When it comes to on-chain US stocks, many people are pondering how to move stocks onto the blockchain. But that's actually missing the point.

The real factor that can make a difference is not how fancy the concept sounds, but whether there is an industry-recognized, sustainable operational system. In simple terms, many on-chain stock schemes are still at the stage of sounding good in theory, but their actual execution capabilities are far behind.

Recently, Kraken acquired xStocks, and I think this really illustrates the issue well. Major exchanges are starting to invest real money into the on-chain US stock field, indicating that RWA-Fi has moved from the PPT stage to practical implementation. xStocks has already brought over 60 stocks onto the chain, not only enabling trading but also allowing assets to flow freely. This is not just "theoretically possible," but a proven approach.

To support the on-chain US stock track, it's fundamentally not about storytelling skills. Designing a compliant system, establishing asset custody structures, PoR verification mechanisms, risk control boundaries—these are the things that prevent projects from collapsing in the next market cycle. xStocks is not solving a narrative problem but addressing whether the entire industry can establish a unified standard.

The reason why exchanges like Kraken choose xStocks is very straightforward: it is increasingly resembling a true infrastructure in several key aspects. Compliance and transparency, verifiable assets, direct integration with exchanges, protocols, and wallets—these are the things worth investing in.

Looking at actual data from the stock tokenization market, this approach is already beginning to show its power. Projects like xStocks, which focus on solid infrastructure, are actively defining the next generation of on-chain assets.