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Stock tokens are hot, but issuers aren't making money: profits are hidden in applications and collateral.

US initial jobless claims for the week ending October 3 came in at 197,000, versus expectations of 200,000.

OKX has applied to the SEC to launch a tokenized stock platform in the US, but its existing offshore synthetic products do not comply with the new rules, leaving the outcome uncertain.

When Will the Second Wave Arrive?

The tokenized market has reached $331.8 billion, with non-stablecoin assets growing 13.3%, but trading remains concentrated in a small number of products. The next step is to address how assets can truly be utilized after going on-chain.

The next stop in the public chain race is tokenized securities—it's the minting rights of RWA.

The first TSVs could appear in Q4 of this year.

The current model would severely limit demand, and no project meets the requirements.

The main theme for U.S. stocks this week was liquidity rather than AI. The labor market weakened, Waller hinted that a September rate hike may not be necessary, and the probability of a rate hike fell back to about 66%. The three major indices rebounded, Bitcoin surged to $81,379, crypto-linked stocks HOOD and MSTR led gains, while Broadcom's AI earnings were impressive but its stock price closed lower.

Top-quality in-depth analysis articles and a weekly roundup of hot topics.

Three platforms, three models, three escalating levels of ambition.

Robinhood CEO and AMC CEO both gave it a thumbs-up.

If the experiment succeeds, five years from now the SEC may convert the exemption into a permanent rule, and tokenized stock trading will become a permanent fixture of U.S. capital markets.

Robinhood CEO: The US Is Entering the Tokenization Era, SEC Is Driving Financial Innovation.

Benchmarking against Solana and Base's early days: Trading volume has already caught up, stock on-chain rate is below 0.05%, and three major catalysts are still at the starting point.