代幣化股票全解析：區塊鏈如何徹底改變股票交易

最近數月動態頻繁：多間加密交易所上架與藍籌股（如蘋果、特斯拉）掛鈎的代幣，金融科技公司利用區塊鏈推出股票全年無休交易，連主流金融機構都開始研究如何將股票資產搬上鏈。

這種現象通常稱為「實體資產代幣化」，有望打通華爾街與加密世界之間的隔閡，讓更多人參與全球市場，徹底改變交易與投資模式。

本文會帶大家了解什麼是代幣化股票、其意義及對環球金融與加密市場的影響。

我們亦會細看最新發展——例如 Kraken 和 Gemini 等加密交易所推動區塊鏈股票交易，以及 Robinhood 進軍代幣化股權領域——並探討傳統股票與區塊鏈融合所帶來的機遇與挑戰。

什麼是代幣化股票？

代幣化股票本質上是一種數碼資產，代表你於某間上市公司一股或部份股權的擁有權。這些代幣於區塊鏈網絡上創建及存在，與加密貨幣性質相似。持有代幣化股票，即你能獲得其掛鈎股票的價格波動——以蘋果公司為例，若其股價升跌，代幣價值應同步反映。換句話說，相當於你將一隻股票包裝進一個加密代幣內。

但持有代幣化股票與經傳統券商買入股份並不完全一樣。一般而言，這類股票代幣由專責平台或金融公司發行，實際股票由他們託管。每持有一股實股，就於區塊鏈（多用以太坊、Solana 等網絡）發行一枚等值代幣。這種一對一資產支持，理論上允許用戶按需兌回實體股票或經濟等值。不過，市面上亦有「合成」衍生品型代幣，沒有實際持有任何股票，而僅藉算法將代幣價格掛鈎於實股。現時主流仍以全數資產支持為主。總結如下：

資產支持型代幣化股票： 每枚代幣均由託管方所持實股支持。例如某公司持有 100 股特斯拉，於區塊鏈發行 100 枚特斯拉代幣。這種模式確保代幣與實體股票掛鈎，但需信任發行/託管機構。
合成型代幣化股票： 透過智能合約或抵押品等方式，模擬股票價格，無需實體託管實股。早期例子有 Terra 的 Mirror Protocol、Ethereum 的 Synthetix 等，讓用戶純粹用代幣追蹤價格，但增加（如依賴穩定幣抵押、預言機等）額外風險，亦不享有公司真正擁有權。

無論哪種方式，持幣人一般不享有完整股東權益。大部分代幣化股票不設投票權或公司決議參與權，主要用於獲取價格波動及方便交易。有部分平台以創新方式處理股息：如實體股票派發現金股息時，代幣可能以增加用戶持幣數量或發放等值代幣形式反映，但不會直接發現金。例如某發行方指其代幣化股票會自動將股息再投資，即以新增代幣方式派發（因代幣未享有傳統股息權）。簡單講，持有 Apple 股票代幣不能讓你出席蘋果公司大會、投票，但能享有與持股人相同財務權益（包括價格波幅及股息），並以加密資產形式包裝。

交易模式: 你可在支援的加密交易所或去中心化金融平台買賣股票代幣（若以公有鏈發行）。交易一般以加密貨幣或穩定幣（如 USDC）對換，不以法幣進行。例如，你可以於加密交易所用 USDC 買賣代表特斯拉股票的 TSLAx 代幣，就如用 USDC 換比特幣一樣。這些代幣在區塊鏈上流通，用戶可點對點自由轉帳到自己錢包。部分交易所甚至允許你將股票代幣提取至個人錢包，以代幣形式自行保管，這打破了傳統股票不能從券商轉到自己手上的限制，賦予投資人更直接的控制權（雖然本質仍需信任發行方）。

值得留意，這類產品極受監管限制。在批准發行代幣化股票的司法管轄區，發行方或交易所需符合法規，或受證券牌照及豁免條例規限。監管機構一般將代幣化股票視為「證券」（因屬股票投資），公開發行需持牌或與合規伙伴合作。我們稍後會再談監管問題，但簡而言之，並非任誰都可隨意發行股票代幣，必須符合法例，或僅向特定區域、對象開放。

代幣化股票有何重要性？

為何以區塊鏈交易股票會掀起討論潮？這項創新技術為投資者及金融體系帶來多項潛在好處。支持者認為，它能大幅提升金融可及性、效率及市場融合。以下為市場關注原因：

全年無休交易: 傳統股票市場通常僅於特定時間（如美國紐約證券交易所只開放平日早上 9:30 至下午 4:00），而加密貨幣市場全年 365 日 24 小時運作。代幣化股票平台已能提供七日 24 小時，全日無間斷交易（或最少 24/5），亞洲、歐洲投資者無需遵守美國時區限制，亦可即時回應突發消息（如發表業績後美國市場已休市，但相關代幣仍可於加密平台買賣），令價格發現不再斷層。這靈活度於傳統股票市場前所未見。
打破地理、實現普惠投資: 代幣化股票令更多環球用戶更容易參與市場。對不少人而言，開設海外券商帳戶難度高、手續多、收費重或有資本要求。但如你身處合法地區，僅需互聯網與加密錢包即可參與股票投資。有助推動股票普及化。例如身處資本市場不發達國家的普通投資者，也能透過加密平台買入追蹤美國 S&P 500 ETF 的代幣，間接投入美國證券市場，減低傳統地理與行政障礙。有代幣化公司聯合創辦人 Adam Levi 認為：「將大家熟悉的資產搬上鏈，提供前所未有的可及性，代表建立一個真正開放、高效且包容的全球金融體系，人人皆可參與財富創造。」雖屬理想願景，但體現了推動金融包容的精神。
微型持股更簡單: 代幣化本身支援資產極細分。雖部分券商現亦提供碎股買賣，代幣功能則將微型化推至極致，理論上用戶可隨時以極細金額買進 0.001 股乃至更小單位。不論預算多少，均可分散投資高價股票。例如亞馬遜股份價值達數百上千美元，經代幣化後可用 $10 或 $50 投資到極小比例的 AMZN。加密交易所如 Kraken 打出 xStocks（即其代幣化股票）最低 $1 起步價，無需承擔整股投資壓力。這對年輕投資人及發展中國家用戶尤其有利，有助參與高價值股票。
更快結算、成本更低: 傳統股市買賣，通常需 T+2（交易日後兩天）交收期，由仲介、託管等機構層層處理。區塊鏈可令交易幾乎即時完成，因代幣直接轉到買家錢包，結算同時以穩定幣同步、風險更低（避免交易對手違約）。中間人更少、自動化智能合約亦減行政、清算費用。有些平台更主打免佣金買賣（如 Robinhood）等，令交易更經濟。 known for zero commissions on stocks, is likewise making its tokenized stock trades commission-free). Eliminating or reducing fees and delays could save investors money and open up new trading strategies (like quicker arbitrage across markets).
Interoperability with Crypto and DeFi: Perhaps the most novel aspect is that once stocks are represented as tokens, they can interact with the entire decentralized finance ecosystem. This means you could do things that are not possible (or very hard) with traditional shares. For instance:
- You might use tokenized stocks as collateral for a crypto loan – imagine borrowing stablecoins against your tokenized Apple shares, just as you might borrow against Bitcoin on a DeFi lending platform. In fact, the issuer Backed Finance has indicated that its stock tokens will soon be available as collateral for DeFi lending.
- You could trade tokenized stocks on decentralized exchanges, swapping them directly for other tokens without an intermediary. Solana-based DEXes like Raydium and aggregators like Jupiter are integrating support for stock tokens, allowing on-chain swaps between, say, a stock token and a stablecoin.
- Tokenized stocks can be used in yield farming or liquidity pools. For example, providing liquidity in a pool for Google-token vs USD-token trades might earn you fees or rewards. This effectively brings equities into the realm of programmable finance.
- Smart contracts could be built for automated strategies, like tokenized stocks that pay yields, structured products mixing crypto and equities, etc. The possibilities for financial engineering broaden once stocks are represented in Solidity or smart contract code.
By blending traditional assets with crypto infrastructure, tokenized stocks are bridging two financial universes. Crypto investors can diversify into stocks without leaving the blockchain environment, and traditional investors can benefit from crypto’s innovation (like all-day trading and DeFi utilities) on familiar assets. This cross-pollination is seen by many as a foundational step toward a more integrated global market.
Transparency and Control: Blockchain’s transparent ledger means that transactions and ownership of tokenized stocks (where not obscured by privacy features) can be tracked openly. This could bring greater transparency to securities trading, though in practice many tokens still operate on permissioned systems. Moreover, having custody of your stocks in a crypto wallet (as some exchanges allow) gives investors a sense of control – you are not tied to one brokerage’s platform or subject to their solvency (as long as the issuer backing the token remains solvent, of course). This self-custody aspect aligns with the crypto ethos of “not your keys, not your coins,” extending it to stocks. It could reduce reliance on brokers as gatekeepers in the long run.
Innovation in Market Access: There are ideas to tokenize not just publicly listed stocks, but also pre-IPO shares or private equity, and even stock indices or ETFs. In fact, Robinhood has announced plans to offer tokens linked to stocks of privately-held companies like OpenAI and SpaceX for the first time. If executed, that means average investors could get exposure to high-profile private firms via tokens, which is something typically accessible only to venture capital or accredited investors. This would mark a significant broadening of market access through tokenization.

All these reasons contribute to the excitement around tokenized stocks. By modernizing the trading of equities with blockchain technology, there’s a sense that we could unlock a more efficient, inclusive financial system. BlackRock CEO Larry Fink – head of the world’s largest asset manager – captured this sentiment when he said “the next generation for markets, the next generation for securities, will be tokenization of securities.” In other words, industry leaders believe many traditional assets (stocks, bonds, etc.) will eventually be handled as digital tokens, because of the advantages outlined above.

