On December 1, 2025, the stock market witnessed a pivotal breakthrough. Century United Holdings (01959.HK)’s listing on Ju.com marked the first instance of a stock asset achieving a complete closed-loop via real-stock custody combined with on-chain collateralization. This mechanism, known as PoSL (Proof of Stock Liquidity), enables licensed brokers to custody genuine equities on blockchain networks, generating liquidity yields while preserving full shareholder rights for investors.

From this moment onward, the value creation logic of equities has opened new possibilities. Beyond waiting for price appreciation, shares themselves can now be locked up like DeFi assets, continuously generating liquidity yield.

The core narrative of this innovation is simple yet powerful: stocks can now have liquidity. When holders of 01959 pledge their shares to the xBrokers platform, they retain all traditional shareholder rights—including dividend entitlement—while unlocking a new dimension of returns.

The traditional stock investment return formula has evolved into a triple-reward model: "price appreciation + dividend income + staking liquidity incentives." In this model, equities are no longer solely dependent on market fluctuations; holding them inherently generates ongoing liquidity.

As a reference asset, 01959 is validating the feasibility of this pathway, laying the foundation for broader integration of additional stocks in the future.

From Dormant to Awakening: The Second Life of Equity Assets

In the traditional financial system, stocks typically remain idle in brokerage accounts after purchase, generating value only through price volatility or dividend distributions. This model has persisted for over a century. The collaboration between Ju.com and xBrokers introduces Web3-style liquidity incentives into the conventional securities market, enabling equities to generate continuous returns.

The PoSL mechanism operates straightforwardly. Upon pledging 01959 shares to the xBrokers platform, the system issues on-chain liquidity tokens—representing verifiable ownership of real stocks held in custodial accounts—while simultaneously generating computational power.

The more shares pledged and the longer the duration, the higher the generated compute power, leading to greater X-token rewards.

The pledging process preserves all traditional shareholder rights. Pledgers of 01959 maintain full dividend rights, voting rights at shareholder meetings, and continue receiving company annual reports and material announcements. Blockchain technology layers an additional revenue stream atop the existing securities infrastructure, transforming investors into both traditional shareholders and liquidity providers within the Web3 ecosystem.

From a macro perspective, the listing of 01959 validates a viable path toward the convergence of TradFi and DeFi. The bridge built by Ju.com and xBrokers enables real-world assets held by licensed brokers to generate yield on-chain, granting traditional assets the efficiency and return potential of DeFi while retaining the security and compliance standards of TradFi.

Equities once dormant in accounts now possess the capability to continuously generate liquidity.

xBrokers: The Technical Architecture of Real-Stock Custody and On-Chain Tokens

The xBrokers platform adopts a dual-track architecture: "real-stock custody + on-chain tokenization." Many stock tokenization projects merely map stock prices onto the blockchain, where investor-held tokens track price movements but lack actual equity rights.

xBrokers collaborates with global licensed brokers to ensure every on-chain token is backed by real stocks held in regulated custodial accounts. Investors hold genuine equity interests.

The key innovation lies in the 30% dynamic reserve ratio mechanism. Traditional DeFi staking typically requires 100% lock-up—secure but capital-inefficient. xBrokers leverages a risk management model to maintain reserve ratios around 30%, allowing the remaining 70% of funds to remain liquid, significantly enhancing capital efficiency.

This ratio was determined through extensive market analysis and stress testing, ensuring safety during extreme market volatility while maximizing capital utilization for investors.

Security is implemented across three layers. The compliance custody layer ensures all underlying securities are held by licensed brokers in accordance with HK SFC regulations, with client assets independently segregated from broker proprietary assets. The on-chain transparency layer records every pledge, redemption, and reward distribution in real time on JuChain, verifiable via blockchain explorers.

The smart risk control layer dynamically adjusts risk parameters based on market volatility, liquidity depth, and pledge ratios, safeguarding user assets while maintaining system flexibility.

