CITIC Construction Investment: The explosive growth of tokenization in the US stock market is expected to accelerate the demand for IT transformation among brokerages

Zhitong
2025.07.06 11:58

CITIC Construction Investment Securities research report pointed out that the tokenization of U.S. stocks has concentratedly exploded, with Bybit, Robinhood, and Kraken announcing the launch of U.S. stock tokenization services on the same day; XBIT has partnered with xStocks, and the "buy tokens directly for U.S. stocks" model without KYC is expected to disrupt the industry model and intensify competition in the virtual asset trading service market. Hong Kong is striving to build a global digital asset innovation center, with financial institutions in Hong Kong actively laying out virtual asset trading service businesses, and more than 41 brokerages have completed the upgrade to License No. 1. As an incremental business, virtual asset trading services are expected to be gradually laid out by brokerages in Hong Kong, potentially bringing over 10 billion in IT transformation demand. At the same time, U.S. stock tokenization, as a pioneer of RWA, provides key references and driving forces for the continuous deepening and implementation of the entire RWA ecosystem through its exploration and practice in compliance regulation, market expansion, and infrastructure construction

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