美國證監會推動股票代幣化：區塊鏈如何可能改變股票交易模式

2025年中，金融界熱議股票能否在區塊鏈上交易。根據路透等媒體報導，加密貨幣交易所及華爾街機構正積極遊說美國證券及交易委員會（SEC）允許企業股份“代幣化”。例如，初創公司Dinari已獲美國首個以區塊鏈為基礎的股票經紀牌照，Coinbase亦公開表示希望為用戶提供股票代幣服務。

同時，納斯達克向監管當局提交規則修訂方案，若有關代幣具有與原股份相同權益，便允許這些與股票或指數型產品（ETP）掛鉤的代幣在交易所上交易。

這些發展發生於特朗普政府推動親加密政策及放寬數碼資產執法之際。SEC官員即使承認創新，仍重申區塊鏈不能凌駕法律——如專員Hester Peirce所言，“代幣化證券依然是證券”。換言之，任何鏈上股票仍受現行披露和投資者保護法例約束。

為何此時會有此轉變？支持者強調區塊鏈可帶來更快捷、全天候的市場運作。若將股份代幣化並登記於分散式帳本，交易將可24小時隨時即時結算，大大縮短現時數天的結算週期。多間大型公司已試點：貝萊德及富蘭克林鄧普頓都曾實驗基金或ETF代幣化，甚至已發行過價值逾20億美元的區塊鏈貨幣基金。

世界經濟論壇及分析師指出，代幣化能“釋放傳統上流動性較低資產的流動性”，同時將股份碎片化，令更多人能夠持有和參與。總括而言，支持者認為股票代幣化可削減費用、加速交易、令美國股市隨時對全球投資者開放。

然而質疑聲音亦不缺。世界交易所聯合會等業界團體警告，現時市面上不少“代幣化”股票產品容易誤導投資者，因實際上並未給予持有人真正的股東權益。歐洲監管機構亦發現這些代幣雖號稱“隨時可交易”，但多數“並不賦予股東權利”，容易引起“投資者誤解”。而現實中，所謂的股票代幣大多是衍生工具或“包裹產品”（如Robinhood歐盟的加密股代幣或Kraken的海外xStocks），並非真正的數碼股份。這些警告將決定SEC後續政策方向。

本文將說明什麼是代幣化股票、它們與傳統ETF或ADR的分別；分析為何SEC及業界此刻考慮改革、鏈上股票實際如何運作，以及潛在利弊。我們會盤點現行嘗試與監管動作（如BlackRock試點、Binance及Franklin Templeton的代幣創新），並梳理法律和技術難題（託管、披露、跨境等議題）。最後也會將這些發展放到美國及全球政策轉變的背景下，探討若股票代幣化普及，市場將如何演變。

什麼是代幣化？基本定義與早期試點

代幣化本質是利用區塊鏈創建代表現實資產的數字代幣。股票代幣化即是發行一種代表企業股份的數碼代幣。它不像傳統紙本股票證明，這些代幣存在於分散式帳本（如Ethereum、Solana或私有鏈）上，可以點對點轉移，毋須傳統繁瑣的文件手續。設計正確的話，一個代幣應等同於一股原股票。正如一份解釋文所稱，“代幣化股票代表企業的公開股份，但以數碼形式呈現”。

代幣化股票與一般投資工具的基本分別：

ETF（指數股票型基金）是集合多隻股票（或債券）組成的基金，持有ETF即持有基金組合的一小部分。而單一股票代幣應映射至單一股份或其比份。
ADR（美國預託證券）讓美國投資者間接持有外國股票，其本質是由銀行發行、代表外國股份的可交易證明。理論上股票代幣化也能執行跨境角色，但ADR仍然是受銀行與監管管理的證券，而非區塊鏈代幣（除非該ADR也被代幣化）。
合成資產或衍生品（有時稱作“包裹股票”或“互換代幣”）是追蹤股票價格而無需擁有實體股份的合約。許多早期“加密股代幣”即採此模式：由預言機追蹤價格，但購買者不等於真正股東。SEC角度下，這種代幣屬於“憑證”或基於證券的掉期合同，自有監管準則。換句話說，合成代幣更似差價合約或衍生品——金融合約，並非真正股票。

專家將股票代幣化分為三種主要模式：

原生（直接）代幣化：企業本身發行代表股份的數字代幣，且區塊鏈作為最終權益記錄冊。發行機構需配合轉讓代理及監管部門，將股份台帳上鏈。例如Galaxy Digital最近試點，於Solana區塊鏈鑄造“dShares”代表Galaxy股票，並與轉讓代理協調，確保鏈上代幣結餘與實際股東持有量同步，每次代幣轉移都即時更新官方股東名冊，即以Solana作為股票實時登記。
包裹代幣（託管模式）：受監管託管人或持牌經紀買入並持有實體股票，再發行以實物為擔保的鏈上代幣。每個代幣皆與股票價格掛勾，通常可向託管人兌換。概念上類似ETF或穩定幣：有實物股票作儲備賦予代幣價值。代幣本身是對原股票的數碼權利證明。Kraken的“xStocks”及其他平台的股票代幣多屬此類，但必須由受監管託管人保持充足記錄。
合成代幣（衍生品模式）：即價值與股票價格掛鉤、但實際上並無持股的代幣化合約。例如已停運之FTX“股票代幣”及部分DeFi協議的鏈上股票衍生品。它們發行較簡單（無須購買實股），但不給予投票或分紅權益。Chainlink警告，合成代幣本質上為“鏈上衍生工具，以預言機數據追蹤現實資產價格……但並無持有或擔保資產本身”，僅提供24/7價值敞口，法規上則類似無抵押掉期，監管對零售限制甚多。
各模式區分重要。若代幣化股份（無論原生或包裹）落實得宜，持有人應享有股東一切權益——投票、分紅等。代幣轉讓須等於正式股份過戶；但現時全球不少“股代幣”並不賦予真實擁有權。歐盟監管及交易所提醒，某些情況下（特別是合成模式），買家並非實質股東，相關產品雖追蹤價格，但投票及公司行動權都由代幣發行方全權控制，往往亦未有公開。

除直接股票代幣化外，現實資產（RWA）代幣試點已遍地開花。BlackRock和Franklin Templeton等資產管理巨擘已嘗試將傳統基金上鏈。如BlackRock便與摩根大通平台聯合試點基金及貨幣市場基金股份代幣化，Franklin Templeton則與Binance合作研究代幣化基金。亦有國家級計劃——如新加坡金管局（MAS）推動的“烏賓計劃”旨在以代幣進行銀行間結算，瑞士SIX數字交易所也已上線代幣化債券。這些都展示出技術潛力，但距離完全受規管的鏈上市場尚有一段距離。

總結來說，股票代幣化承諾引進區塊鏈的可編程性、即時轉帳和全球可及性，同時維持對應傳統股份的經濟等值。理解這些概念，有助我們明白監管部門如SEC現正為何正式考慮讓相關工具上市交易。

證監會的行動與動機

美國證監會至今未有公開發表正式規則修訂，但業界消息與文件已描繪出明確圖景：監管機構正依據證券法架構積極探索代幣化。自2024年起，無論是原生加密企業還是傳統交易所均已主動向SEC提出申請與討論 concrete plans. For example, Dinari (a crypto-finance startup) obtained broker-dealer status in June 2025, claiming it as the first U.S. platform “to offer blockchain-based U.S. stocks” once it finalizes SEC approval. Coinbase’s chief legal officer Paul Grewal told Reuters the company sees blockchain securities as a “huge priority” and has been in talks with the SEC to get a green light. And most notably, on Sept. 8, 2025 Nasdaq filed a proposal with the SEC that would formally let its market trade tokenized versions of listed stocks and ETPs in parallel with regular shares.

