On October 20, the xBrokers trading area began trial operation.

I've been watching RWA projects for a year, and most of them are just selling stories about tokenized bonds, income certificates, and synthetic assets. While these projects offer a layer of on-chain packaging for traditional financial assets, they're still essentially derivatives. xBrokers, which allows you to buy and sell Hong Kong stocks directly within a familiar exchange interface and withdraw funds to your brokerage account, is a significant innovation.

Real stocks come into play, and stories become reality

The main focus of this trial run is a Hong Kong stock called "Ju." Its tentative ticker symbol is 0XXXX.HK, and the trading pair is 0XXXX.HK/HKDJ (a Hong Kong dollar stablecoin). Ju is a real stock, held in 1:1 custody by a licensed brokerage firm, and all transaction records are recorded on-chain. Starting December 1st, you can directly withdraw your Hong Kong stock purchases to any brokerage account supporting Hong Kong stocks.

In other words, the stocks you buy on the encrypted interface are stocks that can be cashed out at a real brokerage firm.

The stocks you buy in the familiar trading interface can now be transferred to traditional brokerages. Dividends and other shareholder benefits are all included. This is true stock mapping.

The technical architecture is also clear. Real-share custody ensures asset authenticity, on-chain verification ensures traceability, and HKDJ settlement mitigates exchange rate fluctuations. These details, taken together, make "trading Hong Kong stocks in the crypto world" possible. What's lacking in the market are teams that can nail these details.

Even more interesting is the trading hours. Traditional Hong Kong stocks can only be bought and sold at fixed times during trading days, resulting in limited liquidity. Small and medium-cap stocks are even more vulnerable to market fluctuations. During the testing period, xBrokers implemented extended trading hours, allowing users from different time zones around the world to participate and effectively improving liquidity for Hong Kong stocks.

The gameplay of X token is interesting

The xBrokers ecosystem consists of three core areas: the Early Bird Subscription Zone, the Free Trading Zone, and the Stock Staking and Mining Zone. The X Token connects these three areas.

The logic is simple: Hong Kong stock holders can choose to stake their shares, earning rewards in the form of computing power and X tokens. X tokens can be used for platform governance and fee discounts. Hong Kong-listed companies that connect to xBrokers must set aside a reserve fund of at least 30% of their market capitalization, as required by regulations, to repurchase X tokens in the secondary market.

The key to this design is that the value of the X token is directly linked to real stock assets.

Stocks are real, computing power is real output, and buybacks are real actions. An economic system driven by real stocks is taking off.

On October 17, the X token completed a 3% burn and was officially launched. The total supply is 203.7 million, with 72,000 tokens released daily and halved every four years.

In the scenario of "stock pledge mining", this set of parameters has a completely different meaning: its output is not generated out of thin air, but comes from holding real Hong Kong stock assets.

Now that the trial operation of the trading zone has officially started, this model has entered the stage of reality testing.

If users are willing to trade Hong Kong stocks in the encrypted interface, pledge their stocks to obtain X tokens, and withdraw their stocks to their brokerage accounts after December 1st, then this closed loop from real assets to token incentives will be truly successful.

RWA finally got serious about this

Over the past year, most RWA projects have remained at the "tokenization" stage. Bonds, real estate, and stocks are all being packaged as on-chain certificates. Essentially, users are simply buying the right to income.

xBrokers is closer to another form of RWA: bringing asset trading into the crypto world, rather than simply tokenizing assets. Users trade stocks directly within a familiar trading interface. After the transaction is completed, the stocks remain stocks, and the equity remains equity; the transaction simply takes place in a different path, now in the crypto world.

The Hong Kong stock market has thousands of stocks, many of which are small and medium-sized companies with extremely poor liquidity. If these companies could gain access to global trading channels through xBrokers, it would expand their financing channels, lower the investment threshold for retail investors, and inject liquidity into the Hong Kong stock market.

Thinking further ahead, if Hong Kong stocks can be traded, what about US stocks, A-shares, and other markets? If stocks can be traded, what about bonds, funds, and other financial assets? From this perspective, xBrokers has great potential for development.

The market's reaction will determine everything.

During the trial run, several data are worth paying attention to.

Trading activity reflects market acceptance. Increased trading volume indicates user acceptance of the model. Order book depth reflects liquidity, and bid-ask spreads reflect market efficiency. These are tangible market data that speak louder than promises in white papers.

The withdrawal rate is perhaps the most crucial indicator. What will users do after December 1st? A high withdrawal rate suggests users believe these are genuine stocks. A low withdrawal rate coupled with active trading could mean that the convenience of trading within crypto interfaces has surpassed that of traditional brokerages. Either scenario sends a clear signal to the market.

The high withdrawal rate indicates that the "cryptocurrency interface trading + brokerage custody" architecture has withstood the test of time. It's only natural that xBrokers will subsequently add more Hong Kong stocks. If users prefer to trade on the crypto interface, the liquidity landscape of the Hong Kong stock market may indeed change.

The performance of the X token is also worth watching. High participation in stock-staking mining indicates user acceptance of this incentive model. With the reserve fund repurchase mechanism operational, the price of the X token will be supported by real assets.

The opportunity has appeared, let's see who dares to get on board first

The xBrokers trial run not only verifies technical feasibility, but also market acceptance, compliance framework, and economic model. Once these are successfully implemented, the RWA market will truly enter the stage of real-time competition.

The next competition is who can move real assets into the crypto world, make users willing to trade in the crypto interface, and make traditional financial institutions willing to access it.

Once successfully implemented, xBrokers could be seen as a prototype for Hong Kong stocks entering the crypto world. For the first time, retail investors will be able to freely trade stocks within a familiar crypto trading interface. This power shift is something to look forward to.