Stock tokenization has become a major trend in Web3, especially regarded as a direction with strong feasibility. The article explores two models: Robinhood operates securities through a compliance framework, while xStocks avoids securities regulation through its structure. Entrepreneurs need to follow legal structures, role division, and compliance cooperation, design user-friendly and compliant stock tokenization platforms, and there are still opportunities in the market.

On July 17, 2025, the "PayFi Compliance Insights" event, hosted by BlockbeatHK, the London Stock Exchange Group, and Mankun Law Firm, was held in Shanghai, focusing on on-chain payments and compliance systems. Several guests discussed stablecoin regulation, PayFi development and its future potential, and emphasized the importance of the synergy between Compliance and technology, pointing out the development direction for the industry.

AI faces identification and legal constraints in traditional financial systems, preventing it from independently participating in economic activities. Blockchain allows "non-human users" to access it, providing the infrastructure for machine economic activities, such as stablecoins and smart contracts. In the future, AI may become an on-chain "digital legal entity," but this also brings new challenges regarding law and liability.

Every Thursday at 7:30 PM, the tavern opens on time! From investment jargon, entrepreneurial stories, to project ups and downs, and hot topic rants, Airdrop traps, and track predictions... we use an AMA format to discuss what you want to hear, with industry experts gathering! No limits on themes, easy discussions about Web3! In the face of regulatory policy changes and sudden compliance shifts - don't panic! Senior lawyer Mankun will personally interpret hot regulatory events for you, guiding you to insights on trends!
This issue of Mankun's Crypto Tavern focuses on the recent hot topic of tokenization in the US stock market.
At the end of June, platforms such as Robinhood, Kraken, and Bybit successively launched tokenized products for U.S. stocks, attracting widespread attention from both the Crypto circle and traditional financial industry. Is this phenomenon a new narrative or old wine in a new bottle? We invite three guests to discuss from different perspectives, covering technology, Compliance, investment opportunities, and risks.
The tavern is open, please introduce yourselves, guests!
CryptoMi

Preface
Start Web3, discuss every Wednesday!
"Entrepreneurship Web3.0" is a talk show initiated by Mankun Law Firm, featuring interviews with Chinese Web3.0 entrepreneurs. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to join the live broadcast. Through positive expression, rational discussions, and sharing experiences, we aim to support the compliance and healthy development of China's Web3.0 industry.
June is the RWA thematic month. How do Real World Assets (RWA) link Web3 with the real world under a compliance framework? In this issue, we invite senior lawyer Mao Jiehao from Mankun to have an in-depth dialogue with lawyer Wang Lei. From deepening DePIN to RWA, Lawyer Mao shares the compliance path in Hong Kong, global regulatory trends, the exploration difficulties of domestic assets, and how to empower RWA through standardization and programmability, helping entrepreneurs avoid pitfalls, stay on the right path, and welcome the great sailing era of RWA integrating with traditional finance!
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The wave of Web3.0 is sweeping the globe, and the compliance process of stablecoins and real-world assets (RWA) has become the two hottest topics in the industry. On July 10, the Shanghai Bar Association's Digital Technology and Artificial Intelligence Committee hosted a training event titled "Hotspot Interpretation and Compliance Outlook for Stablecoins and RWA," co-organized by Shanghai Mankun Law Firm and Shanghai Zhonglian Law Firm. Mao Jiehao, a member of the Shanghai Bar Association's Digital Technology and Artificial Intelligence Professional Committee and a senior lawyer at Shanghai Mankun Law Firm, attended this training event.
On the eve of the event, participants signed in in an orderly manner, immersing themselves in the professional analysis and exchange atmosphere focused on stablecoin hotspots and future compliance. The venue was packed, and the atmosphere was lively.
Training Review
Topic One: In-depth Analysis of Stablecoin Trends and Compliance
Director of the Shanghai Digital Economy and Artificial Intelligence Special Committee of the China United Nations, and Director of the National Intellectual Property and Data Protection Special Committee of the China United Nations.

On May 13, 2025, the stablecoin USDT issuer Tether announced that it will launch the Tether Gold Token (XAU₮) on the Thai digital asset exchange Maxbit. According to Tether, 1 XAU₮ corresponds to 1 ounce of gold in the real world.
Prior to this, on March 10, 2025, the Thai SEC announced USDT as an approved cryptocurrency, and the Deputy Prime Minister of Thailand also announced the country's intention to utilize cryptocurrency and blockchain technology to promote the development of the local tourism industry.
Figure 1

When law meets Web3.0, a launch ceremony anchoring the future is born in Shenzhen.
On June 25, 2025, Mankun Law Firm officially landed in Shenzhen, announcing its mission to "ensure the legal occurrence of Web3.0 in China" with an opening ceremony that integrated legal compliance and cutting-edge technology, setting sail in the Guangdong-Hong Kong-Macao Greater Bay Area.
Before the ceremony, leaders, industry experts, partners, and regulatory representatives signed their names in front of the welcome board, marking the beginning of the grand opening of Mankun Shenzhen Law Firm, embarking on a new journey of compliance in Web3.0.
Chairman Zhang Bin and Director Liu Honglin delivered speeches, anchoring the development direction of Mankun Shenzhen Law Firm.
Zhang Bin, the president of the Shenzhen Bar Association, first delivered a congratulatory speech for the opening of Mankun Shenzhen Law Firm and expressed high expectations for Mankun Shenzhen Law Firm.
Zhang Bin will stay long-term, Mankun Shenzhen Law Firm continues to focus on professional foundation building and ecological co-construction, on one hand constructing "law + technology + business".

How much is a channel worth?
We start with an ancient yet revolutionary story.
In 1859, the construction of the Suez Canal began, taking a full ten years to excavate an artificial waterway connecting the Mediterranean Sea and the Red Sea. At that time, the cost was 416 million francs, equivalent to 1.5% of France's GDP. In today's terms, this is an investment comparable to that of a national-level infrastructure project.
Why did we have to pay such a high price to dig an "artificial river" back then?
You will understand when you look at a set of data:
Each ship passing through the Suez Canal has to pay about $250,000; the annual number of passing ships is between 18,000 and 21,000; annual revenue exceeds $6 billion; average daily revenue exceeds $15 million.
Because it is not an ordinary river, but a "golden channel" that connects Europe and Asia.
If there were no canal, all ships would have to go around the Cape of Good Hope at the southern tip of Africa, which would not only add 4 or 5 days to the journey but also double the cost compared to now.

On 21 May 2025, the passage of the Hong Kong Stablecoin Ordinance in the Hong Kong Legislative Council marked a critical turning point for regulation, which was gazetted on 30 May 2025 and is scheduled to come into effect on 1 August 2025. Fiat-pegged stablecoins (FRS) are no longer in the grey area of crypto finance, but are part of a formal and institutionally regulated legal framework. The Ordinance represents a deliberate recalibration: it aims to position Hong Kong as a compliant, forward-looking virtual asset hub capable of hosting the next generation of programmable finance under the rule of law. This article analyzes the key provisions, strategic positioning, and practical impact of the regulation, and clarifies its differences from related technologies such as physical asset tokenization (RWA).
legal infrastructure
The legislation constructs a complex semantic system regarding digital value. Stablecoins are defined not only as a functional tool.