Coin界 News: According to Wu Shuo Blockchain's post, the tokenized stock market presents a duopoly structure, with Ondo leading with 53% market share through liquidity engineering, and Backed/xStocks holding 23% share through regulatory arbitrage. The report points out that technology is no longer the core barrier, but regulatory moats have become the key, with establishing a cross-border licensing system being the most difficult-to-replicate competitive advantage. Tokenization, by providing a global liquidity layer, can bypass traditional securities administrative bottlenecks, and platforms that can achieve instant settlement and cross-border distribution will hold pricing power.