In just a few days, the AUM of Ondo tokenized stocks has matched that of xStocks, and it has exceeded it just in these few days.

I heard that some exchanges are considering whether to delist xStocks, mainly due to poor liquidity. The root cause of xStocks' poor liquidity is that compliant professional investors have no motivation to issue stock tokens, and the scale of tokenization has long stagnated. Retail investors only purchase based on the secondary market; to put it bluntly, there are only so many xStocks stock tokens in the DEX pool. The larger the amount purchased, the more the number of coins is eroded, while in the CEX there is a lack of MM cooperation and the price difference is too large.

The tokenization of stocks ultimately revolves around how to enable users to better purchase real stocks using stablecoins, while tokenization itself is more of a technical means or derivative to achieve this goal.

It is worth mentioning that buying Ondo stock tokens through the aggregator CowSwap can bypass the KYC of the Ondo platform itself. In the future, if CEX lists it, they should also be able to adopt this logic. This may be considered a kind of generational stock buying strategy? Of course, the logic behind the so-called aggregator purchases is the same as buying on the Ondo platform itself: buying means minting, and selling means redeeming.