It is the same as my understanding. The so-called "coin stocks" are issued by "on-chain brokers" themselves, and the benchmark is the "real stocks" they bought, so they should not have real offline delivery capabilities. They only track prices, but cannot actually hold these stocks. So we can also see that the price trend of coin stocks is very different from that of real stocks. Because it is impossible or difficult to deliver in kind, the price and the real stock may not correspond one to one. In other words, some users want to arbitrage through the price difference between real stocks and coin stocks, but it is difficult to achieve because they cannot deliver. This is why I repeatedly emphasize the importance of compliance, especially in the United States. Without compliance in the United States, it is difficult for large-scale funds to enter, especially when the underlying asset is in the US market. This tweet is sponsored by @ApeXProtocolCN｜Dex With ApeX