Exchanges flock to launch US stock tokenization, what's the underlying logic?

On the surface, it appears to be following the compliance trend, but in fact, it reflects a subtle shift in the market. More and more 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 increasingly obvious.

Frankly speaking, the early clone projects in the crypto space were indeed a mixed bag—many were just re-skins of air coins. As market participants, exchanges are well aware of this. Their move towards US stock tokenization is less about doubting the value of 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 truly have value and which are just fleeting trends.