這些都是具體的計劃。例如，加密金融初創公司 Dinari 在 2025 年 6 月獲得經紀交易商資格，並聲稱在完成 SEC 批准後，將成為首個「提供區塊鏈化美股」的美國平台。Coinbase 首席法務官 Paul Grewal 向路透社表示，區塊鏈證券是公司「極其重要的優先事項」，並且已經與 SEC 就獲批展開磋商。值得注意的是，2025 年 9 月 8 日，納斯達克向 SEC 提交了正式建議，提議允許其市場同步交易已上市股票及 ETP（交易所買賣產品）的代幣化版本與普通股票。

These signals fit into a broader SEC policy shift. Under new leadership appointed by President Trump, the SEC’s crypto task force (led by Commissioner Peirce) has pushed an agenda of clarifying how blockchain assets fit under securities laws. SEC Chairman Paul Atkins (replacing Gary Gensler) told CNBC in 2025 that regulators should “encourage innovation” in tokenizing securities. The Commission has held roundtables on tokenization and even invited feedback on digital-asset custody rules. At the same time, the enforcement stance is no softer: all tokenized offerings in the U.S. will require registration or exemptive relief, and firms must register as broker-dealers or obtain no-action relief before trading them. The overall thrust appears to be cautious modernization – giving firms a path to use blockchain, but within the same guardrails as before.

這些訊號反映 SEC 的整體政策正在轉變。在特朗普總統任命的新領導班子下，SEC 的加密貨幣專責小組（由 Peirce 委員領導）一直推動釐清區塊鏈資產在證券法下的定位。SEC 新任主席 Paul Atkins（接替 Gary Gensler）在 2025 年接受 CNBC 訪問時指出，監管機構應該「鼓勵證券代幣化的創新」。SEC 亦舉辦過多場有關代幣化的圓桌會議，甚至邀請公眾對數碼資產託管規則提供意見。與此同時，執法立場毫不寬鬆：所有在美國發行的代幣化產品都必須註冊或獲豁免，企業必須註冊成為經紀交易商或取得「不採取行動」的函件才可交易相關產品。整體來說，這反映當局傾向審慎現代化 —— 讓企業有途徑利用區塊鏈，但始終仍受原有監管框架限制。

Why pursue this? Several motivations emerge from public statements and filings. Market modernization is front and center. Blockchain could address well-known inefficiencies in equity markets. For instance, blockchain platforms promise around-the-clock trading without fixed exchange hours. Settlements could occur “in near-real-time” rather than the current T+2 standard, reducing credit and liquidity risk. Middlemen – transfer agents, clearinghouses and ledgers – could be largely automated by smart contracts. A 2025 SEC commentary observes that tokenization “streamlines the process of issuing, managing, and transferring assets,” cutting out paper work and lowering operational costs. Such efficiency gains could be compelling for large asset managers and national markets alike.

為甚麼要做這件事？根據公眾陳述和文件，有以下幾方面動機：市場現代化首當其衝。區塊鏈能解決股票市場已知的低效率。例如，區塊鏈平台承諾可 24 小時不停交易，不受交易所時段限制；結算可達到「近乎即時」而不是現時的 T+2，從而減低信貸和流動性風險。中介人 —— 例如過戶商、中央結算和登記系統 —— 都可以透過智能合約大幅自動化。SEC 2025 年的評論指出，資產代幣化可「簡化發行、管理和轉讓資產的流程」，減少紙上功夫並降低營運成本。這些效率提升對大型資產管理公司和國家金融市場同樣吸引。

Another driver is global competition. Other countries are actively prototyping tokenized finance. Switzerland’s stock exchange group (SIX) and Asian markets (Singapore, Hong Kong) have piloted digital securities. If U.S. exchanges fall behind, they might lose business. Indeed, one industry observer noted that UBS’s SIX Digital Exchange was prepared to list tokenized stocks once regulatory green lights came. By contrast, a leadership willing to adapt could keep the U.S. market dominant. The SEC’s agenda explicitly mentions coordinating with international bodies, suggesting that tokenization will be viewed in a broader “policy harmonization” effort.

另一個動力是全球競爭。其他國家正積極試推代幣化金融產品。瑞士的證券交易集團 SIX，以及亞洲市場（如新加坡和香港）都已經試驗數碼化證券。如美國交易所落後，客源可能會流失。事實上，有業內觀察員留意到，只要監管許可，瑞銀集團（UBS）旗下 SIX 數碼交易所已準備好上架代幣化股份。相比之下，若領導層願意與時俱進，美國市場可保持主導地位。SEC 的政策議程更明言需要與國際組織協調，預示將把代幣化納入更廣泛的「政策協調」框架中。

Investor demand also plays a role. Retail traders have shown eagerness for crypto-like features in stocks (think meme stocks and 24/7 information flows). Wall Street firms note that fractional and programmable shares could unlock new retail participation. Moreover, fund managers see tokenization as a way to enter crypto liquidity pools or to issue private market shares to a wider audience. For example, BlackRock’s CEO Larry Fink has publicly said “every financial asset can be tokenized” and that blockchain could democratize investing. These voices add pressure on regulators to consider tokenized products instead of ignoring or banning them.

投資者需求亦是推動力之一。散戶對股票具備加密資產特色（例如 meme 股、全天候資訊流）甚感興趣。華爾街各大企業認為，可細分及編程的股份（Fractional and programmable shares）可開拓全新散戶市場。另一方面，基金經理視資產代幣化為進入加密流動池及更廣泛發行私股的工具。例如，貝萊德（BlackRock）行政總裁 Larry Fink 曾公開表示，「所有金融資產都可以代幣化」，而區塊鏈技術能令投資更民主化。這些聲音令監管機構受壓，必須認真考慮代幣化產品，而非無視或一味禁止。

In short, the SEC’s reported initiative appears motivated by a desire to modernize and democratize markets while preserving investor protections. Regulators have signaled they are working on “clear regulatory lines” and exploring exemptions where needed. Any move will balance benefits – faster settlement, 24/7 trading, cost savings – against risks. As we detail below, the devil is in those details. But the SEC’s involvement means any resulting tokenized stock market in the U.S. will be built on a foundation of securities law, not outside it.

總結來說，SEC 推動相關改革，似乎是想在保障投資者的基礎上，同時現代化及民主化市場。監管機構已表示，正致力制定「清晰監管界線」並研究適當豁免；任何進展都需平衡更快結算、全天候交易、節省成本等好處與潛在風險。正如下文所述，細節十分關鍵。但有 SEC 參與，意味任何美國「代幣化股票市場」必然仍建基於證券法框架，而非其外。

Market Mechanics: How Tokenized Stocks Would Trade

市場運作機制：代幣化股票如何交易

If the SEC does authorize tokenized stock trading, how would it actually work? In principle, trading a tokenized stock is not unlike trading a cryptocurrency or any other token, except that it must integrate with the existing securities infrastructure. Several models and protocols are already being tested.

如果 SEC 真批准代幣化股票交易，實際如何運作？原則上，交易代幣化股票與加密貨幣等代幣沒太大分別，只是必須與現有證券基建結合。市面上已在測試不同模式和協定。

In a fully on-chain model, the blockchain itself serves as the official record of ownership. An issuer or custodian mints tokens for each share and registers holders on a ledger like Ethereum or Solana. Trades take place on a digital asset exchange or decentralized platform, and each token transfer automatically updates the share registry. Galaxy Digital’s project is a real-world example: by tokenizing its own shares on Solana, it enabled truly 24/7 trading. Whenever tokens changed hands, “the registered shareholder list updates in real-time,” eliminating the delay and manual reconciliation of the old system. In this setup, a sufficiently powerful blockchain (or sidechain) handles matching and settlement instantly. It also opens the door to more exotic market mechanics – for example, stock tokens could conceivably be traded in DeFi-style automated market makers or on multiple venues simultaneously, with arbitrage keeping prices in line.