User experience is streamlined: after completing a single KYC verification, users can directly purchase 01959 shares using fiat or stablecoins and initiate staking with one click. With JuChain’s block confirmation speed of one per second and minimal gas fees, the staking experience closely mirrors that of traditional brokerage apps.

To users, it’s just one extra tap; to the underlying infrastructure, it represents the first time licensed custody, on-chain compute power, and RWA yield networks are integrated into a single unified system.

Holders Are Builders: The Positive Flywheel of Staking Economics

xBrokers emphasizes the core principle: "Holders Are Builders." In traditional stock markets, small shareholders are typically passive price takers, with limited influence beyond trading. Within the xBrokers ecosystem, every investor who stakes 01959 contributes to the ecosystem by providing liquidity, boosting activity, and increasing asset visibility.

The compute power earned through staking quantifies an investor’s contribution to the ecosystem. Larger and longer-term stakes provide more stable liquidity, strengthening price discovery mechanisms. The system translates this contribution into measurable rewards via X-tokens.

These rewards originate from the platform’s genuine revenues—transaction fees, service charges, and data usage fees. The platform periodically uses these revenues to buy back tokens or inject them into reward pools, forming a sustainable value loop.

The mechanism avoids the "whale effect." xBrokers implements tiered incentives and caps to ensure fair returns for retail investors. A retail investor staking 1,000 shares of 01959 may not achieve the highest absolute compute power, but their relative yield could be higher due to additional incentive multipliers for long-term, small-scale stakers.

This design encourages broad participation and fosters sustainable ecosystem growth.

The referral and VIP systems further reinforce the positive flywheel. Investors earn rewards through staking, referring new users, active community engagement, and providing liquidity. The system enforces strict performance evaluation and tiered caps, ensuring each user’s reward is directly proportional to their actual contribution, promoting ecological health.

X-Token: The Value Bridge Connecting Traditional Finance and Web3

The X-token is the core value carrier within the xBrokers ecosystem. Its design adheres to three foundational principles, ensuring it can fulfill its mission as a bridge between two financial worlds.

The first principle is real revenue recirculation. The X-token’s value is anchored to the actual business performance of the xBrokers platform. Revenue generated from stock trading, staking services, and data subscriptions is regularly used to repurchase X-tokens, fund reward pools, or offer fee discounts.

As platform operations scale, the intrinsic value of the X-token rises in tandem. Holding X-tokens effectively means participating in the growth dividends of the xBrokers ecosystem.

The second principle is governance empowerment. X-token holders participate in decisions shaping the platform’s direction—from selecting new stocks for listing to adjusting fee rates, planning technical roadmaps, and approving ecosystem partnerships. Major decisions require voting by token holders, ensuring the platform evolves toward maximizing community benefit, with votes directly influencing operational outcomes.

The third principle is rich use cases. The X-token permeates the entire xBrokers ecosystem. Holding X-tokens grants transaction fee discounts; staking X-tokens unlocks enhanced VIP privileges; using X-tokens for new stock subscriptions provides discounted pricing. As the ecosystem expands, future use cases will include cross-chain bridging, NFT minting, and derivatives trading.

Each new application strengthens the X-token’s utility, creating a virtuous cycle driven by demand fueling value growth.

The X-token allocation strategy reflects a community-first ethos. All X-tokens are reserved for the community, released through compute power generation, offering ordinary investors a fairer entry point.

Ju.com Ecosystem Synergy: The Multiplicative Effect of Platform Integration

The listing of 01959 on the xBrokers platform is made possible by Ju.com’s robust ecosystem support. Ju.com is a comprehensive Web3 financial infrastructure with over 50 million registered users across 100+ countries, processing daily trading volumes of $5 billion. This massive user base and traffic gateway provide unique advantages for RWA projects.

Ecosystem synergy creates value across multiple dimensions. Unified trading access integrates stock purchase, staking initiation, and token trading into a single platform. Users can go from buying 01959 shares to trading JU and X tokens—all within one interface—eliminating friction from switching between platforms.