However, it’s equally important to temper these ambitions with a clear-eyed look at the challenges. Before we delve into the obstacles and risks, let’s examine what’s actually happening on the ground today – because tokenized stocks are no longer just a theory, they’re trading live in 2023-2025 and gaining momentum.

From Early Experiments to Today’s Momentum: A Brief History

The concept of tokenizing stocks isn’t brand new. It has been tried in various forms over the past few years, albeit with limited success until recently. Understanding this history provides context for why today’s developments are different.

Early Experiments (2018–2021): One of the first notable attempts was by a platform called DX.Exchange in 2019, which used Nasdaq’s trading technology to offer tokenized stocks of companies like Apple and Tesla. While it generated headlines as a pioneer, that exchange shut down within a year due to operational issues and lack of traction. Around the same time, several crypto trading platforms dabbled in tokenized stocks:

Binance – the major crypto exchange – launched tokenized stock trading in 2021 for select stocks (including Tesla, Coinbase, and others) via a partnership with a licensed investment firm in Germany. However, facing regulatory pressure (German regulators questioned if Binance had issued a prospectus), Binance abruptly discontinued its tokenized stocks offering after a few months. It was an early sign that regulators were closely watching these products.
FTX – the now-defunct crypto exchange – also offered a range of tokenized stocks to non-U.S. customers, likewise through a regulated European partner. FTX’s tokens let users trade fractions of popular U.S. stocks. But when FTX collapsed in 2022, trading halted. (Customers who held those tokens theoretically still have claim on the underlying shares via the partner company, but it illustrated counterparty risk – if the platform fails, access to the tokens can vanish.)
Bittrex Global and a few other offshore exchanges provided tokenized stocks in that 2020-2021 period as well, but none achieved large usage. Often these offerings were geo-fenced away from the U.S. and other strict jurisdictions.

In the DeFi space, projects took a different approach: they created synthetic stocks. Mirror Protocol launched on Terra blockchain in 2020, minted tokens that mirrored the price of U.S. equities (like mAAPL for Apple). It grew modestly popular among crypto users seeking stock exposure without going through a broker. But Mirror’s design relied on the TerraUSD (UST) stablecoin for collateral. When UST collapsed in 2022, Mirror crumbled, and the synthetic stocks became practically worthless. Similarly, Synthetix, a long-running DeFi platform on Ethereum, once offered synthetic stock tokens (sTSLA, sAMZN, etc.) supported by an over-collateralized pool of crypto assets. While innovative, Synthetix voluntarily wound down these offerings under regulatory scrutiny (the U.S. SEC took issue with synthetic securities) and due to limited user uptake. These early DeFi solutions demonstrated technical feasibility but revealed flaws: collateral instability (as in Terra’s case) and the lack of legal clarity for unregistered stock lookalikes.

By late 2021, the initial wave of tokenized stocks had mostly receded. Regulatory hurdles and trust issues (would the issuer truly hold the stock? what if the exchange goes under?) made larger players cautious. For a time, it seemed tokenized equities were a niche experiment that might not break into the mainstream.

The Turning Point (2022–2023): Several developments have set the stage for a resurgence:

Regulatory Frameworks in Europe and elsewhere: Jurisdictions like Switzerland, Germany, and the broader European Union began putting rules in place for digital securities. Switzerland implemented a DLT (distributed ledger technology) law that recognizes tokenized securities. The EU’s existing MiFID II and newer regulations created pathways for tokenized instruments under certain licenses. These gave legitimate companies a framework to operate within, rather than flying under the radar.
Institutional Interest: Traditional financial institutions started exploring tokenization more seriously for bonds and funds (for example, multiple European banks issued tokenized bonds). This spilled over into interest in equities as well, with the sense that if bonds can be on blockchain, why not stocks? The World Economic Forum and consulting firms like BCG published optimistic forecasts, projecting tokenized assets could reach trillions in value by 2030. Such predictions lent credibility to the space.
Advances in Stablecoins and Custody: The growth of stablecoins (over $200 billion circulating by 2023) provided the liquidity infrastructure needed for on-chain trading of assets in dollar terms. Improved crypto custody solutions and proof-of-reserve mechanisms (using blockchain oracles to verify that real assets back tokens) also made the proposition less risky. For instance, token issuers can now use independent auditors or on-chain proofs to show they hold the equivalent stocks in a custodial account, addressing trust concerns.

In late 2022, BlackRock’s Larry Fink publicly endorsing tokenization as the future signaled that the concept was gaining mainstream validation. By 2023, the pieces were in place for a second wave.

Recent Developments: Tokenized Stocks Surge in 2024-2025

The past year has indeed seen renewed momentum in bringing stocks on-chain. Unlike the earlier attempts, this time many initiatives are coming from well-capitalized, regulated firms or well-known crypto platforms, and they are coordinating with regulators (at least outside the U.S.) to a greater extent. Let’s survey what’s happening today with tokenized stocks:

Crypto Exchanges Embrace

已知主打零佣金股票交易，該平台現在將股份代幣化的交易亦設為零佣金。減少或取消相關手續費和延遲，能幫投資者節省錢，仲可以發展新交易策略（例如市場間更快嘅套利等）。

同加密貨幣及去中心化金融（DeFi）互通操作： 最有突破性嘅地方，係股票一旦轉化做代幣，就可以同成個去中心化金融生態圈互動。即係你可以做到傳統股票難以或者做唔到嘅事，例如：
- 用股份代幣做加密貨幣貸款抵押品——例如將你手上嘅Apple股份代幣押出去，換穩定幣返嚟，好似依家DeFi借貸平台用Bitcoin做抵押一樣。事實上，發行商Backed Finance已表示佢哋嘅股份代幣好快會開放做DeFi借貸嘅抵押品。
- 可以喺去中心化交易所交易股份代幣，直頭同其他代幣點對點兌換，唔使經中介。Solana鏈下嘅DEX例如Raydium，以及聚合器如Jupiter，正陸續支援股份代幣，等你可以鏈上直接swap，例如股票代幣兌穩定幣。
- 股份代幣仲可以用嚟參加流動性池或者耕作收益。舉例，為Google股份代幣兌USD代幣嘅交易池提供流動性，可以賺到手續費或者其他獎勵。本質上將股票帶入可編程金融範疇。
- 智能合約可以支持自動化策略，例如派息嘅股份代幣、或者結合加密資產同股票嘅結構性產品等。當股票轉化為Solidity智能合約之後，金融創新嘅可能性大大增加。
傳統資產同加密基建融合，股份代幣化就是連結兩個金融世界嘅橋樑。加密投資者可以唔洗離開區塊鏈環境都可以分散投資股票；傳統投資者又可以喺熟悉資產上享受到加密新功能（例如全天候交易、DeFi工具等）。呢種「跨界」好多人都認為係全球金融市場融合關鍵第一步。
透明度同自主權： 區塊鏈透明賬本意味住股份代幣嘅交易或持有人（只要無私隱限制設計）可以公開追蹤查閱。理論上可以令證券市場更透明，雖然事實上而家好多代幣仲係跑喺許可制鏈。再者，有啲交易所容許你將股份代幣存入私人加密錢包，令投資者多咗掌控感——你唔會再被綁死喺某一間券商平台或者受佢地財政約束（只要發幣方冇事）。用戶自持既理財方式亦呼應加密圈「not your keys, not your coins」精神，將佢拓展到股票世界，長遠有望減少對經紀人嘅依賴。
市場參與方式創新： 有構思不只是公開上市股票可以代幣化，仲想將未上市（pre-IPO）、私人股權、甚至指數／ETF都tokenize。Robinhood已宣布首次會推出同OpenAI、SpaceX等非上市公司股份掛鈎嘅代幣。如果實行，代表普通投資者都可以透過token接觸以往只有風投、大戶先玩到嘅明星未上市公司，大大擴闊了市場門檻。

以上咁多原因都令市場對股份代幣化充滿憧憬。用區塊鏈革新股票交易，好多人相信會開放一個更有效率、更包容嘅金融體系。最大資產管理公司BlackRock CEO Larry Fink 曾經話過：「市場未來係證券嘅token化。」亦即係唔少年資業界領袖認為好多傳統資產（股票、債券等）最後都會變成數碼代幣，享受到上面所講嘅優勢。

當然，咁多美好想像之下，實情都要冷靜睇睇現實難題。喺探討障礙同風險前，不如先睇吓地面發生緊咩事——因為股份代幣化已唔再只係理論，而係2023-2025年已經正式落地、交投漸旺。

由早期試驗到今日：股份代幣化簡史

股份代幣化唔係乜新鮮事。過去幾年其實斷斷續續有唔同形式嘅嘗試，只係直到近年先見到初步成效。理解呢段歷史先可以睇得明而家點解氣氛唔同。

早期試驗（2018–2021）： 最早期令人注意嘅例子之一，係2019年DX.Exchange呢個平台，用納斯達克交易技術推出Apple、Tesla等股份代幣。雖然一度成為話題，平台運作唔順，一年內就結業。大約同期有幾間加密交易平台都玩過類似業務：

幣安（Binance）——全球最大加密交易所之一，喺2021年一度推過選定股份（包括Tesla、Coinbase等）嘅股份代幣交易，由德國持牌投資公司合作發行。但隨住監管收緊（德國監管懷疑未出招股說明書），幣安幾個月內就叫停咗業務，初步反映監管機構密切注視呢類產品。
FTX——而家已經清盤嘅加密交易所，亦曾經經受監管歐洲夥伴，向非美國客戶推出過各種股份代幣，容許細份量交易美股熱門公司股份。但2022年FTX倒閉後，交易亦即刻喊停。（理論上，持有相關代幣用戶，可以向合作公司追討底層持股，但足以展示對手風險——平台倒咗，token隨時開唔返。）
Bittrex Global同一批海外平台喺2020-2021年間都有搞過股份代幣，不過全部用戶量有限，且通常不開放畀美國等嚴格司法區。

