According to CoinMeta, Gate, the person in charge of the stock market development, Lucas Sum, stated in the Cointelegraph program " Chain Reaction " that crypto and stocks are converging, becoming part of the same macroeconomic transaction. He pointed out that the correlation between the crypto market and the Nasdaq index has surpassed the five-year average, with a correlation coefficient once exceeding 0.8. Currently, market sentiment is cautious, with more funds remaining in low-risk assets such as stablecoins, as investors await a clear catalyst. Lucas Sum believes that the core narrative of the next market cycle will be the accelerated integration of traditional financial assets into the digital finance system through on-chain infrastructure. The scale of RWA has grown from about $12 billion a year ago to over $30 billion, and the tokenization of U.S. Treasury bonds has also reached approximately $15 billion, indicating that on-chain financial infrastructure is still expanding. Investors' focus is shifting from single-asset allocation to coordinated allocation of multiple types of assets. Gate is expanding its stock business, covering the U.S., Hong Kong, and Korean stock markets, and plans to extend to more global markets.