<< IOSG: What You Buy on CEX Is Not Really U.S. Stocks: Unpacking the 94% Clearing Monopoly and Equity Evaporation Under the Five-Layer Pipeline >> (Authors Ethan & Xinyang) In 2026, U.S. stock derivatives and tokenization coexist: Tokenized assets are constrained by a five-layer structure, with voting/dividend transmission blocked and SIPC protection gaps; Alpaca monopolizes clearing and custody, and ITN improves information synchronization but does not achieve real-time clearing. The traditional API route is robust, and DTCC's future pilot may bring a trust anchor, facilitating multi-system coexistence and gradual integration into a digital capital market. Read the full article:

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