去中心化金融（DeFi）領域就發展得唔同：採用合成資產方案。Mirror Protocol 2020年喺Terra公鏈上線，鑄造跟蹤美股價格（如mAAPL for Apple）嘅合成股份代幣，吸引到部分用戶炒股（唔使經券商）。但Mirror抵押品要靠TerraUSD（UST）穩定幣。結果2022年UST爆煲，Mirror亦即時玩完，合成股份變廢紙。Ethereum老牌DeFi平台Synthetix都曾推出過合成股（sTSLA、sAMZN等），以加密資產超額抵押方式。雖然好新穎，但因應監管壓力（如美國SEC當合成證券論處）、加埋用戶有限，Synthetix主動逐步關閉相關產品。早期DeFi方案證明到技術做到，但暴露咗兩大問題：一係抵押品唔穩陣（如Terra事件）、二係法律上模糊（如無牌發行股票副本）。

去到2021年底，早一波股份代幣化潮流大致退卻。監管障礙、信任問題（發行商真係持股？平台跪低點算？）令大玩家好審慎。一段時間好似股份代幣化只可以係一隅試驗品，無機會入主流。

轉捩點（2022–2023）： 幾個重要發展令形勢逆轉：

歐洲及其他地區監管框架落地： 瑞士、德國、以及歐盟陸續出台針對數碼證券嘅監管措施。瑞士訂立DLT（分布式賬本技術）法例，正式承認token化證券資產；歐盟現有MiFID II和新監管安排則為token化產品開出特定牌照途徑。正規企業終於可以依規運作，唔使再走鋼線。
機構興趣湧現： 傳統金融機構積極研究資產token化，起初由債券、基金開始（多間歐洲銀行推出過token化債券），慢慢推動到股票層面，因為如果債券都可以落鏈，股票都冇理由唔得。世界經濟論壇同BCG等顧問機構都發表咗樂觀預測，話2030年token資產市場可以上到萬億美元層級，正式帶來信心加持。
穩定幣與資產託管進步： 穩定幣發展迅速（2023年已達兩千億美元流通量），為鏈上資產交易提供美元流動性底座。加密託管及資產證明（例如用區塊鏈oracle驗證托管帳戶真有實股）都有提升，大幅減低風險。例子：現時發幣公司可以用獨立審計或者鏈上證明show番持有等量股票，提高公信力。

2022年尾，BlackRock Larry Fink公開表態認同證券代幣化係未來，宣告觀念已被主流資本圈接納。2023年開始，市場新一輪熱潮正式啟動。

近期進展：2024-2025年股份代幣化盛勢

過去一年，股票上鏈熱潮再起。唔同於之前，多個新方案由資金充足、合規平台主導，而且積極同監管機構配合（至少美國以外地區）。不如簡單總結下而家token化股票新動向：

Crypto Exchanges Embrace

On-Chain Equities
鏈上股票

多家加密貨幣交易所 —— 包括中心化同去中心化平台 —— 已經推出咗對代幣化股票嘅支援，標誌住佢哋業務範疇正式由純加密資產擴展到傳統金融產品。

Backed Finance 及 xStocks 聯盟 (2025)： 今次推動嘅背後主力係瑞士公司 Backed Finance。2025 年 6 月 30 日，Backed 喺多個主流平台首度推出「xStocks」代幣化股票，將 60 隻以上美國股票同 ETF 以代幣形式登陸 Solana 區塊鏈，當中包括 Apple、Amazon、Microsoft，甚至連大型指數基金（例如 S&P 500 ETF 嘅代幣）都可以買賣。呢啲代幣（通常會有「x」字尾，例如 AAPLx 代表 Apple）100% 以實體股票 1:1 作實物支撐，並用 Solana 程式庫（SPL）形式發行。

值得注意係今次合作模式：Backed 組織咗 xStocks Alliance，集合咗一班交易所同 DeFi 應用，一齊推動開放式鏈上股票市場。Bybit 同 Kraken 兩大知名交易所率先上線呢啲代幣化股票，全球超過 190 個國家嘅 Kraken 同 Bybit 用戶現時已經可以像買賣加密貨幣咁買賣股票代幣，操作介面都係大家熟悉嗰套。初步就有約 60 種代幣 24/7 任炒。同時 DeFi 都有份參與：Solana 上嘅 DeFi 協議如 Kamino Finance（借貸平台）、Raydium（去中心化交易所）、Jupiter（聚合器）首日已經支援 xStocks，即係話唔單止係交易所可以買賣，仲可以直接喺 Solana DeFi 生態入面 swap 或借貨，啲代幣全部 DeFi-ready，任你提去 Solana 錢包做鏈上交易，呢個對傳統股票市場嚟講係前所未有。

Backed 聯合創辦人 Adam Levi 形容今次係「民主化市場准入嘅一大步」。市場語言之下，其實有龍頭如 Kraken 參與已經好有說服力。Kraken 一直有計劃入場做代幣化股票，今次夥拍 xStocks 更等如喺非美市場首度開放美股代幣。Bybit 作為交易量最大嘅平台之一都急不及待參與，可見佢哋預計全球用戶對股票上鏈極有需求。

Gemini 歐洲用戶專屬代幣化股票 (2025)： 美國交易所 Gemini（Winklevoss 雙胞胎主理）則針對歐洲市場發功，2025 年 6 月底宣佈夥拍初創 Dinari 推出美股代幣化產品。首發係 MicroStrategy（MSTR）代幣化股票 —— 呢間公司以持有大量比特幣聞名 —— 之後會陸續加入更多股票同 ETF。

選擇歐洲市場係策略性考慮：Gemini 已攞到馬耳他金融法規（MiFID II）執照，可以喺全歐經濟區合法做代幣衍生品業務，結合 Dinari 嘅技術 —— 佢哋啱啱獲美國 FINRA 發牌做代幣化股票證券商 —— 等於保障咗代幣完全合規同有現貨股票實物支撐。Dinari 係首間攞到呢個牌照嘅公司（截至 2025 年 6 月），重大突破，即係受監管機構正式認可可以用合法方式發行股票代幣。Gemini 目前服務只針對歐盟用戶，不過呢條路數為美資公司（如 Gemini、Dinari）日後利用友善海外司法管轄區合規發行產品開新路。同時亦反映歐洲因為有明確規例，已經成為代幣化證券重鎮。

Coinbase 及 Kraken 未來路線： 美國最大加密交易所 Coinbase 都表示有興趣參與 —— 不過暫時選擇走美國本土監管方案，仲未選擇海外部署。2025 年 6 月正式公開宣布，正向美國證監會申請批准，以便向客戶提供代幣化股票買賣服務。Coinbase 法律總監稱呢個概念係「重中之重」，顯示公司睇到巨大機遇。如果獲批，Coinbase 有機會成為首個可供股票區塊鏈交易，並受美國監管認可嘅主流平台，潛在威脅 Robinhood、Charles Schwab 等傳統股票券商。截至 2025 年中，Coinbase 已經尋求證監會出非異議函（No-Action Letter），即係問監管機構會唔會反對發布呢類新服務。幕後顯示監管對話密鑼緊鼓。至於 Kraken 如上文提及，選擇同 Backed 合作，以提供美國以外市場嘅代幣股票業務。兩大交易所都一致認同代幣化將成為未來業務一大增長點，傳統股票同加密貨幣逐漸融合。
其他參與者： 背後其實有更多公司同聯盟逐步湧現。前述 xStocks Alliance 除咗有交易所，亦包括鏈上基礎設施商，例如 Chainlink（價格預言機、儲備證明）；仲有啲主攻機構級股票鏈上化方案嘅金融科技公司，例如 Ondo Finance。Ondo 以代幣化債券基金起家，而家傳聞正設計自動處理公司行動（例如派息、拆細）嘅合規化鏈上基建。整個生態正逐步由價格數據源到託管、監管技術等全面鋪設，雖然唔多為人見，但對規模化發展好關鍵。

Robinhood 打通股票新舊界線

最矚目嘅新動向，莫過於 2025 年 Robinhood 正式進軍代幣化股票領域。Robinhood 作為傳統零售投資界紅星，以手續費全免股市 App 聞名。近年用區塊鏈拓展歐洲市場：

Robinhood 歐盟區代幣化股票首發： 2025 年 6 月 30 日，Robinhood 宣布向歐盟客戶開放超過 200 隻美股及 ETF 代幣化產品，涵蓋 Nvidia、Apple、Microsoft 等美股藍籌，零手續費、24 小時、每周五日（24/5）都得交易。呢個舉措喺法國公司活動現場公開，即時等歐洲用戶可以用代幣買賣美股，唔需要跑去傳統證券行。Robinhood 夥拍 Arbitrum 區塊鏈（Ethereum Layer-2，低手續費）發行股票代幣，確保交易低成本、即時結算，同時由 Robinhood 負責用戶端體驗。

Robinhood 背後動機分兩大方向：一係捕捉國際用戶對美國（特別係 AI 等科技相關）股票興趣，另一個係用股票代幣化打開新市場同產品差異化策略。公司高層直言「Tokenization 必將引爆交易革命」，突顯對呢步棋信心十足。消息一出，公司股價即時勁升近 10%，創歷史新高，投資者表現明顯受落。

Robinhood 更透露計劃代幣化私募資產，包括 OpenAI、SpaceX 等市場火熱悉數尚未上市的私人公司股份。如果成事，將會係劃時代突破，讓小投資者可透過代幣參與 IPO 前的機會。

更特別係，Robinhood 未來打算建立自家專屬區塊鏈，支援 24/7 股票交易（現時用 Arbitrum 做 24/5）。意味公司有更遠大願景，希望唔止做 App，而係建成完備鏈上股票生態平台。如果今年內真如承諾推出「過千」隻股票代幣，Robinhood 或會成為全球最大股票代幣市場之一。

