To put it mildly, it is RWA, and it can be a "chain brokerage" that can buy U.S. stocks or U.S. bonds in Europe. A compliant on-chain brokerage will be one of the biggest players in the RWA space. On-chain brokers can run a minimum of one T2 exchange-level company. And it's 100% visible in the next cycle. But most likely it's not Robinhood, Robinhood is still under a lot of pressure, and it's not an Asian company again.