20,000 beta users before the official rollout is decent proof that USDT-funded brokerage access has demand outside the RWA bubble. MEXC moved from Ondo-style tokenized equity pairs into broker-routed real shares, so the edge shifts to custody, USDT/USD conversion, and who eats SEC/FINRA/clearing costs once the promo fees expire. If the broker stack stays opaque, users should price this closer to offshore Robinhood-with-stables than DeFi-native stock ownership.

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