Robinhood 今次入場最重要之處係，佢真真正正在傳統金融同加密圈之間搭建咗橋樑：一間傳統股票經紀平台，由上到下都認真擁抱區塊鏈基建。呢個舉動等於證明代幣化股票唔再只係加密圈玩意，連傳統投資者都可以透過用戶友善界面享受鏈上體驗（Robinhood 仲幫你遮蓋晒區塊鏈後端，包括加密操作等複雜性）。

向鏈上股票市場一體化進發

以上種種動向逐步勾勒出一幅新藍圖：各方努力逐漸縫合出一個與傳統股市平行、但完全鏈上化的股票市場。Backed xStocks 聯盟着重基建，Gemini/Dinari 著重監管合規，Robinhood 則主攻用戶體驗，每家策略不一，齊齊攻入。

而機構層面，傳統市場巨頭亦已悄悄部署：

倫敦證券交易集團（LSEG） 係全球歷史最悠久交易所之一，2023 年就已經透露一直積極研究用區塊鏈技術建立傳統資產托管及交易平台。LSE 資本市場主管指公司發展來到「分水嶺」，計劃利用數碼技術令傳統資產交易及託管體驗變得更便捷、透明同低成本。最重要係強調整個項目完全受監管、唔係想繞過傳統法規，大型交易所其實係想用區塊鏈作為現代化工具。項目考慮設立獨立法律主體，並聯同多國監管部門合作，或會優先考慮股份、基金等資產分階段代幣化。
世界經濟論壇
（內容截斷）(WEF)** 報告同其他2023-2024年嘅研究出版物都指出，資產代幣化有潛力提升全球市場嘅流動性同互通性。不過，報告亦有提及面對嘅挑戰，但同時推動政策制定者討論點樣更新現有架構，以配合呢啲創新。
一啲大型資產管理公司同銀行開始試驗資產代幣化，包括基金、債券，甚至另類資產（例如房地產）。呢個現實資產代幣化嘅大趨勢已經建立起一個涵蓋法律、託管、科技嘅服務生態圈，同樣可以應用落股票度。例如有啲公司（如Securitize）已經根據監管豁免發行咗多種資產代幣（例如債券同基金），同時累積咗操作知識，未來可以延伸到股票上面。

簡單講，現時資產代幣化股票已經由概念階段，逐步邁向現實應用層面。主流加密貨幣交易所以及大型金融科技券商都積極參與，而監管同信任（例如發牌、券商經紀、資產儲備證明等）嘅基礎亦都陸續搭建緊。雖然每日交易量暫時仲係好細（例如Backed嘅xStocks推出後數日內成交額約130萬美元、1,200個交易者，和傳統大市比較仲係好細），但增長速度以及參與者人數不斷上升，顯示行業發展得非常快。

下一步，我哋會探討呢個融合點樣影響唔同圈子嘅市場與參與者——由加密投資者到傳統金融機構——同埋會對成個金融格局帶嚟咩新意義。

傳統金融與加密圈嘅橋樑：對市場嘅影響

資產代幣化股票位於以往分隔兩極嘅交匯點。隨住關注度提升，佢哋開始以嶄新方式影響加密圈市場同傳統金融市場。以下分幾個範疇細分探討影響：

1. 對加密貨幣市場同數碼資產生態圈嘅影響：

現實資產（如股票）注入加密交易領域，有可能為加密市場帶來劇變：

多元化與市場動態： 加密市場一直以來主要由原生加密資產（如比特幣、以太坊等）主導，呢啲資產好常有高度關連。當股票進場，由於反映唔同嘅基本面（公司業績、經濟數據等），令加密交易員可以唔使離開交易所都分散投資到股票，潛在上可緩和波動性。反過來講，加密市場氣氛亦有可能影響代幣化股票樓價走勢——例如當加密市場大升時，交易員更有資本同風險胃納湧入股票代幣，可能隔晚推高價格，即使華爾街收市。呢種互動，尤其當代幣市場成交增長時，或會令加密與股票兩邊關聯度越來越高。例如，假設星期六有重大新聞（期間傳統股市唔開），代幣化股票市價會即時反映，星期一傳統交易所重開先追返價，比以往更快捕捉緊資訊。
穩定幣同加密幣需求提升： 交易資產代幣化股票一般用穩定幣或者其他加密貨幣，市場壯大下，對穩定幣（數碼美元）嘅需求會增加，令佢地更鞏固成為鏈上交易骨幹。相關區塊鏈（Solana、以太坊Layer 2等）嘅鏈上交易量都會自然提升，帶動網絡活躍度同手續費收入。例如Solana去中心化金融(DeFi)市場，可能因為股票代幣交易、套利等活動重振，從而吸引更多流動性供應者。
DeFi新機遇： 正如之前提到，DeFi協議開始可以整合資產代幣，如股票代幣，引入新用戶同應用場景。好明顯影響係貸款平台可以接受股票代幣託管，同時容許出借人放債或者做沽空，甚至創造收息機會（例如出借蘋果代幣賺利息）。呢種模式就係將傳統證券借貸帶入去DeFi。另外，股票代幣同加密資產可以一齊喺流動性池做組合，方便做指數類產品或者對沖操作，行業界線愈見模糊——加密用家會對股票興趣提升，反之亦然，得益於統一介面。
可信度提升與機構投資者參與： 現實資產進入後，令加密平台更容易吸引傳統機構投資者。一直怕純加密市場風險嘅機構，若果可以直接交易Apple股票或S&P 500代幣，更易參與。呢種「溫和」引進舊經濟資金，隨時令整體用戶基數同資本池壯大。當然，機構會追求更完備嘅法律框架同風險管理。
託管與基建發展： 為支援資產代幣化股票，加密託管服務須要處理書加密資產同傳統資產，推動一體化託管方案（同時安全管理私鑰，同又要連結傳統券商或銀行資產保管）。有助提升加密行業基建質素，拉近主流金融標準。

不過，加密市場同時要應對新風險：熱門資產代幣一旦遇到公司大事件（例如拆股、除牌），智能合約及平台必須準確處理。鏈上若未能同步映射，會引發混亂或損失。例如公司派息，代幣發行商要準時正確派發現金價值（用額外代幣或等價物），做唔到就會損害信心。加密行業要學懂處理corporate action同傳統金融操作，的確係新挑戰。

2. 對傳統金融市場及投資者嘅影響：

傳統金融界角度，資產代幣化股票可以有破壞性亦都可以補充現有體系：

對券商及交易所競爭： 如果越來越多投資者（特別係海外）投入資產代幣化股票市場，可能會分薄傳統交易所同券商嘅成交。例如印度或奈及利亞投資者，本身難以直接投資美股，通過加密平台買賣資產代幣化美股，相比用當地券商買存託憑證更方便平價。長遠而言，如果鏈上平行市場發展成功，傳統平台壓力大增，可能會考慮延長交易時段或減低手續費預留客源。目前我哋已經見過美國券商推出有限度嘅延長交易時段，而有24/7交易時段嘅「替代品」會進一步推動傳統市場走向全日不間斷交易。
市場效率同套利： 資產代幣化股票可全天候交易，有機會提升市場總體效率。套利者確保代幣同實體股票價格保持接近（經過匯率因素調整等），假如有代幣價格溢價，套利者可以放空代幣、買入真股票等策略，兩邊市場自然連動。企業公告或宏觀新聞發生喺股市收市期間，會第一時間反映喺代幣市場，傳統市場重開時股價好可能已經整定。即係話，代幣化市場可以成為股票「持續報價」機制，開市gap價同波幅或會收窄。未來，傳統市場參與者未必唔睇加密代幣報價，甚至預先參考下個交易日開市水平。
全球散戶參與度提升： 資產代幣化股票令全球持股人口有望進一步擴大。好多人識玩數碼資產但冇掂過股票，未來都可以透過代幣間接持股。年輕數碼原住民，亦可能唔開傳統券商，而係用加密app直接接觸股票投資，驅動新一輪股票需求，特別對科技受歡迎股份有利，事實上推動公司擁有更分散嘅國際小股東。企業本身亦會開始留意全球各地微型token持有人。
流動性影響： 初期資產代幣化股票市場遠細過真實股票市場，細路推唔動大路。但如果成日後規模爆升，好大成交量係凌晨三點紐約時段喺加密市拋蘋果股票代幣，早上九點半納指開市，莊家都可能據此調低報價。即係間接地token市場會帶動傳統市場走勢。我哋基本係為股票加開咗新嘅「夜市」時段，總體流動性提升，但同時亦即係夜晚都可能突然波動。監管機構與交易所將高度關注呢啲新動態。
交收同後台現代化壓力： 區塊鏈接近即時...（未完，請指示是否要繼續？）Sure! Here is your requested translation to zh-Hant-HK, following your formatting requirements:

settlement might push traditional settlement systems to modernize. The current T+2 cycle could shrink – indeed there are plans for T+1 in the U.S. – and perhaps eventually real stocks could adopt blockchain or similar tech for faster settlement. If tokenized markets show clear proof of lower cost and risk, it strengthens the case for updating legacy systems. In a sense, tokenized stocks could serve as a sandbox that demonstrates the efficiencies possible, thereby influencing broader market infrastructure upgrades.

