The recent popularity of tokenizing the US stock market has been quite high, with many people pondering how to participate in US stock investments through tokens. It sounds very impressive, but reality is often a bit "heart-wrenching."

Take ONDO and similar US stock token products as an example. They seem to solve the problem of connecting traditional finance with on-chain assets. But there's one thing to pay special attention to — these products currently do not provide holders with dividend income, interest returns, or even genuine shareholder rights like voting rights.

In simple terms, what you're buying is a tokenized entitlement certificate, but actual shareholder rights are left hanging. This means that compared to directly holding US stocks, you lose out on many potential gains. The crypto world indeed offers more opportunities for trial and innovation, but at the same time, new risk pathways are continuously emerging. Before chasing new玩法, it's best to understand these details thoroughly.