在全鏈（fully on-chain）模式下，區塊鏈本身就是法定持有人記錄。發行人或託管人會為每股鑄造代幣，並將持有人登記於以太坊、Solana 等帳本。交易發生於數碼資產交易所或去中心化平台，每次代幣轉讓都會自動更新股東名冊。Galaxy Digital 的項目就是現實例子：該公司把自己股票在 Solana 上代幣化，令交易真正做到 24/7 全天候。每次代幣轉手，「註冊股東名單即時同步更新」，免卻過去系統的等候和手動對賬。在這種架構下，只要區塊鏈或側鏈處理能力足夠，撮合與交收都可即時完成。這同時帶來更創新的市場機制——舉例說，股票代幣可於 DeFi 式自動做市商或多個交易場所同步買賣，由套利維持價格一致。

A second, hybrid model works through traditional exchanges. Here, tokenized shares trade on regulated venues, but settlement still uses existing clearinghouses. The Nasdaq proposal falls into this camp. Under it, listed stocks would exist in two equivalent forms: the familiar paper share and a “tokenized” DTC-issued version. If a stock’s token carried identical voting and economic rights, it would trade "at parity" with the ordinary share. In practice, investors would go to an exchange or broker, and the trade would clear through the DTCC’s systems, just as in today’s market – but the clearing inputs could be digital token records instead of manual entries. Nasdaq indicated it would assign special ticker designations or routing labels so that token versus non-token trades are handled correctly behind the scenes. Importantly, Nasdaq’s rules proposal makes clear that tokenized and non-tokenized forms of the same security would be treated as identical except for the technology used – meaning the exchange would not create two separate orders books if the rights match.

第二種是混合模式，借助傳統交易所。這種模式下，代幣化股份於受規監交易平台（如納斯達克）買賣，但交收仍依賴現有結算中心。納斯達克提交的方案就是這類。根據這建議，上市股票可有兩種同等形式：一種是普通紙本股份，另一種是 DTC 發行的「代幣化」股份。如代幣化股票擁有與原有股份相同的表決及經濟權利，兩者會「一對一」平價交易。實際上，投資者如常透過交易所或券商下單，交易會通過 DTCC 系統清算——只是由數碼代幣記錄取代部分手動入數。納斯達克指，會特別為代幣化和非代幣化股份安排專用代碼路由，確保幕後正確處理。值得一提，納斯達克建議規則明確指出，只要權利相同，無論股份經傳統還是代幣技術發行，交換不會分開兩個訂單簿。

A third path is custodian-issued wrapped tokens. In this scenario, a regulated broker-dealer or trust company purchases and holds traditional shares in an account. It then issues blockchain tokens backed 1:1 by those reserves. When you buy the token, you effectively buy a promise from the custodian to redeem a share (or a fraction) on demand. To trade, you send tokens to the counterparty, and at settlement the custodian adjusts its own records. This is akin to how ETFs or gold-backed stablecoins work, but applied to stocks. Crypto exchanges outside the U.S. have used this approach: for example, Kraken’s xStocks are reportedly backed by institutional share holdings. Any such model in the U.S. would require the custodian to be a licensed securities depository or broker, because tokens representing stocks are treated as securities.

第三條路是託管人發行「包裝代幣」（wrapped tokens）。在這種情境下，受規監的券商或信託公司會在戶口持有傳統股份，然後按這些儲備 1:1 發行區塊鏈代幣。買入該代幣即等同向託管人買入一份隨時兌付的股份承諾（可為零散股份）。交易時，投資者把代幣轉至對手方，結算一刻由託管人即時調整後台記錄。這與 ETF 或黃金穩定幣的運作方式類似，只是套用於股票。一些美國以外加密交易所早採用此法，如 Kraken 的 xStocks 就據稱由機構股份作後盾。類似安排在美國必須由有牌證券託管商或券商負責，因為代表股份的代幣仍屬證券產品。

The SEC has hinted that it expects tokenized stock offerings to fit into existing regulatory regimes. For example, Peirce’s July 2025 statement clarifies that tokenized securities must meet the same disclosure and registration requirements as traditional ones. She noted that a token could be a “receipt for a security” (itself a security) or a “security-based swap” if it doesn’t convey real ownership. In plain terms, whether a stock is on a blockchain or on paper, it’s still a stock by law. This implies that anyone trading tokens would need to use registered intermediaries. In fact, U.S. firms like Coinbase have either signed up as broker-dealers or are seeking no-action relief to let them offer these products legally. Congress is also updating laws (e.g. the proposed GENIUS Act) to ensure a clear path for digital securities, including custody rules for crypto assets.

SEC 亦表明，期望代幣化股票發行須納入現有監管。以 Peirce 於 2025 年 7 月的聲明為例，她強調所有代幣化證券都需符合傳統證券的披露和註冊規定。Peirce 補充，某些代幣若僅是「證券收據」本身亦屬證券；若無實質持有人權益則屬「證券相關掉期」。簡而言之，不論股份登記在區塊鏈還是紙本，法律上都是股份，所以任何人交易相關代幣都必須通過受規監中介。事實上，美國如 Coinbase 已註冊為經紀交易商或正爭取 no-action relief，以合法提供這類產品。國會亦正修例（如擬議中的 GENIUS 法案），以確保數碼證券及加密資產託管有明確法規路徑。

In practice, a compliant token-trading market will likely blend traditional and blockchain mechanisms. Orders could be placed through an exchange interface as usual, but execution and clearing might leverage a distributed ledger back-end. Clearing firms and transfer agents would need blockchain connectivity (Nasdaq’s rule filing assumes the DTCC will adopt a token settlement system). On the retail side, trading apps and brokerage platforms would likely incorporate crypto wallet functions. Imagine a Robinhood or Schwab app in 2030: beneath the hood it might use blockchain transactions to settle trades in real time. But to investors, it would appear as just another trading platform – albeit one that logs transactions on an auditable public ledger.

實際上，合規的代幣交易市場大機會融合傳統和區塊鏈系統。投資者仍可如常透過交易所界面下單，但後台執行和交收可能改用分布式帳本。結算公司及過戶代理都要具備區塊鏈連接功能（納斯達克建議 DTCC 引入代幣交收系統）。對散戶而言，各大證券 app 很可能會加入加密錢包功能。試想像 2030 年的 Robinhood 或 Schwab app，背後說不定已用區塊鏈即時交收股票，但顯示予用戶的，仍是一個普通交易平台，只是所有交易都能在公開帳本核對。

Where might these trades occur? Unlike Bitcoin or Ethereum, which have many public marketplaces, tokenized stocks could trade on either crypto-native exchanges or traditional stock exchanges (or both). Crypto exchanges like Coinbase or Binance (if approved by regulators) could list stock tokens on their platforms, providing a familiar 24/7 trading experience to crypto users. Indeed, Coinbase’s Grewal said in 2025 that while U.S. offerings were pending SEC approval, Coinbase’s Base network in 2024 already had tokenized shares for accredited investors abroad. On the other hand, Nasdaq and others envision listing tokens directly on conventional exchange systems, preserving the structure of the National Market System. Either way, licensed broker-dealers would connect investors to these platforms.

這些交易會在哪裏進行？與比特幣、以太坊等公開市場不同，代幣化股票既可在原生加密交易所，也可於傳統證券交易所（又或兩者同時）買賣。如 Coinbase、Binance 等加密交易所，獲監管批准後可上架股票代幣，讓用戶體驗熟悉的 24/7 交易。目前 Coinbase 首席法務官 Grewal 就指，即使美國產品尚待 SEC 審批，Coinbase 早於 2024 年已為海外認可投資者在 Base 網絡提供代幣化股份。另一邊廂，納斯達克等傳統機構則希望直接把代幣掛牌於主流交易平台，保住全國市場系統結構。不論哪一種，投資者與平台之間，始終要透過有牌券商中介連接。

Custody is another key piece. Even though a stock is tokenized, there must still be a secure way to hold the economic interest. Regulated custodians or brokerages will likely hold either the actual shares behind tokens or the

託管亦是重點。即使股票已代幣化，持有人經濟權益仍須有安全保障。有規管的託管人或券商將很大機會掌管代幣背後的真實股份，或者tokens themselves. Wallet security (private keys, hardware wallets, etc.) could become part of brokerage custody operations. Some firms are already offering “qualified custody” for crypto assets under SEC guidelines. If tokens are widespread, the SEC’s new rules (for example, proposed S7-24-01 on crypto custody) will determine how brokers must safeguard on-chain assets.