傳統結算系統可能會因為新型結算推動而被迫現代化。現時 T+2 的結算周期有機會縮短——事實上，美國已計劃推行 T+1——更有可能將來現實股票都會採用區塊鏈或類似技術，以加快結算。如果證券代幣化市場明確證實成本及風險更低，將更有力地迫使舊有系統進行改革。從某程度上講，證券代幣化股票可以作為一個沙盒實驗，展示出新效率潛力，繼而影響更廣泛的市場基建升級。

Cross-Border Investments and Currency Fluidity: Traditional equity investment often requires dealing with foreign exchange, local custodians, etc., if you cross borders. Tokenized stocks largely transact in cryptocurrencies or stablecoins, which bypass a lot of currency exchange friction. A European buying a U.S. stock token with USDC doesn’t have to directly touch U.S. banking systems. Over time, this might slightly reduce the frictions and costs associated with cross-border capital flows. It’s conceivable that if regulation permits, capital from emerging markets could find easier paths into developed market equities through crypto rails, affecting capital allocation globally. Of course, regulators might also fear that (as it could circumvent capital controls in some cases), leading to careful monitoring.
跨境投資及貨幣流動性： 傳統股票投資每逢跨境時，往往要處理外匯、本地託管等問題。證券代幣化主要以加密貨幣或穩定幣結算，避開不少貨幣兌換摩擦。例如，歐洲人用 USDC 去買美股代幣，無需直接與美國銀行體系接觸。隨住時間，這有機會略為減低跨境資金流動的摩擦同成本。如果監管容許，新興市場嘅資金更容易用加密基建流入已發展市場股票，影響全球資金配置。當然，監管當局亦可能憂慮此舉（尤其係部份場合可逃避資本管制），因而加強監控。
Financial Inclusion: In a broader socio-economic sense, if tokenized stocks succeed, they could enable people in countries with underdeveloped financial systems to participate in global wealth creation. Someone in a country without a strong stock market or with oppressive financial barriers might still buy U.S. or European equity tokens if they can access crypto. This has implications for financial inclusion and education – a new cohort of investors will need to understand stock fundamentals, possibly improving financial literacy beyond just crypto knowledge.
普及金融服務： 從更廣義嘅社會經濟角度講，如果證券代幣化成功，將令金融系統不完善國家嘅民眾有機會參與全球財富增長。即使係冇完善股市或操作上有高門檻嘅國家，只要有加密貨幣，他們都可以買美國或歐洲股票代幣。呢個對金融包容同教育有深遠影響——全新投資人群將需要理解股票基本面，有望令金融知識提升，唔再只係局限於加密貨幣嘅知識。

3. Influence on Policy and Regulation:

The convergence of crypto and stocks inevitably draws the eyes of regulators and policymakers. Impacts here include:

加密同股票融合，無可避免會吸引監管同政策制定者關注，相關影響包括：

Regulatory Reforms: As tokenized securities proliferate, regulators will likely update laws or issue new guidance to cover them. We’re already seeing moves – e.g., the U.S. SEC dropping certain enforcement (as noted, under a more crypto-friendly administration in 2025) and engaging in no-action discussions, or European regulators granting licenses like MiFID permissions and approving prospectuses for tokenized instruments. Governments may need to harmonize how they treat a stock vs a tokenized stock. Are they exactly the same in rights? Do trading rules like short-selling regulations apply equally on-chain? These questions will shape future policy. If tokenized trading remains outside some national jurisdictions (offshore), we could also see international regulatory collaboration to set standards.
監管改革： 隨着證券代幣化愈來愈普遍，監管機構有機會要修訂法例或出新指引。目前已見到部分行動——例如美國 SEC 於較友善加密嘅 2025 春政下停止部份執法，並展開無行動函件討論；又或者歐洲監管機構批出如 MiFID 牌照、核准代幣工具說明書等。各國政府或需統一股票與證券代幣化股票待遇——例如兩者權益是否完全一樣？沽空規例等交易規則在線上是否同樣適用？這些問題將影響未來政策。如果代幣化交易繼續避開部分國家司法管轄（如設於離岸），將有可能出現國際監管合作，訂立行業標準。
Legal Recognition of Digital Share Ownership: One subtle but profound impact is on the concept of ownership. Currently, if you own a tokenized stock, do you legally own the share, or do you own a claim on a share via the issuer? Right now it’s typically the latter – the issuer/custodian is the shareholder of record, and you have a contractual claim. Some jurisdictions might evolve to recognize the token holder as the direct beneficial owner through changes in securities law, giving more robust rights to token holders. For instance, Wyoming in the U.S. updated some laws to recognize tokenized stock certificates for corporations. Such legal changes could propagate if tokenization proves popular.
法律承認數碼股份擁有權： 一個比較隱蔽但深層次嘅影響，就係擁有權概念。目前如果你持有證券代幣化股票，你究竟係擁有股份，還是只係透過發行方擁有某個權益申索？現時通常係後者——發行人或託管人大多係法定持有人，而持有人只係合約上聲稱擁有權益。有部分地區或會隨證券法律改變，將代幣持有人視為直接受益擁有人，強化代幣持有者權利。例如美國懷俄明州修改咗某些法律去承認公司代幣化股票證書。如果證券代幣化受歡迎，呢種法律更改有機會進一步擴散。
Securities Law Enforcement: Regulators like the SEC will remain vigilant that tokenized stocks don’t become a backdoor for unregulated securities trading. One immediate impact is that offerings have to either geo-fence out U.S. investors or ensure they go through registered broker-dealers and follow KYC/AML compliance. We’ve seen this in practice: U.S. users are generally blocked from trading these tokens on most platforms currently. Over time, if the U.S. integrates these into its regulatory fold (through broker-dealers like Dinari and potentially national exchanges), that could open the floodgates for U.S. retail – but also subject the space to the full weight of securities regulations (reporting requirements, market surveillance for fraud/insider trading on tokens, etc.). In the meantime, regulators in more open jurisdictions (like some EU states, Dubai, Singapore) may try to position themselves as hubs for tokenized asset innovation, which can influence where companies set up shop.
證券法執法： 監管機構如 SEC 會防止證券代幣化成為無牌證券交易后門。直接影響係發行平台要地區限制美國投資者，或確保經註冊經紀商及執行 KYC/AML 規定。實際操作上，我們已見到美國用戶現時整體被封鎖交易這類代幣。若然往後美國主動納入監管（經 Dinari 等持牌經紀商或全國交易所），則可能為美國散戶打開大門——但同時要接受所有證券監管要求（如申報、欺詐/內幕交易監控等）。同時，開放型司法管轄區（例如歐盟部分國家、杜拜、新加坡等）可能搶先定位為證券代幣化資產創新中心，從而影響企業註冊地選擇。

In summary, the impacts are far-reaching: Crypto markets gain new assets and possibly stability and maturity; traditional markets get nudged towards more accessibility and tech-driven changes; and regulatory frameworks begin adapting to a world where the line between a crypto asset and a traditional security blurs. The two spheres – once largely separate – are increasingly interacting through these hybrid instruments.

總結嚟講，影響層面廣泛：加密市場獲得新資產，或會帶來更多穩定性及成熟度；傳統市場被推動走向多元／普及化及科技轉型；監管體系亦開始為加密資產與傳統證券界線模糊的世界作出調整。兩個本來相對獨立嘅圈層，現時逐步因為這類混合工具產生更密切互動。

Challenges and Risks

Despite the optimism, tokenized stocks face significant challenges and risks that could slow down or undermine their adoption. It’s important to consider these, both for investors interested in these tokens and for understanding why the concept isn’t yet ubiquitous.

挑戰與風險

雖然前景令人樂觀，證券代幣化股票仍面臨不少重大挑戰與風險，有機會拖慢甚至阻礙其大規模應用。無論你係有興趣投資此類代幣，抑或想理解點解這個概念尚未普及，了解這些問題都好重要。

