麦通 MSX 2025 年度复盘：锚定时代窗口，共筑链上美股新生态

Core Insights - The year 2025 marks a significant milestone for the U.S. stock tokenization sector and the Maikong MSX platform, transitioning from experimental phases to mainstream adoption and establishing itself as a key player in the global market [1][2]. U.S. Stock Tokenization - The Real World Asset (RWA) tokenization market has surpassed hundreds of billions of dollars, with various real assets like U.S. Treasury bonds, equities, and real estate being migrated on-chain, thus elevating U.S. stock tokens to a formal category of interest for major financial institutions [2][3]. - Major financial players such as UBS and Apollo have entered the market, moving tens of billions in assets on-chain, indicating a shift from experimental to infrastructure status for RWA tokenization [2]. User Experience and Market Dynamics - Ordinary investors now have easier access to U.S. stock assets, which can be traded directly on-chain using stablecoins, significantly lowering geographical and regulatory barriers [3]. - The introduction of fractional ownership allows investors to build diversified portfolios with smaller amounts of capital, overcoming traditional barriers associated with high-priced stocks [3]. - The transparency and verifiability of on-chain transactions enhance user experience, providing a level of auditability comparable to native crypto assets [3]. Maikong MSX Innovations - Maikong MSX has adopted a "difficult yet correct" approach by focusing on product and mechanism refinement rather than hype, emphasizing real, compliant, and sustainable on-chain trading [4]. - The platform's core innovation lies in its Payment for Order Flow (PFOF) model, which synchronizes on-chain liquidity with the real U.S. stock market, ensuring that every trade reflects true market conditions [5]. - Maikong MSX has secured the U.S. FinCEN MSB license and completed the STO registration, ensuring regulatory compliance and asset custody, which guarantees that each token corresponds to a real underlying asset [6]. Product and Service Expansion - In 2025, Maikong MSX launched a perpetual contract for RWA U.S. stock tokens, allowing for leverage and catering to professional trading strategies, thus evolving into a comprehensive trading platform [8]. - The introduction of the S1 season and M Credit incentive mechanism has led to a significant increase in trading volume, with daily transactions exceeding $2 billion and total trading volume surpassing $12.688 billion [9]. Brand and Community Engagement - Maikong MSX emphasizes long-termism in brand building and user education, establishing a trust bridge with users to enhance retention and credibility [11]. - The platform's name, "Maikong," was chosen through community engagement, symbolizing harvest and connectivity between traditional finance and the blockchain world [12]. Research and Education Initiatives - The establishment of the Maikong MSX Research Institute aims to educate users about the RWA tokenization sector, fostering a deeper understanding of market dynamics and investment strategies [13][14]. Future Outlook - Looking ahead to 2026, Maikong MSX aims to transition from a stable operation to defining industry standards, with a focus on creating a comprehensive long-term benefits system for users [15][16].