Payment ecosystem integration delivers tangible utility. Through JuCard and JuPay, token rewards earned from staking 01959 can be instantly converted into spending power. JuCard users can spend globally across millions of merchants in over 200 countries. Stock staking rewards can now finance daily expenses such as dining, shopping, and travel—creating a true "hold-stake-spend" loop. Liquidity is no longer confined to secondary market matching; it becomes part of everyday ownership.

The Hundred Stocks Initiative: From Pilot to Scale

01959.HK is just the beginning. After successfully validating the closed-loop mechanism, Ju.com aims to replicate this model across over 100 Hong Kong-listed stocks, then expand to U.S. equities and other asset classes.

The first phase focuses on the Hong Kong stock market. As an international financial hub, Hong Kong boasts a mature regulatory framework and well-established securities infrastructure. The SFC maintains a relatively open stance toward blockchain applications in finance, with multiple virtual asset exchanges already licensed and operating normally. xBrokers chose Hong Kong as its launch market not only for regulatory friendliness but also because of the large pool of fundamentally strong yet illiquid mid-cap stocks—precisely where the staking mechanism can deliver maximum impact.

The planned 100 stocks will span core sectors. High-growth tech innovators in the innovation sector, stable blue-chip dividend payers in traditional sectors, defensive assets in consumer healthcare, high-dividend offerings in financial and real estate segments—each category will feature representative firms. Selection criteria include three dimensions: regulatory compliance (ensuring listed companies operate under HK SFC oversight), market liquidity (targeting high-quality firms with low trading activity), and issuer cooperation (requiring companies to understand and support this innovation, willing to explore stock tokenization with xBrokers).

The second phase extends to the U.S. market. The U.S. equity market is the largest and most mature globally—home to tech giants like Apple, Microsoft, Tesla, and constituents of the S&P 500 index—assets followed by global investors. Their inclusion will expand the total number of storable equities beyond 200, covering market capitalizations reaching tens of trillions of dollars, marking xBrokers' transformation from a regional platform to a global infrastructure backbone.

The third phase extends to bonds, ETFs, and private placement opportunities. Fixed-income instruments such as U.S. Treasuries, corporate bonds, and high-yield debt will support staking and liquidity incentives. Stock ETFs, bond ETFs, commodity ETFs—investors can stake ETF shares to earn dual returns. Private placement innovations via a "mystery box" subscription model allow retail investors to access high-quality IPOs previously available only to institutions. Traditional IPO minimums often exceed millions of dollars, but Ju.com’s "mystery box" model enables retail participation using cryptocurrency—only revealing the actual allocation post-subscription—preventing front-running while expanding access.

The entire expansion process maintains close communication with regulators. xBrokers adds value to the existing securities system within a compliant framework. Before entering any new market, the platform secures necessary licenses, establishes partnerships with local licensed brokers, and ensures all operations comply with local laws. This cautious approach may slow expansion but ensures long-term sustainability and mitigates regulatory risks.

Beyond Stocks: New Possibilities for Asset Ownership

The staking of 01959 shares demonstrates the reimagining of asset ownership. In traditional finance, ownership and yield rights are usually bundled—either fully held or fully sold. Blockchain technology enables far more flexible configurations.

Future portfolio management could look like this: an investor holds 10 stocks, 5 U.S. equities, and 3 bond ETFs—all in staked state, continuously generating liquidity incentives. When liquidity is needed, there’s no need to sell any stock—instead, the staking receipt serves as collateral to borrow stablecoins from an RWA lending protocol. These stablecoins can then be used to pursue new investment opportunities, cover daily expenses, or participate in other DeFi liquidity incentives. Throughout the process, the investor retains full ownership of the underlying stocks and continues to enjoy capital appreciation and dividend rights.