Regulatory Uncertainty and Restrictions: By far the biggest challenge is regulatory. Because tokenized stocks are clearly tied to securities, any platform offering them without proper authorization risks the wrath of regulators. We have the stark example of Binance’s forced shutdown of its tokenized stock offering in 2021 due to regulatory concerns. In the U.S., tokenized equities are effectively off-limits to retail investors unless done through a registered entity. As noted, currently no U.S. exchange offers them to U.S. customers pending SEC approval. Platforms have navigated this by launching in crypto-friendly jurisdictions or only targeting non-Americans. This patchwork limits the market size and also creates uncertainty – at any time a regulator in one country could declare the tokens illegal for local investors, causing disruptions. Until there is clearer guidance (like an SEC no-action letter or explicit laws) and perhaps a global framework, many potential market participants (especially large institutions) will stay on the sidelines. Regulatory compliance also adds costs – obtaining broker-dealer licenses, doing KYC/AML on users, filing disclosures – which could diminish some of the cost advantage of tokenization.
監管不確定性及限制： 目前最大挑戰無疑係監管。由於證券代幣化明顯與證券投資掛鉤，任何未有正規授權的平台發售都有機會引來監管機構狙擊。最明顯例子例如幣安因監管憂慮而被迫於 2021 年關閉股票代幣服務。美國方面，證券代幣化股票實際上對散戶封閉，除非經註冊實體辦理。正如之前所提，現時美國未有任何交易所向本地客戶發售此類產品，仍待 SEC 批准。各平台一般選擇成立於加密友好司法管轄區或僅針對非美國人，以避開障礙。這種碎片化限制了市場規模，也帶來不確定性——任何時候，某國監管機構都可以宣佈該類代幣對本地投資者違法，引致混亂。除非有更明確指引（如 SEC 無行動函件或明文法例）甚至全球監管框架，很多潛在參與者（尤其大機構）會選擇觀望。守規成本亦隨之增加——無論係申請經紀商牌照、用戶 KYC/AML、資訊披露——這啲都會抵銷部份代幣化的成本優勢。
Liquidity and Market Depth: Right now, trading volumes in tokenized stocks are relatively small. The World Economic Forum pointed out lack of sufficient secondary-market liquidity as a major challenge. Low liquidity can lead to wide bid-ask spreads and difficulty executing large orders without moving the price. It can also exacerbate volatility – if only a few market makers or arbitrageurs are active, sudden imbalances might not be smoothly absorbed. New markets often face a liquidity bootstrap problem: traders won’t come if liquidity is low, but liquidity stays low until enough traders come. The involvement of major exchanges like Kraken and market makers will help, but it may take time for volumes to approach anything like traditional markets. In the interim, price deviations could occur. For example, in off-hours, a tokenized stock might swing more wildly than the underlying would during regular trading. If arbitrage links break (say, due to inability to instantly redeem tokens for shares), prices could diverge from fundamentals. Any high-profile instance of a token trading way out of line and causing losses could hurt confidence.
流動性及市場深度有限： 目前證券代幣化股票交易量尚低。世界經濟論壇點出二級市場流動性不足係重大挑戰。流動性差會令買賣差價擴闊，同時難以大額落單而不推動價格。只得少數莊家或套利者主動時，市況失衡難以及時修正，容易波動。新市場經常遇到「流動性自舉」問題：流動性唔夠，無人交易；但得足夠人交易前流動性又唔會提高。Kraken 等主流交易所或造市商參與會有幫助，但要交易量追上傳統市場需時。過渡期內，價格有機會偏離，例如非交易時段證券代幣化股票波動更厲害；若套利鏈斷裂（如短時間難以換回股份），價格便會脫節基本面。一旦有代幣極端脫價、高調出現損失，信心會受創。
Custodial and Counterparty Risk: When you buy a tokenized stock, you are inherently trusting two layers of custody: the crypto platform (for the token in your wallet or account) and the issuer/custodian who holds the actual underlying shares. This introduces risk. If the crypto exchange is hacked or insolvent, your tokens could be lost or frozen (no different from other crypto assets on exchange). More uniquely, if the custodian holding the real stocks fails or is fraudulent, token holders could be left with a worthless token. They only have the issuer’s promise that a share backs each token. This is essentially counterparty risk, similar to how a stablecoin holder relies on the issuer holding real dollars. Robust measures like audits, insurance, and proof-of-reserve reports are needed to mitigate this. Backed Finance, for instance, has indicated using Chainlink’s Proof of Reserve to let anyone verify on-chain that the underlying assets are accounted for. That helps, but doesn’t eliminate all risk (e.g., legal risks if the custodian’s country freezes assets). Investors must consider the creditworthiness and jurisdiction of the issuer. In the worst case, token holders might find themselves in a legal battle to claim the underlying stocks if something goes awry – which could be complex if the issuer is overseas or goes bankrupt.
託管及對手風險： 當你買入證券代幣化股票，實際上係信任兩重託管：一方面係加密資產平台嘅錢包或賬戶，另一方面係負責持有真正股份的發行人／託管人。咁樣帶來風險。如果加密交易所被駭客入侵或破產，你嘅代幣可被凍結／損失（同其他在交易所持有的資產一樣）。此外，若託管真正股份嘅實體失職或詐騙，代幣持有人或最終只剩下一個毫無價值的代幣。因為你實際只係依靠發行商承諾「每個代幣有股份作支持」。這本質上屬對手風險，好似穩定幣持有人要信發行商有鎖定等值美元。業界需要強而有力的緩解措施，如審計、保險、資產儲備證明（Proof of Reserve）等。以 Backed Finance 為例，聲稱用 Chainlink Proof of Reserve 讓任何人鏈上查核資產。這有幫助，但並非萬無一失（例如託管國凍結資產的法律風險未能消除）。投資者必須考慮發行人信用同司法屬地情況。最壞情況，萬一出事，代幣持有人可能需同發行人跨境打官司爭奪真股份——如發行人海外或破產會相當繁複。
No Shareholder Rights (Voting, etc.): As mentioned earlier, token holders generally don’t get voting rights or direct influence in the companies. This isn’t a big deal for most retail investors (many don’t vote their shares anyway), but it does mean tokenized stock investors are purely speculators in economic terms, not owners with a voice. Even dividends are not paid in the usual way – they’re handled via token adjustments or separate distributions. For large investors who care about governance or activists, tokenized stocks are not a vehicle for those goals. There’s also uncertainty about other corporate actions: what if there’s a merger or spin-off? The token issuer must figure out how to deliver the new shares or cash to token holders. It adds operational complexity. If those events aren’t handled perfectly, token holders could be short-changed. For example, if a company
無股東權益（投票等）： 正如早前提及，代幣持有人一般無投票權，亦無法直接參與公司決策。對大多數散戶而言影響不大（本身都少投票），但這意味代幣化股票投資者只係經濟上投機者，而唔係真正有發言權的擁有者。連派息都唔係傳統會計方式處理——只係用代幣調整或另行發放。對於重視公司治理或有行動主義需求的大投資者，證券代幣化股票並唔係合適渠道。其他公司行動都有不確定性，例如企業有合併、分拆時，代幣發行方需自行設法向持有人派發新股份或現金，過程複雜，若處理失當，代幣投資者隨時蝕底。Sure! Here is the translation in zh-Hant-HK. As requested, markdown links are untouched.

splits 2-for-1, the token contract might need to instantly double the supply and halve the price, or issue additional tokens to holders. Any delay or mistake could cause confusion. So far, issuers likely have plans for these scenarios, but until they’re battle-tested, it’s a risk.

拆股2對1時，代幣合約可能需要即時將供應量加倍並將價格減半，或者向持有人發放額外代幣。任何延誤或錯誤都可能引起混亂。到目前為止，發行商大多可能已經為這些情況作出應對方案，但在真正經歷考驗之前，始終存在風險。

Technical and Smart Contract Risks: Being on blockchain introduces typical crypto risks – smart contract bugs, blockchain network issues, etc. If the tokens live on a specific chain, problems with that chain (outages, attacks) could halt trading or cause anomalies. Solana, for instance, has had outages in the past; if Solana network goes down, trading of Solana-issued stock tokens would freeze (though centralized exchanges could still allow off-chain trades, perhaps). There’s also the risk of bridge hacks or peg breaks if the token moves across chains. And while blockchains are transparent, ironically a highly decentralized public trading of stocks could open new avenues for market manipulation if not monitored – regulators worry that crypto markets might manipulate a stock’s perceived price after-hours, though arbitrage helps keep it honest when markets open. Additionally, user error risks (sending tokens to wrong address, losing keys) mean investors must take precautions, especially if self-custodying their stock tokens.
技術及智能合約風險： 上鏈之後會面對典型加密貨幣的風險——例如智能合約漏洞、區塊鏈網絡問題等。如果代幣係某一條鏈上面，一旦嗰條鏈出現問題（例如癱瘓、中斷、被攻擊），相關股票代幣的交易就有可能要暫停或者出現異常。舉例，Solana就曾經試過停機，如果Solana網絡癱瘓，Solana發行的股票代幣交易就會凍結（雖然中心化交易所有機會可以支持鏈外交易）。另外，如果跨鏈轉移代幣，仲有橋樑（Bridge）被攻擊或者錨定（Peg）失效的風險。區塊鏈本身好透明，不過去到極度去中心化、全球公開買賣股票，有時反而開啟咗新型操控市場嘅可能性——如果無人監察，加密市場有機會喺正常美股收市後擾亂價格，雖然開市時靠套利機制會回復正常。此外，用戶自身操作錯誤（例如轉帳去錯地址、搞失條key），都代表投資者自主保管股票代幣時，需要更加小心。
Fragmentation and Lack of Standards: Right now, we have different players issuing tokens on different blockchains (Solana, Arbitrum, others). There is no single standard or interchangeability. An Apple token from Backed on Solana is not the same as an Apple token from Robinhood on Arbitrum. They are two separate silos of liquidity. This fragmentation can lead to confusion and thinner markets. It might also pose an arbitrage issue if one trades at a slight premium to the other (in theory, arbitrage could connect them if someone can trade one for actual stock and back to the other, but that requires being in all systems). The xStocks Alliance is attempting to avoid fragmentation by getting multiple exchanges to use the same tokens. That’s a good start, but others like Robinhood are currently doing their own thing. Over time, either one standard might dominate or interoperability solutions (cross-chain bridges, common custody) might arise. Until then, the landscape is a bit patchwork. A lack of a clear global standard, as WEF noted, is a challenge for broader adoption. Everyone needs confidence that tokenized stocks will work uniformly and be recognized across platforms, similar to how a share of stock is fungible regardless of which broker you use.
碎片化及缺乏標準： 目前唔同平台用唔同區塊鏈協議發行代幣（例如Solana、Arbitrum等等），冇一個統一標準或者互相兼容方式。即係，Backed喺Solana發行嘅Apple代幣同Robinhood喺Arbitrum發行嘅Apple代幣，並非同一樣野，成為兩個流動性孤島。碎片化會令人混亂亦令市場更加分散、流動性下跌。仲可能出現套利問題，如果兩者價差有少少（理論上有人可喺一邊買貨，再實際提取股票，再去另一邊換返代幣套利，但前提係你能夠入到兩個系統）。xStocks Alliance嘗試叫多間交易所一齊用相同代幣去避開碎片化，係一個好開始，不過例如Robinhood咁依家都仲係各自為政。長遠嚟講，可能最後會有某一套標準勝出，或者會有跨鏈橋、託管共通等方法解決。未解決之前，生態只係碎片拼湊。正如世界經濟論壇（WEF）指出，缺乏一套明確且全球一致標準，會阻礙大規模普及。大家都一定要有信心，股票代幣無論用咩平台、用咩經紀，功能都係一樣，好似傳統股票咁有可替代性。
Public Perception and Trust: After events like the FTX collapse and various crypto scams, some investors are understandably wary of anything that mixes crypto with their wealth. Convincing traditional investors to hold “Apple on a blockchain” might take time and education. There’s a psychological barrier for some: they might ask, why do I need this if I can just buy the stock through my broker? The industry will need to clearly demonstrate the advantages (like 24/7 access, etc.) and ensure a safe user experience (for example, abstracting away crypto wallet complexity for newcomers). Any early mishap – like a hack, or someone losing money due to a smart contract bug – could set back public trust significantly.
公信力與信任： FTX爆煲同唔同加密騙局之後，好多投資者對於將加密貨幣融合自己財富係有戒心。要說服傳統投資者攞住「區塊鏈版Apple股票」，其實需要時間教導。有啲人心理關口難過——會問，費事搞咁多嘢，我用返經紀公司買股票唔得咩？行業必須清晰展示咩優勢（例如24/7全天候買賣等等），同時要確保新手用戶體驗安全、便利——例如簡化加密錢包操作。不過，一旦早期爆出事故——例如被黑客入侵，或者有人因智能合約漏洞損失金錢，就會大大打擊公眾信任。
Jurisdictional and Tax Complications: Trading an asset on a foreign or decentralized platform might have tax implications people aren’t aware of. For instance, if you trade U.S. stock tokens as a non-U.S. person, are you subject to U.S. capital gains tax or local tax? Are these considered foreign assets? The tax and legal treatment is still catching up. Without clear guidance, investors might face uncertain tax reporting duties. Moreover, issues like dividend withholding tax (for international holders of U.S. stocks) need to be sorted out by token issuers so that the correct amounts are withheld or passed on. These are nitty-gritty details that matter in the long run for the system to be sustainable and compliant.
司法管轄及稅務複雜性： 用外國或分散式平台交易資產，可能有一啲大家未必熟悉的稅務影響。例如，非美國人士買賣美國股票代幣，到底算唔算要俾美國資本增值稅、定自己本地稅？又算唔算外國資產？有關稅務和法律處理仲係緊追落後。一旦無明確指引，投資者將面對報稅分不清責任。此外，如美國股票的國際持有人要預扣股息稅，發行代幣的機構都要搞掂好對應機制，確保正確預扣及轉付金額。呢啲細節其實長遠至關重要，影響整個生態長遠可持續及合法合規。

