I'm always interested in the tokenization of US stocks, and recently I delved into the structure and risks of CRCL. To be honest, security issues are indeed the biggest concern—risks like tokens being unredeemable, custodial institutions going bankrupt or running away, no matter how careful you are, these risks are unavoidable.

CRCL's design looks good, claiming a 1:1 reserve of real stocks, with assets held by regulated third parties like Swiss banks and Clearstream. Theoretically, it's quite stable, and the paper structure seems fine.

However, some details make me a bit cautious. Backed Finance is the issuer, and although their background is decent and they've attracted investments from institutions like Gnosis, all three co-founders come from DAOstack—the project whose token almost went to zero. I'm not saying they can't be used; there are many examples of turnaround in the crypto space. But from a safety-first perspective, this background warrants more consideration.

Practical experience also revealed issues. I tried it out recently, buying 500 shares, and the trading fee alone was nearly $300. The actual transaction price was quite different from my expectations. Currently, liquidity is really thin; buy and sell orders are not very active, which is especially unfriendly for large-volume trades.

Overall, I haven't found any fatal flaws in the product structure for now, but liquidity definitely needs improvement. The next step is to open a Hong Kong card account, set up the infrastructure first, and then gradually start dollar-cost averaging to test the waters.