Is the on-chain US stock market a pseudo-demand? It depends on the target users; it cannot be generalized. The market is large, and the demands vary widely. 1. For Americans, it is a pseudo-demand because opening an account is easy; 2. For Chinese people, it is a pseudo-demand because the risks and actual costs of exchanging for USD in China are already higher than the costs of opening an account in Hong Kong. Those who still have the ability to exchange for USD must also have ways to open a US stock account in compliance; 3. In many regions of Asia, Africa, and Latin America, there is demand, but the total capacity is limited.

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