In essence, while tokenized stocks hold great promise, they must overcome regulatory hurdles, ensure robust liquidity and trust, and deliver a smooth, safe experience to truly take off. Many of the current initiatives are aware of these challenges and are gradually addressing them – e.g., getting proper licenses (compliance), partnering with reputable custodians and using audits (trust), involving market makers (liquidity), and educating users. But it’s a balancing act: they have to provide enough decentralization and openness to be innovative, yet enough control and compliance to satisfy regulators and safety concerns.

總括而言，股票代幣化雖然好有潛力，但要真正起飛，先要過到監管難關、建立流動性同信任、保障流暢安全用戶體驗。好多而家做緊的項目都已經意識到呢啲挑戰，正陸續處理中——例如申領合規牌照（守法）、同可靠託管公司合作及做審計（建立信任）、引入莊家（提升流動性）、同要求教育用戶。但整體上要握緊平衡：要夠去中心化、夠開放先可以創新，同時又要夠監管、合規先令人放心同符合法律要求。

Final thoughts

Tokenized stocks are at an early but pivotal stage. The coming months and years will likely determine whether this concept becomes a mainstay of global finance or remains a niche product. Based on current trends, here’s what we can expect looking forward:

股票代幣化而家處於初期但關鍵的階段。未來幾個月甚至幾年，好大機會會決定呢個概念會否成為全球金融中堅，定係只係小眾玩意。根據現時潮流，未來大致可以有以下展望：

Continued Growth and Mainstreaming: Momentum is clearly building. Industry analysis projects significant growth in tokenized assets overall – Boston Consulting Group, for example, forecasts up to $16 trillion in tokenized assets by 2030 in a optimistic scenario. Equities would be a chunk of that. In the near term, even modest growth is notable: one research report estimated that even by 2025, tokenized stock markets could reach a total value in the hundreds of millions (base case) to around $1 billion in a bull case. These are still small relative to the $100+ trillion global equity market, but represent exponential growth from virtually zero a few years ago. If retail adoption continues (through apps like Robinhood or exchanges like Kraken) and institutions tiptoe in, we can see a path where tokenized stock trading volumes start to rival those of crypto trading for certain assets. The expansion from 60 tokens to potentially hundreds or thousands of tokens (as promised by Robinhood and likely others) means investors could access a broad portfolio of global equities on-chain, increasing the utility of the crypto financial system.
持續增長與主流化： 呢股勢頭愈來愈明顯。行業分析都預計股票代幣化及整體資產代幣化會大幅增長——例如波士頓諮詢集團（Boston Consulting Group）預測，到2030年，在樂觀情況下，代幣化資產總值有機會至16萬億美元。股票將佔其中一大部分。短期來說，就算增幅唔大都相當亮眼：某研究估算，到2025年，股票代幣化市場總值基本案例可以有幾億美元，牛市情景下更可達約10億美元。雖然對全球股票市值過百萬億美元來講，依然好細，但其實由幾年前嘅零基礎到依家，增長已經指數式咁升。如果散戶市場（經Robinhood等app或Kraken等交易所）繼續滲透，加上機構資金陸續加入，好易想像股票代幣化的成交量某程度會追近特定資產的加密貨幣成交量。而由60隻代幣逐步擴展至數百、數千隻（Robinhood等已表明目標），即係投資者以後係鏈上都可以玩晒環球股票組合，越來越豐富加密金融生態系統。
U.S. Market Opening (Possibly): A major development to watch is whether the United States – the world’s largest equities market – will formally allow tokenized stock trading for retail. The SEC’s stance is crucial. If Coinbase or others secure a no-action letter or other approval, it would be a game-changer. Coinbase could roll out token trading to tens of millions of U.S. users, and other regulated entities (perhaps even traditional brokers) might follow. Similarly, Dinari’s steps to work with the SEC and launch in coming months as the first U.S.-approved platform will be a test case. Should that succeed, the U.S. might move from being a no-go zone to a major driver of tokenized equity volume. However, this likely comes with strict rules (KYC, limits, reporting). If the U.S. instead drags its feet or clamps down, innovation will continue offshore and in Europe/Asia, potentially creating a fragmented global landscape. In either scenario, regulators worldwide will be watching how investor protection and market integrity are maintained in these new trading venues.
美國市場或將開放： 一個不能忽視大件事，係美國——全球最大股票市場——會唔會正式俾散戶合法買賣股票代幣。SEC立場非常關鍵。如果Coinbase或其他公司成功取得No-action letter或相關批准，等同遊戲規則大轉變。Coinbase就可以向數千萬美國用戶推廣股票代幣交易，其他持牌平台（甚至傳統經紀）都好可能會跟。Dinari而家拎住SEC傾緊個案，預計會成為首個美國正式批准股票代幣平台，係一個試驗案例。如果成功，美國將會由禁區變成股票代幣交易大戶；但咁做當然會有嚴格規矩（KYC、限制、要求申報等）。如果美國拖延甚至收緊，創新將會由離岸、歐洲及亞洲繼續推進，可能令全球市場更碎片化。無論哪條路，全球監管機構都會密切關注投資者保障、市場操守等點樣落實。
Collaboration with Traditional Exchanges: We may see more partnerships between crypto firms and traditional stock exchanges. For instance, an exchange might list tokenized versions of stocks from another region to provide cross-listing via blockchain. Or traditional exchanges might invest in or adopt technology from crypto startups. The line could blur – a future New York Stock Exchange spin-off platform might offer 24/7 token trading of NYSE-listed stocks in a fully regulated manner, which essentially merges the concept into the mainstream. The London Stock Exchange’s exploration is one such sign. If a major exchange launches a tokenized market segment, it could validate the model and address some regulatory qualms through their oversight.
傳統交易所將會與加密行業合作： 未來會見到更加多加密公司同傳統股票交易所合作。例如，有交易所會直接列出另一地區的股票代幣化版本，用區塊鏈跨境上市；又或者傳統交易所投資、甚至直接採用加密初創技術線。兩個世界界線會越來越模糊——未來可能會有紐約證交所分拆平台，正式、全天候地俾NYSE上市股票以代幣形式做合規交易。倫敦證交所研究區塊鏈化就係一個好例子。如果主流交易所推代幣板塊，對整個模式係有信心保證，而且有望落實正規監管。
Standardization and Alliances: For tokenization to reach its potential, standards will need to emerge. We might see industry groups form to establish common protocols – how to handle corporate actions on-chain, how to do KYC across platforms, how to ensure 1:1 backing transparently. The xStocks Alliance is a start, and could expand if more exchanges join so that, say, Coinbase, Kraken, Gemini, and others all list the same Apple token rather than each having their own. Interoperability technology like Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which xStocks is adopting, could allow tokens to move between blockchains, avoiding silos. Over time, we might not care which chain an equity token is on – users might seamlessly trade or transfer across networks. Achieving a reliable standard would also help regulators get comfortable, as the market would be more transparent and unified.
標準化與協作聯盟： 要令股票代幣化發揮潛力，必須有共同標準。未來會見到行業組織建立統一協議——例如點樣處理鏈上公司行動、跨平台KYC、確保1:1資產透明擔保等。xStocks Alliance係開局，未來如果更多交易所參加，例如Coinbase、Kraken、Gemini等都用同一粒Apple代幣，而唔係各自搞各自，就叫邁前一大步。連通性技術好似Chainlink嘅CCIP（Cross-Chain Interoperability Protocol），都俾xStocks採用咗，可以令代幣無縫過咗唔同鏈，避免流動性孤島。咁耐落去，用戶都唔覺得自家股票代幣喺邊條鏈上——可以隨時跨網絡轉帳或交易。統一標準又方便監管，更加透明和稳健，有助產業進一步發展。
Broader Asset Tokenization Synergy: The rise of tokenized stocks isn’t happening in isolation. It parallels the tokenization of bonds, commodities, real estate, funds, and other assets. This broader RWA (real-world assets) movement means that financial markets as a whole could be gradually moving on-chain. One can imagine a future portfolio where your government bonds, your stock index fund, and your cryptoassets all sit in the same crypto wallet as tokens. That has convenience and efficiency benefits – consolidated reporting, instant collateralization, etc. It also means the infrastructure (oracle networks, compliant issuers, digital identity for KYC) being built now for one asset class can support others. For example, success in tokenized U.S. Treasuries (which already have about $4 billion tokenized as of 2024) helps pave the way for tokenized stocks, since many principles overlap. If regulatory clarity is achieved for one high-quality asset (like Treasuries), it might create a template for equities. We could be heading towards an on-chain capital market where any asset can be traded 24/7 globally
更大範圍資產代幣化協同（RWA）： 股票代幣化並非孤立發展。同期其實連債券、商品、地產、基金和其他資產都陸續做緊代幣化。講到底，整個RWA（現實資產上鏈）大勢，逐步推動全球金融市場上鏈。將來大家可以諗像一下，你個投資portfolio——國債、股票指數基金、加密資產——全都以代幣形式儲喺一個錢包度，一次過管理報表、即時質押搞掂晒，好方便又高效。而家為單一類資產建立的基建（例如預言機、合規發行商、KYC之數碼身份），其實好快可以伸延至其他資產。舉例，美國國債已經有約40億美元代幣化（截至2024年），證明咗某啲原則通用，成功案例為股票代幣化鋪路。如果某種高質資產（如國債）先達到監管明確，隨時成為股票代幣化模板。我哋未來或會見證一個全天候、全球都可上鏈買賣任何資產的資本市場。with instant settlement – a vision that excites technologists and even some economists for its efficiency, but will require careful governance.