代幣本身。錢包安全（私鑰、硬件錢包等）有機會成為經紀託管操作的一部分。有啲公司已經根據美國證監會（SEC）指引，開始為加密資產提供「合資格託管」服務。如果代幣普及，SEC 推出的新規（例如關於加密託管的 S7-24-01 提案）將會規定經紀商如何保障鏈上資產。

Finally, we should note that tokenized stocks do not necessarily require innovation in trade execution beyond what’s discussed. For instance, blockchains do not automatically solve high-frequency trading or market fragmentation; in fact, on-chain trades might settle too quickly for current algorithms. Market designers will have to carefully calibrate the new systems – for example, by ensuring liquidity pools or market makers exist for continuous trading. The SEC’s proposers acknowledge this, and Nasdaq’s plan includes “behavioural guardrails” to maintain investor protections. In short, tokenized equities could change trading mechanics (e.g. continuous 24/7 order books, blockchain settlement) but would still sit within the same legal and market frameworks we have today.

最後值得留意，證券代幣化未必需要本質上創新交易執行方式。例如，區塊鏈並唔會自動解決高頻交易或者市場碎片化問題；事實上鏈上交易可能比現有演算法結算得太快。市場設計者要小心調整新系統——例如確保有流動性池或者造市商以持續進行交易。SEC 提案人都認同呢點，納斯達克計劃亦包括用「行為保障措施」去維護投資者保障。簡單而言，證券代幣化可以改變交易機制（如持續 24/7 訂單簿、區塊鏈結算），但都會喺現時法律同市場框架下運作。

Benefits for Investors and Markets

Tokenized stocks could potentially bring significant advantages to both investors and the broader market. Many of these reflect the general strengths of blockchain-based finance.

證券代幣化對投資者同整個市場可能帶嚟重大優勢，其中好多好處都係體現區塊鏈金融既共通優點。

One of the headline benefits is 24/7 global trading. Because public blockchains operate continuously, tokenized stocks could, in theory, trade any time of day or night. An SEC-sponsored analysis notes that blockchain platforms enable “around-the-clock trading and asset management,” unlike traditional exchanges with fixed hours. This means U.S. stocks could be bought on weekends or holidays (on markets serving international clients) and Asians or Europeans could trade U.S. shares outside U.S. market hours. The practical upshot is that news events no longer cause overnight price gaps; instead, markets continuously incorporate information. For retail investors, 24/7 markets could be very appealing – for example, allowing trading at convenience without being limited to 9-to-4.

其中一個最大優勢係可以 24/7 全天候交易。因為公共區塊鏈不停運作，理論上證券代幣可以隨時買賣。SEC 發表的分析指，區塊鏈平台可以「一日廿四小時交易同資產管理」，同傳統交易所規定營業時間唔同。換言之，美股可以喺週末或假日（面向國際客戶的市場）照樣交易，亞洲或歐洲投資者都可以喺美市以外時段炒美股。實際意思係有咩新聞都唔會再令市場隔夜出現跳價，市場會不斷反映新消息。對散戶嚟講，全天候市場好吸引——好似咩時間都可以落盤，唔使受限於朝九晚四。

Faster settlement is another major promise. Today, when you sell a stock it takes two business days (T+2) for the trade to settle and for funds to move. On a blockchain, settlement can occur in near real time. The SEC commentary points out that blockchain can enable settlement “not [in] the days it may take in traditional systems,” dramatically reducing counterparty risk. In practice, this could free up capital much sooner for both retail and institutional traders. A friend-of-the-SEC report on tokenization emphasizes that near-instant settlement “reduces counterparty risk and improves liquidity”. Cross-border transactions would especially benefit – transferring stock or funds between U.S. and Europe could become as fast as sending a crypto transfer, since there’d be no need to wait for two sets of national settlement systems to reconcile.

更快結算係另一大賣點。依家賣股票要等兩個工作天（T+2）先正式結算同資金流轉，區塊鏈上則可以接近即時結算。SEC 評論指出，區塊鏈可以「毋須用返傳統系統果啲日子」先完成結算，大大減少對手方風險。實際上，呢樣可以令散戶同機構都提早動用資金。另一份與 SEC 有關的報告強調，即時結算「降低對手風險、提升流動性」。尤其做跨境交易幫助更大——美國同歐洲股或資金轉移，可以好似加密貨幣一樣快，唔使等兩邊國家結算系統對數。

Lower costs and efficiency arise from both of the above. By eliminating or automating intermediaries (like clearinghouses, custodians and settlement agents), tokenization cuts fees. The same SEC analysis explains that blockchain-based tokenization “reduces the need for intermediaries, paperwork, and manual processing, thus improving operational efficiency and reducing costs”. Smart contracts can automate many tasks: for example, they could enforce compliance rules (only allowing pre-approved accounts to trade), auto-process corporate actions, or automatically allocate dividends to token holders. This automation lowers personnel and infrastructure costs. Over time, advocates expect these savings to be passed to investors in the form of lower trading fees. One blockchain white paper noted that removing middlemen could “significantly lower transaction costs,” making stock trading more affordable for small investors.

成本降低同效率提升都係上面提過既直接結果。透過消除或者自動化中介（如結算所、託管人同結算代理），代幣化可以縮減手續費。SEC 報告解釋，基於區塊鏈既代幣化「減少對中介、紙本文書同手動處理既依賴，提升營運效率同降低成本」。智能合約可以自動完成好多功能，例如強制執行合規規則（只准已審批賬戶交易）、自動處理公司行動、派息直接分配畀代幣持有人。呢種自動化減低人力同基建開支。長遠嚟講，支持者預計呢啲節省最後會反映咗喺用家既交易收費上。某區塊鏈白皮書就指出，去中介「可以大幅降低交易成本」，令細碼投資者都負擔到炒股。

Fractionalization and access are also often cited. Tokenized shares can be natively divisible: a single stock token could be split into arbitrarily small units. This enables fractional ownership of very expensive stocks or funds, without needing a complex ETF structure. For example, someone could hold 0.001 of a share token if the system allows it, opening doors for small-dollar investors. SEC analysis highlights that tokenization can “democratize access” by fractionalizing high-value assets. In practical terms, this could help retail investors and emerging markets participants gain exposure to assets like big U.S. tech stocks or real estate investments that might otherwise require large capital. It also complements the 24/7 access: combined, anyone with an internet-connected device could buy micro-shares of a global stock at any time.

可細分同易獲得都係熱門話題。代幣化股份可天然細分：一個股票代幣可以拆成任何細嘅單位，用唔著複雜的 ETF 結構。舉例，如果系統容許，有人可以持有 0.001 股代幣，大大打開細碼投資者入場大門。SEC 強調，代幣化令高價資產「全民都可沾手」，因為可以細分。實際上，呢個有助散戶或者新興市場玩家投資到美國大型科技股、房地產等原本要大資金先買到既資產，亦配合全天候市場模式：合起來講，任何有上網設備既人，隨時都可以買到微型股份。

Transparency is another selling point. Public blockchains provide an immutable, auditable ledger of every token transfer. Unlike today’s siloed records, regulators and investors could theoretically inspect the blockchain to see token flows and ownership (subject to privacy rules for real identities). SEC analysis emphasizes that blockchain’s distributed ledger “provides an auditable trail of ownership”. In practice, this could make market surveillance easier (since trades can be monitored in real time on-chain) and reduce errors in ownership records. Issuers would know exactly who owns their tokens via a single source of truth. Combined with smart-contract “programmability,” regulators could also embed rules (e.g. halting trades or freezing assets under court order) transparently into the system, enhancing trust.

