Recently, the Wall Street Journal has been discussing "tokenized securities," and the launch of Gate xStocks has made traditional brokers like IB Interactive Brokers and Futu tremble. As a former investment banker who has used five different brokers, I will analyze why xStocks might be a disruptive product:

1. Cost pressure: There are no middlemen profiting from the price difference. Traditional brokers rely on currency exchange, custody fees, and commissions to profit. For example, when buying US stocks or Hong Kong stocks, the exchange rate loss plus handling fees is at least 2%. However, Gate allows direct trading with USDT, bringing costs close to zero!
2. Liquidity Revolution: The T+2 settlement of 7×24h on-chain clearing brokers should have been in a museum long ago! xStocks realizes real-time clearing through smart contracts, increasing capital utilization by 10 times. I have tested it, the sold USDT arrives in the wallet in seconds, and is immediately transferred for mining. How can traditional brokers compare?