Tokenized US stocks is a hot direction, but the core focus, beyond the underlying assets themselves, are liquidity, transparency, and capital efficiency, which are the key elements.

These three elements essentially determine whether tokenized US stock trading will be just an ordinary product dressed in a Crypto facade that fleetingly appears, or a new form of global asset trading in the future.

Because Tokenized does not equal Liquid, tokenizing an asset only gives it a new representation, it does not inherently provide sufficient depth, a narrow bid‑ask spread, or a good execution experience.

I just tried during the US stock trading session on BG @Bitget_zh and briefly looked at the order book for rNVDA/USDT.

The page shows:

Best ask roughly: 198.62
Best bid roughly: 198.57
Spread about: 0.05 USDT
Spread about: 0.025%

From this bid‑ask spread, rNVDA’s base quote is relatively tight, at least small‑amount users won’t feel the spread is exaggerated at first glance.

I also tested rTSLA / rAAPL / rMSFT, the top‑tier assets, and the experience on small orders overall is acceptable. Especially during US stock trading hours, the order‑book activity is noticeably better.

Additionally, I performed a limit‑order test, placed an order for rToken to see if there is real market making and how many people are willing to take orders near a reasonable price. The activity was better than I expected; at least for the top‑tier assets, the small‑order trading experience already shows a relatively mature trading form.

What truly decides whether rToken can emerge is not the number of US stock assets listed, but whether it can continuously provide stable liquidity, transparent order books, and sufficiently low trading friction when users really want to buy, sell, or allocate.

So my view on tokenized US stocks is:

The direction is correct, and the demand is real.

If in the future rToken can keep solving the three problems of liquidity, transparency, and capital efficiency, it will not just be a short‑term hot topic, but may become an important pathway for Crypto to connect with traditional financial assets.