透明度係另一賣點。公開區塊鏈提供不可更改且可稽核分類帳，記錄住每次代幣轉移。唔同今日各自孤島式記錄，監管機關同投資者理論上可以查核區塊鏈上既代幣流向同持有人（真實身份要受私隱規例保障）。SEC 強調，區塊鏈分布式帳本「提供持有權既可查稽紀錄」。實際層面，咁會令市場監管更易實行（好似可以實時追監鏈上交易），同時減少持有人紀錄出錯。發行人只需睇一個真實來源就知誰持有自己公司代幣。加埋智能合約既「可編程性」，監管者可以透明地把規則（如下令停市或凍結資產）植入系統，提高信任。

Global participation and innovation is the final broad benefit. Blockchain makes markets accessible globally: an investor in another country could directly buy U.S. stock tokens (if allowed) without opening a U.S. brokerage account. Some propose allowing investors in approved jurisdictions to trade tokens on local crypto exchanges. More broadly, tokenized stocks could fuel novel financial products: for instance, a mutual fund could on-chain collateralize tokens for lending, or DeFi protocols could integrate stock exposure into composite portfolios. SEC commentary even imagines new “financial products and services” made possible by programmable finance. If infrastructure is interoperable, a true secondary market ecosystem could emerge – foreign brokerages, digital asset banks and FinTech firms might all connect to these token rails.

全球參與同創新係最後一項大優勢。區塊鏈等於全球可接入市場：外國投資者（有相關許可下）可以直買美股代幣，唔駛開美國經紀戶口。有人主張批准司法管轄區投資者，在本地加密交易所直接炒代幣。更廣泛而言，證券代幣化將推動新型金融產品誕生——例如，基金可以用鏈上股份作抵押去借貸，或者去中心化金融協議將股票納入組合式投資組合。SEC 甚至想像可編程金融可以創造出新「金融產品同服務」。如果基建可以互通，真正全球二級市場將出現——外國經紀、數字資產銀行、金融科技公司可能一齊連接埋呢啲代幣通路。

To illustrate, consider a few concrete scenarios drawn from pilot projects: Galaxy Digital CEO Mike Novogratz said tokenizing his own stock on Solana created “the first on-chain capital market”. On Coinbase’s Base network, they already enabled trading of tokenized stock shares for accredited investors abroad. Kraken is launching “xStocks” for U.S. equities (offshore only). These all point to an emerging ecosystem. BlackRock’s experiments show mainstream finance wants in. In short, proponents argue that tokenized equities could make equity trading more efficient, more inclusive and more innovative – if done carefully under regulation.

以現時試點項目為例：Galaxy Digital CEO Mike Novogratz 將自己公司股份代幣化到 Solana 上，稱之為「首個鏈上資本市場」。Coinbase Base 網絡上，海外合資格投資者已可交易代幣化股票股份。Kraken 推出「xStocks」交易美股（只限離岸）。呢啲都反映生態已經起步。連 BlackRock 都參與，表示主流金融界亦有興趣。總結而言，支持者認為證券代幣化可以令股票交易更高效、更普及、更創新——當然，前提係要受規管下小心推進。

Risks, Concerns, and Criticisms

The vision of tokenized stocks is compelling, but a host of risks and unresolved issues must be addressed. Regulators and market watchdogs have loudly pointed to several pitfalls.

證券代幣化願景充滿吸引力，但現實上要解決一系列風險同未決問題。監管機構同市場監察者已多次提出重大隱憂。

Investor protection and rights: As noted earlier, many existing “token stocks” have not conferred real shareholder status. The World Federation of Exchanges warns that some crypto brokers are marketing tokenized stock products “as equivalent to stocks,” when in reality “investors do not become shareholders in the underlying company”. That gap in rights is dangerous: if you hold a token but not the share, you cannot vote, receive dividends or sue on company disclosures. The EU’s securities regulator made similar points, saying tokenized instruments can offer “always-on access and fractionalization” but “typically do not confer shareholder rights,” which risks “investor misunderstanding”.

投資者保護與權益：如前所述，市面唔少「股票代幣」都未有賦予真正股東資格。世界證券交易聯會警告，部分加密券商用「等同股票」去推銷證券代幣產品，但實情「投資者並非成為底層公司股東」。呢個權益落差好危險：你只持有代幣冇持股，即唔可以投票、收息或對公司披露提出司法追究。歐盟證監同樣指出，證券代幣雖然提供「持續接入同可細分」優點，但「一般唔賦予股東權益」，容易令投資者誤會。

In effect, without strict rules, a retail buyer could think they own Apple stock tokens but have only a derivative claim. The SEC is aware of this and has signaled it will likely treat such tokens as separate securities – possibly swaps – unless they genuinely convey full equity rights. Ensuring tokens truly deliver the economic and legal rights of stocks is a non-trivial challenge.

實際上，冇嚴格規則保障下，散戶有機會誤以為持有 Apple 股票代幣就等於真正持股，其實只係擁有一張衍生權益。SEC 亦注意到呢點，表明會將呢類代幣當成獨立證券（或者掉期合約）管理，除非佢哋真係賦予全部經濟同法律股東權益。確保代幣完全傳遞股票既經濟同法律權益，係複雜且高難度挑戰。

Regulatory arbitrage and legal uncertainty: Tokenizing securities raises thorny legal questions. If someone outside the U.S. (say, in Europe or an offshore crypto exchange) creates a token tied to a U.S. stock, it could circumvent U.S. registration rules. Industry concerns include the possibility that token platforms might slip past regulators’ oversight – a point Peirce acknowledged by noting a token could just be a swap. Citadel, a major market maker, warned that tokenization could be used for “regulatory arbitrage” if not carefully policed. In response, the SEC’s tentative stance is that any tokenization of U.S. stocks must comply fully with securities laws, even if done via blockchain. In practice, this means foreign exchanges offering U.S. stock tokens without SEC registration might face enforcement. But until rules are settled, companies and investors will face legal grey areas.

監管套利同法律不確定性：證券代幣化涉及複雜法律問題。如果有人喺美國以外（例如歐洲或離岸加密交易所）發行與美股掛鈎代幣，可能會繞過美國註冊規定。行內關注，代幣平台有機避過監管，Peirce 就曾指出代幣可能只屬掉期工具。主要造市商 Citadel 警告，代幣化可以成為「監管套利」途徑，如果監管唔夠嚴謹。SEC 態度暫定，美股任何代幣化都必須完全符合法律，即使用區塊鏈方式處理。實際上，未經 SEC 註冊既境外交易所如果提供美股代幣，有機會被執法。不過，規則未完全敲定前，公司同投資者都會處於法律灰色地帶。

Liquidity and market integrity: A big practical risk is the potential for low liquidity. New markets for tokenized equities may start small. The World Economic Forum pointed out that tokenized assets currently represent only a tiny fraction of global markets, and there is “a lack of sufficient secondary-market liquidity” for many tokenized offerings. Thin liquidity can lead to wild price swings or inability to exit positions. On the upside, blockchain’s continuous order-book structure could help new liquidity pools form, but there is no guarantee – exchanges will need to incentivize market makers to provide depth. Moreover, token trading could fragment markets. If tokens trade 24/7 but

**流動性同市場完整性：實際層面最大風險之一係流動性不足。證券代幣化新市場規模通常好細。世界經濟論壇指出，全球市場上代幣化資產只係極少數，且多數產品「二級市場流動性唔夠」。流動性不足會導致價格大起大落，甚至無法平倉。當然，區塊鏈持續訂單簿有助形成新流動性池，但唔係必然——交易所必須鼓勵造市商提供深度。再者，代幣交易亦有可能令市場進一步碎片化。如果代幣 24/7 不停交易……**main exchanges do not, price discovery might become more complex, with different prices on different venues. Arbitrage can reconcile them, but it also introduces opportunities for cross-market manipulation if not monitored.

主要交易所未有參與，價格發現過程可能會變得更複雜，不同平台可能會出現不同價格。雖然套戥活動可以調和價格差異，但如果監管不足，也可能帶來跨市場操控的機會。

Operational and cybersecurity risks: All blockchain-based trading carries well-known tech risks. Smart contract bugs or network hacks could lead to theft of tokenized shares. For instance, if a token’s smart contract is flawed, a hacker might drain tokens en masse. (This has happened in DeFi on cryptocurrencies.) Even key management – the safeguarding of private keys that control tokens – becomes a critical operational task for brokerages. A lost key could lock up a customer’s position. Regulators will likely apply strict custody rules (e.g. using qualified custodians or multi-signature wallets) to mitigate these threats, but the risk cannot be fully eliminated. The SEC’s recent stance on crypto custody (as seen in pending rules) indicates they’ll treat tokenized securities like any digital asset, requiring segregated accounts and audits.