以即時結算——這個願景因其高效率而令科技界人士，甚至部份經濟學家感到興奮，但同時亦需要審慎的管治。

Inclusion of Emerging Markets and New Investors: As tokenized offerings grow, we may see stocks from outside the U.S. and Europe get tokenized as well. For instance, one could tokenize shares of Asian or Latin American companies to offer them globally. This could benefit those markets by bringing in more liquidity from abroad via crypto rails. It could also help expats or global citizens to invest in their home markets easily from anywhere. Emerging market exchanges might even collaborate to tokenize their listed companies to attract international investors. If done right, this could increase capital flow to places that need it, aligning with the idea of democratizing finance globally. On the retail side, millions of crypto users might get a taste of equity investing, and vice versa, potentially broadening the investor base and promoting financial literacy about diversified investing (moving beyond just crypto speculation).
納入新興市場及新投資者： 隨住代幣化產品不斷增長，美國及歐洲以外的股份都有機會被代幣化。例如，可以將亞洲或拉丁美洲公司的股份代幣化，向全球投資者開放。咁做有助透過加密資產渠道引入更多海外流動性，對當地市場有益。仲可以方便僑民或環球公民隨時隨地投資自己家鄉的市場。新興市場交易所甚至有可能合作，將其上市公司代幣化，吸引國際投資者。如果操作得當，資金流量就有機會流向有需要的地方，呼應全球金融民主化的理念。至於零售層面，數以百萬計加密貨幣用戶可能會首次接觸股票投資，相反亦一樣，從而擴大投資者基礎，提升關於多元化投資（唔止炒幣）的金融知識。
Risk Management and Governance Improvements: With time, the industry will likely implement stronger safeguards. For example, multi-signature custody and insurance for underlying shares to reduce issuer risk, on-chain governance systems to possibly give token holders some say (maybe via decentralized autonomous organizations, in case community input is needed for certain decisions about the token). If any issues arise (like a hack or a mismanagement), the responses will lead to improved processes – similar to how early challenges in crypto (exchange hacks, etc.) led to the now much more robust security at major exchanges. The key will be learning from any incidents and building resilience. Market surveillance tools might be deployed to monitor token trading and catch any manipulation early, collaborating with regulators to ensure these markets are fair and trusted.
風險管理及管治提升： 隨住時間發展，業界好大機會推行更強的保障措施。例如，多重簽名託管同底層股票保險，減低發行人風險；又或者上鏈治理機制，畀代幣持有人有一定話語權（有需要時可以透過去中心化自治組織（DAO）等方式徵集社群意見）。如果出現問題（例如被黑客入侵或管理不善），應對過程會推動流程改進，就好似加密貨幣初期經歷多次交易所被駭，最後令大型交易所安全水平大幅提升一樣。重點係從事件中學習、建立抗逆能力。市場監控工具亦有機會應用於監察代幣交易，及早發現任何操縱行為，並與監管機構合作，確保市場公平同可靠。
Long-Term Outlook – Convergence of Crypto and TradFi: In a 5-10 year view, it’s possible that the distinction between “crypto exchange” and “stock exchange” blurs. We might simply have digital asset exchanges where one can trade anything – be it cryptocurrencies, tokenized stocks, tokenized bonds, or commodities – under one roof. Crypto technology might just become the backend for all kinds of trading, because of the efficiencies it offers. This doesn’t necessarily mean everything will be decentralized or anonymous; likely many such exchanges will be regulated and follow laws, but use blockchain under the hood for settlement. The potential cost savings and speed are too attractive for the financial industry to ignore, provided regulatory and technical hurdles are overcome. As one CEO put it, the “end game” would be not just a broker-dealer on-chain but an entire exchange on-chain handling tokenized assets in a legally compliant way. At that point, we aren’t talking about a niche product, but a fundamental overhaul of market infrastructure.
長遠展望—加密貨幣與傳統金融融合： 從五至十年角度睇，「加密貨幣交易所」與「股票交易所」之間的分野好可能變得模糊。可能將來只需要數碼資產交易所，咩都可以交易——包括加密貨幣、代幣化股票、代幣化債券、商品等，一站式操作。加密技術或會成為各類交易背後的結算機制，因為其帶嚟高效率。同時，呢個情景未必代表所有野都要去中心化或匿名，大部分這類交易所都好有可能受規管，依法行事，不過會使用區塊鏈做結算基礎。只要監管同技術問題解決，潛在的節省成本同交易速度工業無可能無視。有CEO曾形容，所謂「最終形態」唔止係將經紀/券商搬上鏈，而係成個交易所都可以上鏈，以合法兼合規方式處理代幣化資產。到時，就唔單止突破產品利基範疇，而係徹底革新市場基建。
Cautious Optimism: In the immediate future, we should remain cautiously optimistic. There might be setbacks – perhaps a regulatory pushback in one jurisdiction or a technical issue that causes a rethink. Market adoption might be slower than enthusiasts hope if the benefits don’t clearly outweigh the comfort of existing systems for many users. Education will be key: users need to understand the new model to trust it. However, given the trend and the entry of reputable players, the trajectory is toward growth and greater acceptance. Each successful launch (like the ones we’ve discussed) builds confidence that tokenized stocks can be handled responsibly and usefully.
審慎樂觀： 近期內，我哋應該保持審慎樂觀。發展過程中可能會有阻滯，例如某地監管反對、或者技術遇到問題需要重新檢討。如果大眾覺得新系統帶來嘅好處唔夠吸引，可能市場採納都會比預期慢。教育好重要：用戶要明白新模式，先有信心使用。話雖如此，隨住趨勢發展同有聲譽機構入場，整體方向都係增長及普及。每一次成功推出（就如我哋討論過的例子）都會令外界對代幣化股票既負責任運作更有信心。

Tokenized stocks represent a significant innovation that brings together the best of two worlds: the broad, familiar investment opportunities of traditional markets and the openness, speed, and programmability of crypto networks. They matter because they promise a more accessible and efficient financial system – one where markets never sleep and where access is not bounded by geography or large minimum investments. The recent flurry of activity – from Backed Finance’s 60+ tokens on Solana to Robinhood’s embrace of blockchain for stock trading – shows that this idea is moving from theory to practice.

代幣化股票帶來重大創新，結合咗傳統市場成熟的投資機會，以及加密網絡的開放性、速度同可編程性。佢最重要之處喺於有機會促成一個更易接觸、更高效的金融體系——一個市場24小時不打烊、沒地理或高入場門檻限制。近期Backed Finance於Solana發行超過60款代幣、Robinhood專注區塊鏈股票交易等新動作，都說明這個想法已經由理論走向實踐。

Yet, as we’ve detailed, challenges around regulation, liquidity, and trust must be navigated carefully. The coming years will be a formative period for tokenized stocks. If the industry can work with regulators to establish safe, transparent standards, and if the technology proves its worth in reliability and security, we could witness the beginning of a truly global, 24/7 marketplace for equities and beyond. In such a world, the lines between “crypto” and “traditional” finance may disappear – it will all simply be finance, running on improved rails.

不過，正如前文所述，監管、流動性同信任等挑戰仍需要小心應對。未來幾年，將會是代幣化股票的關鍵形成期。如果業界與監管機構合作，建立安全透明標準，而技術也證明穩定可靠，大家有機會真正見證一個全球性、全天候運作嘅股票甚至更多資產市場誕生。到時，「加密」與「傳統」金融分界都可能消失——一切都係金融服務，只係用上更先進、高效的底層架構。

For now, investors and observers should keep a close eye on how pilot programs and early offerings perform. Real-world use and regulatory responses will tell us how quickly this revolution in stock trading will unfold. Tokenization of assets has been called the next generation for markets; as we watch tokenized stocks develop, we are likely watching the first steps of that next generation taking shape – an exciting prospect for the future of investing and wealth creation worldwide.

暫時而言，投資者同關注者都應密切留意各類試點同新產品表現。實際應用及監管回應將會決定呢場股市革新步伐有幾快。資產代幣化被稱為市場下一代發展浪潮，而我哋現時見到的代幣化股票，很可能就係這個新時代逐步成型的初步步伐——對全球投資與財富創造的未來而言，充滿想像空間。