This flexibility also applies to risk management. Traditional portfolio rebalancing often involves frequent trades, each incurring fees and slippage costs. In the xBrokers system, investors can optimize risk-return profiles simply by adjusting staking ratios across different stocks—without executing actual trades. To increase exposure to a favored stock, increase its staking share to gain more compute rewards; to reduce exposure to a concern, lower staking or temporarily unstake—entirely chain-based operations with negligible cost.

For institutional investors, this model offers special value. Pension funds, insurance companies, and other long-term capital managers naturally hold vast equity portfolios, much of which sits idle. Through staking, they can generate an additional, stable income stream without altering their investment strategy. This yield comes from providing market liquidity—a socially valuable function aligned with ESG principles. As regulatory frameworks mature, more institutional capital may enter the Web3 ecosystem via this mechanism.

Heading Toward the RWA Tokenization Market

The staking of 01959 shares marks a milestone in RWA tokenization. Market data indicates the current RWA tokenization market size is approximately $35 billion, dominated by U.S. Treasuries and cash-like instruments, with equities accounting for a minor share. Global stock market capitalization exceeds $100 trillion—if just 1% of stocks were tokenized and enabled for staking, the market would reach trillions of dollars.

The market potential stems from the creation of new value. Traditional stock markets face persistent pain points: illiquid mid-caps struggle to attract institutional investors; cross-border investing confronts foreign exchange controls and complex tax structures; settlement cycles are lengthy, reducing capital efficiency; high minimum investment thresholds exclude retail investors. Stock tokenization and staking mechanisms simultaneously address these issues—injecting liquidity into small-cap stocks, simplifying cross-border investing akin to swapping tokens on a DEX, enabling near-instant settlement, and fractionizing stocks into countless micro-shares accessible to retail investors.

Ju.com aims to reach 100 million users and $10 billion in daily trading volume by 2026. For comparison, global stock markets trade over $500 billion daily—$10 billion represents 2%. Leading crypto exchanges see daily volumes between $10–30 billion. If stock staking becomes a routine operation, achieving this scale is feasible. The key lies in whether product experience, regulatory compliance, and ecosystem synergy can deliver real value.

The competitive landscape is evolving. Robinhood already offers 24/7 tokenized stock trading in the EU, and other major platforms are exploring RWA. xBrokers’ differentiation lies in its staking mechanism—while others make stock trading easier, xBrokers makes stocks themselves generate additional value. As the Hundred Stocks Initiative progresses, xBrokers will build a rich selection of stakable equities, establishing network effects and first-mover advantage.

The Future of Stock Liquidity

Throughout financial history, each technological breakthrough has reshaped how capital flows. The double-entry bookkeeping system of the 15th century brought transparency and trust to commerce; the joint-stock company model of the 17th century enabled mass-scale financing; electronic trading in the 20th century connected global markets in real time.

Stock tokenization and staking mechanisms add a new dimension of value to equities, enabling ownership certificates to generate continuous liquidity.

The implications of this model are multifaceted. For investors, it offers new asset allocation options and tools for return optimization. For public companies, staking enhances stock liquidity and appeal, potentially lowering financing costs. For financial markets, it connects trillions of dollars in traditional securities with DeFi ecosystems, increasing capital fluidity.

For the Web3 industry, RWA is the critical step toward mainstream adoption—and equities are among the most accessible and understandable types of RWA.

01959, as one of the first stakable equities, has validated the viability of this path. Technically, it confirms that the dual-track model of real-stock custody plus on-chain tokens functions. Regulatorily, it proves innovation is possible within existing frameworks. Market-wise, it demonstrates real demand from investors for this model.

The subsequent 100, then 1,000, stocks will extend this ecosystem, gradually transforming how financial markets operate.

Stocks can now have liquidity. Starting with 01959, starting with the collaboration between Ju.com and xBrokers, equities have evolved from assets reliant solely on price swings into assets capable of generating continuous returns. The convergence of TradFi and DeFi is underway, and the definition of asset ownership is expanding.

Participants in this journey are not just observers—they are builders.