營運及網絡安全風險：所有基於區塊鏈的交易都存在眾所周知的技術風險。智能合約漏洞或網絡被黑，有機會導致代幣化股份被盜。例如，如果某個代幣的智能合約有漏洞，駭客可能會大規模盜取代幣。（這類事件在加密貨幣DeFi領域曾發生。）連私鑰管理——即保護控制代幣的私鑰——亦變成券商一項關鍵營運任務。如果遺失私鑰，投資者的持倉可能會永遠被鎖死。監管機構預計會施加嚴格的託管規則（例如指定合資格託管人或多重簽署錢包），以降低相關風險，但始終無法完全杜絕。美國證監會（SEC）近期針對加密資產託管的立場（可見於草擬中的規則）顯示，他們會將代幣化證券視為一般數碼資產一樣處理，需要獨立帳戶及審計。

Systemic and market risks: If tokenized trading scales up, it could introduce new systemic vulnerabilities. For example, many blockchain platforms are concentrated (a few exchanges or validator nodes). A problem on one network – say a blockchain outage or a hack of a major exchange – could affect a significant portion of stock trading. Similarly, if tokenized markets adopt novel mechanisms (like automated market makers with leverage), traditional risk models may not apply. Some analysts worry that combining highly volatile crypto markets with stocks could create feedback loops in stress scenarios. It is also possible that tokenization could enable novel forms of margin trading or liquidity injections outside the regulated finance system, which might amplify crashes unless properly restricted.

系統性及市場風險：如果代幣化交易規模增加，有可能帶來全新系統性漏洞。例如，目前不少區塊鏈平台其實相當集中（即僅有少數交易所或驗證節點）。某一網絡出現問題——例如區塊鏈停運或大型交易所遇黑客攻擊——都可以影響很大部分的股票交易。同樣地，如果代幣化市場採用新型機制（如帶槓桿的自動做市商），傳統風險模型可能完全不適用。有分析擔心，將極高波幅的加密市場與股票結合，在壓力情況下會出現「反饋循環」。而代幣化也可能容許一些監管範圍外的新式孖展或流動性注入模式——若無適當監控，有機會加劇市場崩盤。

Legal complexity and cross-border issues: Tokenized stocks traded globally would touch multiple jurisdictions. A U.S. stock token could be sold on a European platform to an Asian investor. Each region has different crypto laws, securities laws, and tax rules. Compliance could become extraordinarily complex. Which country’s law governs a share token? How do investors get legal recourse if a counterparty defaults in another country’s crypto system? These questions will need international coordination. For now, regulators like ESMA and IOSCO are discussing high-level principles, but concrete answers are still emerging.

法律複雜性及跨境問題：全球買賣的代幣化股票會涉及多個司法管轄區。例如，一隻美國股票的代幣可以在歐洲平台賣給亞洲投資者。每個地區的加密法例、證券法例及稅制都不同，合規程序會異常複雜。一隻股份代幣應跟從哪個國家的法律？如果對手方在別國的加密系統違約，投資者可以怎樣合法追討？這些問題都需要國際協調處理。現階段，監管機構如ESMA及IOSCO仍在討論高層面原則，具體答案仍在醞釀中。

Taken together, these risks mean the SEC and other regulators cannot treat tokenized stocks as just another commodity. They have reiterated that standard investor protections – registration, disclosures, insider trading rules, custody requirements – apply regardless of the technology. Commissioner Peirce reminded the industry, “the same legal requirements apply to on- and off-chain versions” of securities. Any tokenized stock offering in the U.S. will have to be precisely structured and heavily supervised. That dual challenge – capturing blockchain’s benefits while avoiding its pitfalls – will define the next phase of debate and rulemaking.

總結來說，上述風險意味著SEC及其他監管機構不會將代幣化股票當作普通商品處理。他們重申，標準投資者保障（如註冊、披露、內幕交易條例、託管要求）無論什麼技術平台都必須遵守。委員Peirce提醒業界：「鏈上鏈下版本的證券，同樣受法律規定約束。」在美國，所有代幣化股票發行都必須精確設計及嚴密受監管。「取其區塊鏈好處，同時避免其陷阱」這個雙重挑戰，將成為未來討論及訂立規則的核心。

Industry and Political Context

The tokenized stock initiative has garnered reactions across the financial and political spectrum. Crypto firms naturally see it as a new frontier. Coinbase, for instance, has made its intentions clear: it is seeking SEC approval to list blockchain-based U.S. stocks for its customers. Binance has taken a different angle, partnering with asset managers (like Franklin Templeton) to issue tokenized funds, effectively bringing crypto exchange infrastructure into traditional finance. Decentralized finance proponents are also watching closely; if established stock markets go on-chain, it could legitimize a whole ecosystem of crypto-lending, DeFi derivatives, and blockchain-based trading infrastructure. Venture-capital firms, especially those invested in blockchain startups (Dragonfly Capital, Bain Capital Crypto, etc.), often trumpet tokenization as one of crypto’s next big use cases.

代幣化股票計劃在金融界及政界引起廣泛反應。加密貨幣公司自然視之為新一片藍海。例如Coinbase已明確表示，正尋求SEC批准，讓其客戶可以買賣基於區塊鏈的美股。Binance則選擇另一模式，與資產管理公司（如富蘭克林坦伯頓）合作發行代幣基金，等同將加密交易基建引入傳統金融。去中心化金融（DeFi）支持者也密切注視：如果成熟股票市場「上鏈」，或代表整個加密借貸、DeFi衍生品及區塊鏈交易基建會獲認受。風投公司，尤其是投資區塊鏈初創的（如Dragonfly Capital、Bain Capital Crypto等），更常將「代幣化」形容為加密下一個大應用。

Traditional finance players have mixed views. On Wall Street, large banks have quietly explored blockchain for other assets (like J.P. Morgan’s interbank coin or tokenized bond deals) but have been cautious on equities. Goldman Sachs and Citi have blockchain labs, but have not publicly pushed stock tokenization as aggressively as Nasdaq or BlackRock. By contrast, asset managers and exchanges are more active. BlackRock CEO Larry Fink and Franklin execs publicly endorsed tokenization as an efficiency tool. Exchanges see it as an opportunity: as noted, Nasdaq is leading with a formal proposal and the new digital arm of the CBOE and NYSE Arca are rumored to be studying DLT.

傳統金融機構對此意見不一。華爾街大行私下已經嘗試用區塊鏈做其他資產（如摩根大通的銀行間貨幣、代幣化債券交易），但在股票市場較為審慎。高盛、花旗都有區塊鏈實驗室，但暫未如Nasdaq及貝萊德般積極推動股票代幣化。反而資產管理公司及交易所更主動：貝萊德CEO Larry Fink和富蘭克林高層公開支持代幣化提升效率。交易所則視此為新機會：正如所述，納斯達克已提出具體方案，CBOE及NYSE Arca的新數碼業務據聞亦在研究分布式帳本技術（DLT）。

Market-making firms (Citadel, Jane Street, etc.) have been measured; Citadel has voiced concerns about regulatory arbitrage, and JPMorgan analysts have noted that for many banks “the blockchain enthusiasts are leading” (meaning TradFi is still lagging). Still, publicly at least, Wall Street’s tone has softened – executives talk about “bridge-building” between crypto and equities. Nasdaq President Tal Cohen said tokenization is “complementary” and can help “bridge the gap” between digital assets and traditional finance.

