CoinMeta data: According to Binance Research, its tokenized stock product BSTOCKS reached a AUM of $1 billion in just 125 days, taking less than half of the time required for ONDO (265 days), and contributed over 60% to the growth of the tokenized stock market during that period. Currently, it accounts for 34.2% of that market's AUM. The report indicates that since late August, net inflows have basically matched or exceeded AUM growth, and the proportion of the top five assets' AUM has dropped from about 97% to below 50%. In terms of user structure, Generation Z accounts for 46% of users but only contributes 8% of the transaction volume, while Millennials account for 78% of the transaction volume and have the longest holding periods. Users from emerging and frontier markets contribute about 70% of the trading volume. Approximately 56% of transactions occur outside of regular trading hours on U.S. stocks, and the utilization rate of BSTOCKS within DEFI (10%-14%) is higher than the market average (about 5%-9.5%).