

Robinhood, the US internet brokerage giant, announced that it will launch "stock tokens" linked to the equity of top private companies such as OpenAI and SpaceX for European users, once again bringing the cutting-edge issue of real-world asset (RWA) tokenization to the forefront.

From "being able to be put on the chain" to "being used", it becomes a "live asset that can be used for trading", releasing the liquidity of US stock tokens.

It started with zero commission and flourished with the crypto craze.

In a decade, crypto will no longer be a niche discussed by tech enthusiasts, but will become a core technology that underpins everyday life.

Robinhood has launched ETH and SOL staking services to US users; Ant International denies connecting to Circle.