做市商如 Citadel、Jane Street 等則態度審慎，Citadel 曾對監管套利表達過擔憂，摩根大通分析員亦指出多間銀行其實「由區塊鏈熱衷分子主導」（即傳統金融仍在慢慢落後）。不過，華爾街公開語調已明顯和緩——高層強調「建立橋樑」連接加密及股票。納斯達克總裁 Tal Cohen 稱，「代幣化是互補，可以幫助數字資產和傳統金融之間搭橋。」

Retail industry is also engaged. Brokerage apps (Robinhood, Webull, etc.) watch developments because tokenized equities could alter their business. Robinhood, for example, launched crypto stock tokens in Europe and has publicly said it is in talks for U.S. versions. These platforms see blockchain trading as a way to add features (like worldwide access and faster clearing) that could attract younger or more global users. However, they also must factor in regulatory compliance; in Europe, Robinhood’s stock tokens are synthetic and come with warnings, because it lacked the license to offer true tokenized shares.

散戶平台亦高度關注。證券Apps（Robinhood、Webull等）密切跟進事件發展，皆因代幣化股票有機會衝擊其業務模式。Robinhood已在歐洲推出加密股票代幣，並公開表示正談判引進美國版本。這類平台視區塊鏈交易為吸引用戶（如全球通行、結算更快）的重要新功能，但同時必須計算合規成本：例如歐洲的Robinhood股票代幣屬合成產品，並須加上風險警告，因其未獲真正發行股票代幣的牌照。

Regulators and policymakers span the gamut. In the U.S., the SEC under Gary Gensler had largely treated crypto tokens as falling under securities law and had sued or warned many crypto firms (Coinbase, Binance.US, Kraken, etc.) for allegedly offering unregistered securities. The new SEC leadership has not yet dropped any lawsuits (as of fall 2025), but it has created a crypto task force focused on policymaking. Beyond the SEC, the Commodity Futures Trading Commission (CFTC) is more interested in commodities like Bitcoin, and the Treasury/Fed are concerned with stablecoins and payments. The executive branch (including the White House and Congress) has shown some interest – notably, a draft bill dubbed the “GENIUS Act” was floating, which would clarify crypto rules. In this environment, tokenized equities sit at the intersection of securities regulation and innovation, making them a hot political topic.

監管機構及政策制定者立場各異。在美國，Gary Gensler領導下的SEC大致將加密代幣納入證券法監管，並曾對多家加密公司（Coinbase、Binance.US、Kraken等）提起訴訟或發出警告，指其涉嫌無牌發售證券。最新一屆SEC領導層至2025年秋仍未撤回相關官司，但已設立專責小組研究制訂加密政策。SEC以外，商品期貨交易委員會（CFTC）主要關注比特幣等大宗商品，美國財政部及聯儲局則關注穩定幣及支付監管。行政部門（包括白宮及國會）也表現出一定興趣，例如正在討論一份名為「GENIUS法案」的草案，目的是釐清加密監管規則。在這氛圍下，代幣化股票成為證券監管與創新交匯的熱門議題。

One political twist: under the current Trump administration’s banner, there is strong rhetoric in favor of blockchain. President Trump himself has signaled support for digital asset initiatives (like an infrastructure bill that eased crypto reporting and executive orders promoting market structures) that make innovation easier. This aligns with industry calls. Congressional attitudes are mixed – some tech-friendly legislators want the U.S. to lead tokenization, while others (in both parties) voice caution about protecting Main Street investors. So far, tokenized stocks have drawn bipartisan interest because they promise efficiency without directly promoting any one cryptocurrency.

政治層面亦有變化：在現屆特朗普政府主導下，官方態度極力支持區塊鏈。特朗普總統本人曾表態支持多項數碼資產措施（如減輕加密申報責任的基建法案，以及促進市場結構的行政命令），方便創新。與業界訴求一致。國會方面，態度較分歧——部分親科技議員希望美國主導推動資產代幣化，亦有來自兩黨的聲音強調要保障普通散戶利益。到目前為止，代幣化股票因帶來效率而備受兩黨關注，但不會直接推動某款加密貨幣。

Internationally, the picture varies (see next section). Europe’s regulators lean more conservative on securities. They have, however, embraced some digital assets under MiCA (a new regulatory framework mainly for crypto-assets) but tokenized stocks would likely still fall under strict securities laws. ESMA and member-state agencies have issued warnings similar to the U.S. WFE statement, urging clear communication and caution. The EU also wants interoperability standards; at an EU crypto forum in 2025, industry and regulators agreed that tokenization should not fragment markets or bypass investor protections.

國際層面，各地做法不一（見下節）。歐洲監管相對保守，雖然通過MiCA（主要針對加密資產的新監管制度）承認部分數碼資產，但代幣化股票依然大可能受嚴格證券法規管。ESMA及各國監管機構已發表類似美國WFE的聲明，提醒須清楚溝通及審慎監管。歐盟亦希望設立互通標準——在2025年歐盟加密論壇上，業界與監管部門一致同意「代幣化不可導致市場分裂，或繞過投資者保障」。

In Asia, governments are taking divergent approaches. China’s authorities have broadly cracked down on crypto and even on some tokenized asset ventures. In late 2025, Chinese regulators quietly told firms to pause real-world asset tokenization schemes in Hong Kong. This was likely due to concerns about unregulated products being sold offshore to Chinese investors. Hong Kong itself, however, is embracing blockchain under tight controls: its Monetary Authority and Treasury Bureau are reviewing a legal framework for tokenized products, starting with bonds. Japan’s regulators have been friendly to crypto exchanges (allowing Bitcoin futures) and have licensed some digital asset platforms; they may end up treating token stocks similarly to how they treat crypto (i.e. requiring registration and oversight). Singapore is proactive on blockchain finance generally, having run tokenized bond pilots and working groups for tokenized assets, so it might be more flexible than the EU on implementing token stock trading.

亞洲地區，政府做法各異。中國官方對加密貨幣及部分代幣化資產項目大力打壓，2025年底曾低調通知企業暫停在香港的實體資產代幣化計劃，原因大多是擔心無監管產品流出境外，影響中國投資者。香港則在嚴格規管下積極擁抱區塊鏈，由金管局及財庫局主導檢討代幣產品法律框架，首階段以債券為主。日本監管對加密交易所較友善（如批准比特幣期貨），亦已經為部分數碼資產平台發牌，預計最終會將股票代幣視作加密貨幣處理（即要求註冊和監管）。新加坡整體對區塊鏈金融十分積極，已推動債券代幣化試點及成立小組研究，相信在實行股票代幣交易方面會比歐盟更靈活。

In sum, the industry response is broadly hopeful but cautious. Crypto firms see a big new market, Wall Street sees long-term efficiencies, and regulators see a need to adapt. The policy winds (especially in the U.S.) are blowing in favor of innovation paired with safety. This confluence of factors – technology, economics and politics – is what has propelled tokenized equities from theory toward reality.

總結而言，業界普遍抱有希望但態度審慎：加密公司看到新藍海，華爾街憧憬長遠效率提升，監管機構則認為需作調整。政策取向（特別在美國）正向創新與安全共存傾斜。正是科技、經濟、政治三者共同推動，令代幣化股票由理論走向現實。

Global Comparisons

Tokenizing assets is a worldwide phenomenon, but approaches differ by region. In the United States, the SEC’s approach is a mix of encouragement and control: it will allow tokenization if firms register and follow securities law. The U.S. has not embraced unregulated crypto stock tokens (in fact, SEC enforcement previously shut down such schemes). Instead, the U.S. stance is to bring token trading under

資產代幣化是全球現象，但不同地區做法差異很大。在美國，SEC採取鼓勵與監管並重：只要企業註冊並遵守證券法，便可推動代幣化。美國明確拒絕未受監管的加密股票代幣（事實上，SEC曾執法打擊相關計劃）。美方態度是將代幣交易納入…regulated exchanges and brokers.

