Exchange exchanges are launching US stock tokenization one after another, what is the underlying logic?

On the surface, it seems to follow the trend of compliance, but in reality it reflects a subtle shift in the market. An increasing number of leading platforms are turning their attention to the tokenization of traditional financial assets, which in some ways indicates what? It shows that the quality differentiation of on-chain assets is becoming more and more evident.

Honestly, the early group of copycat projects in the crypto sphere was indeed a mix of good and bad—many were just air coins with different appearances. As market participants, exchanges are well aware of this. Their shift towards US stock tokenization is less about pessimism towards crypto assets themselves and more about upgrading asset allocation. Traditional stock tokenization is supported by real company fundamentals, with quantifiable risks and traceable returns.

For exchanges, this is a choice to reduce platform credit risk. For users, it also reflects a reality: the market is clearly differentiating which projects are truly valuable and which are just fleeting.