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Stable ≠ static Yield-bearing stablecoins are changing what it means to hold value in DeFi.

Portfolio tracking isn't just "nice to have." It's mission-critical for crypto investors and traders. Crypto runs 24/7 across chains and wallets, with PnL shifting every block. Reliable tracking keeps you current and ready to act at any time.

Let's discuss on-chain stocks from both the personal user perspective and the investment research perspective. Today, I'll start with the user perspective: First, I am a user of @MyStonks_Org and @OndoFinance Global Market (no advertising fees here). There has been ongoing debate on Twitter about whether on-chain stocks are meaningful. The viewpoint that they are meaningless argues that those trading US stocks have already used platforms like Futu and Tiger Brokers, so what’s the point of on-chain stocks? But I want to say there is definitely significance, for example, in my case. Before getting into Crypto, I briefly dabbled in US stocks, and the complex and lengthy process of funding + registering + KYC felt unbearable after I started trading crypto - I kept thinking how great it would be to buy US stocks as easily as trading tokens, and now it’s possible! So, I became one of the first users. Moreover, how many countries and people in the world have no access to Futu or Tiger Brokers? These people can now trade US stocks with just a phone and a digital wallet. On-chain stocks, like USD stablecoins, are extensions of US dollar hegemony and US assets globally, a grand trend that is unstoppable. Even Nasdaq has submitted a proposal for "on-chain US stocks"; however, their approach will certainly differ in functionality, target users, and technical framework from the current tokenized stocks, but the direction is clear. Alright, back to the main topic, let’s talk about user experience. 1. MyStonks - Similar to GMGN/Axiom, you first create a wallet, then deposit money (transfer USDT), and you also need to upload an ID for a quick KYC. The trading experience during US stock trading hours is extremely smooth, very close to Axiom, which makes me wonder if the broker is buying so quickly for you?! Is it that they show the transaction as completed before actually buying (similar to how L2 Sequencers pre-confirm without waiting for L1)? Outside of US stock trading hours, you obviously can’t buy, only place limit orders. 2. Ondo Global Market - Currently only open to institutions, individuals cannot use it, but you can route trades through 1inch, which saves you the deposit step and also doesn’t require KYC. I remember there’s a signature prompt in the wallet before buying and selling, similar to declaring that I am not a US citizen. The trading experience during US stock trading hours is like buying on 1inch or Uniswap, with a few seconds wait for execution, not as smooth as MyStonks, but completely acceptable. Outside of US stock trading hours, it gets interesting; Ondo really offers 5X24 hour trading, and you can buy and sell on 1inch even outside of US stock trading hours, with each transaction limit seemingly between $200,000 and $250,000 (if it exceeds, it shows 0 directly). However, the trading experience isn’t as good as during trading hours. First, the completion time for trades is noticeably longer, taking about 15 seconds to 1 minute. Second, there have been instances of transaction failures, such as several consecutive "Transaction Expired" messages, and I’ve also seen cases where only part of the order was filled, requiring me to manually place additional orders. But regardless, being able to trade 5X24 is a remarkable and practical feature, which is a huge help for users in time zones that are not friendly. Initially, I suspected that their brokers might buy some popular stocks in advance as "inventory" for users like me who trade outside of hours. However, looking at Ondo's official documentation, it seems they achieve this through access to overnight trading markets like Blue Ocean, making the second possibility more likely given the trading experience mentioned above. Lastly, it’s worth mentioning @StableStock. I had a conversation with the team a while back, and they seem quite solid. From the product interface and features, it looks like they align with the general direction of MyStonks. In the future, they might collaborate with MyStonks to develop the on-chain stock trading sector like GMGN+Axiom? As for Ondo - at this stage, it resembles the Uniswap of the on-chain stock world - institutional backing, greater reputation, and higher credibility. Currently, they are the only ones offering 5X24 (referring specifically to the broker buying path, not counting those like xStocks that buy in bulk and then issue). In the next article, I will look at the differences between these companies from the investment research perspective, especially comparing them with Backed Finance's @xStocksFi to see which route is the future.