A new development has emerged in the US stock IPO market—the world's first tokenized security IPO (chain-to-stock new issuance).

Figure Technology (FGRD-YLDS) is officially launched, and users with accounts on Futu US can also subscribe.
However, according to user feedback on new subscriptions, it currently only supports 5x23 rather than 7x24, and there have been issues with inability to sell normal holdings, leading to losses.
This has caused the underlying stocks to spiral into a self-destructive cycle.