在歐洲，監管機構對於「代幣化股票」（token stocks）一直比較謹慎。ESMA（歐洲證券及市場管理局）以及歐洲議會都曾警告，許多區塊鏈股票產品（特別是合成類股票代幣）容易誤導投資者，因為這類產品很少真正賦予持有人股份擁有權。歐洲交易所確有提供一些加密衍生產品（例如蘇黎世的ETP），但相關產品受到嚴格監管。歐盟很大機會按照現有證券指引來處理代幣化股票；MiCA（加密資產市場監管規則）並未直接涵蓋股票類資產。實際操作上，歐洲交易所有機會以基金條例去上市某些代幣化基金（譬如英國FCA就為代幣化基金擬定指引），但若是單一股票代幣，就要按跨境證券發行的標準處理。

值得留意的是，一些公司如21Shares和HANetf已推出受規管的加密貨幣EFT，不過這些產品追蹤的是資產籃子，而非個別股票代幣。因此，歐洲在推行代幣化股票方面進展有限，而且監管審查極為嚴格。有些歐盟企業曾經為內部結算創建股票代幣（例如瑞士銀行的內部分類帳項目），但公開市場交易仍然罕見。

亞洲方面，反應則較為分化。香港致力發展成為加密金融樞紐，設立了行業沙盒和區塊鏈證券試點（尤其是債券），監管機構現正草擬詳盡規則。只要代幣產品符合持牌要求，香港一般都會歡迎——事實上金管局已經監管銀行銷售代幣化產品。至於中國內地，態度一向較嚴。自2021年全面封殺加密貨幣交易和挖礦之後，官方對任何未經審核的數字資產計劃都特別警惕。

中國甚至曾要求香港券商“暫緩”境外實體資產代幣化，顯示對居民在境外交易代幣極為謹慎。日本和新加坡則相對較為鼓勵創新，兩地都已經發出關於加密資產的監管指引，合規持牌下有條件容納代幣化股票。例如新加坡金管局（MAS）有針對數字資產交易所的發牌制度，亦曾容許在受控條件下試行數字股票發行。

總體而言，全球現時是經過密切監察、以實驗為主的狀態。很多司法管轄區都把代幣化視為長遠目標，但公開股票代幣真正全面普及的只有極少數。美國聯儲局和證券交易委員會（SEC）關注相關發展，但只會依法逐步推進。歐盟則務求確保代幣化股票不能規避投資者保障。亞洲金融中心（香港、新加坡、東京）正小心翼翼設計監管架構，而中國及印度等地仍然持保守態度。

這些差異意味著，代幣化股票貿易即使日後擴展，初期很大可能會出現區域性分割。舉例來說，瑞士或香港的交易所有機會上市股票代幣，並開放予本地及國際投資者，而美國投資者則只能透過獲批渠道接觸。只有隨著各地監管部門加強合作，全球性的代幣化股票市場才有望誕生。國際金融穩定委員會（FSB）及IOSCO已展開跨境協調討論，但真正實現國際“護照化”加密交易的機制，仍屬於初步階段。

未來情景：共存或顛覆？

如果代幣化股票大行其道，會出現什麼情況？有幾種較為合理的發展路徑，大多都傾向逐步過渡，而非一夜變天。
其中一種情況，是代幣化股票與傳統交易所長期共存。這樣，現有大型金融機構會循序漸進升級系統，為客戶提供多一個選擇，但仍保留傳統股市運作。例如納斯達克的方案，就是代幣化及傳統股份並列交易，投資者可以因應需要選擇買賣哪個版本。隨着時間推移，種種效率提升（例如更快交收）可能會令交易逐步偏向代幣，但市場結構（交易大堂、券商演算法、清算網絡等）仍然依賴原有基建。

散戶投資者日後或可選用加密錢包來買賣股票，但都要經持牌的友善加密券商操作。在這個「共存」版本未來，傳統交易所和中央結算機構會透過引入區塊鏈技術適應潮流——例如提供數字代幣通道——但不至於被淘汰。SEC會確保兩種交易在法律下獲得同等對待。

另一種比較顛覆性的情景（但同樣很多步驟），是代幣化根本重塑了整個交易邏輯。想像幾年後，美國主要藍籌股有了官方認可的代幣，全國監管機構批准以某種私有鏈進行結算，而散戶用Apps可全天候像炒幣般炒股。這種情形下，現時很多中間人角色或被淘汰。交易和支付可在鏈上原子完成（即一鎖定就即時結算），DTCC等清算機構或會變身做為數字基建服務。專門股票撮合引擎甚至可能被去中心化平台或自動做市商部分取代，特別針對流通量較低細股票。

企業融資方式亦可能變革：公司或會直接在區塊鏈上發行股份代幣籌資，而毋須由投行包銷IPO。美國理論上還可發展成一個全球隨時隨地無休市的股票市場。區塊鏈愛好者對這個畫面嚮往已久：透明無摩擦的全球市場，股票變成可編程資產（股息自動派發、公司行動即時反映於代幣等）。

然而，即使最樂觀分析師都承認，這樣的飛躍不可能一蹴即至，混合過渡形式更大機會成為主流。或許會首先見到階段性推行：有利基資產的小型試點、非辦公時段的持牌代幣交易，然後逐步納入主流時段。專業投資者（退休基金、資產管理人）可能最先用區塊鏈提升效率，普通散戶就會繼續習慣用Nasdaq或NYSE一段長時間。市場老手也指，即使純電子化交易剛面世時，都經歷數十年才令共同場所／算法交易普及並受規管。代幣化作為更深層的制度顛覆，很可能亦會循類似漸進路徑。

不論進程快慢，代幣化股票對市場架構都會產生深遠影響。持續全天候開市這一事實，會改變流動性和波幅的行為模式。例如，若無夜間收市，市場波動或會平均化。相反，交易員隨時都可能面對突發價格震盪，需要24小時交易團隊。孖展交易、沽空等玩法亦需適應——假如清算即時進行，孖展追收（margin call）都會加快，改變風險管理節奏。

券商、市場莊家、託管人等角色可能會「拆件化」——託管或許會變得簡單（代幣本身即為財產憑證），但要包裝上法規合規的程式。交易所競爭將由地點、數據，過渡到技術層面（用哪條帳本、多快完成、收費多少）。同時會有新參與者加入：Fintech和加密初創或會成為重要的交易平台或流動性供應者。

對散戶來說，代幣化股票意味更多選擇。在「代幣友好」的未來，普通投資者或可登入加密App，用錢包直接買蘋果股代幣，而非下單給傳統券商。交易幾乎即時結算，不用等確認或月結扣數。不過，SEC和FINRA仍會要求KYC／AML程序——你不能像炒幣那樣匿名買賣股份，因此體驗上會保留身份驗證和合規披露（或會直接嵌入於代幣合約協議內）。由於代幣可編程，亦可能內置稅務預扣或投資者保障條款，有機會簡化繁瑣的交易環節。不過，投資者也要重新認識一套新穎的系統特徵（理想情況下應有易用界面隱藏技術複雜性）。

對機構投資者來說，代幣化股份可以開拓新策略。例如對沖基金可用DeFi借貸協議，以加密資產作抵押借入股票代幣，又或設計複雜衍生品全程鏈上交收。新興市場的退休金基金亦可於本地區塊鏈持有美股，而無需通過美國託管機構。掛牌與除牌亦未必需跟隨現有步調——假如股票代幣隨時可交易，公司就可更靈活用鏈上操作增減股份。理論上，二手市場夠流暢的話，公司可能隨時可分段融資。當然，這一切都屬前瞻設想——但充分展現了代幣化如何不只是提升速度和壓低成本，更有可能重塑由上至下的資本運作。

需要提醒的是，系統性韌性將會是終極考驗。倘若代幣化股票交易逐步擴大，必須設計成防止出現新的單一失效點。例如，若所有清算都發生在同一條區塊鏈，該鏈必須足夠安全和可擴展。現時業界已在發展各類高效能主鏈、權益證明網絡，但這些仍然不斷演變中。大型金融機構可能會偏向私有賬本（如Project Hyperledger），以換取速度和控制權，但會放棄一部分去中心化。這些平台與公有鏈的互通互操作會是關鍵。同時，某些根本角色如證券中央存管所，或會以數碼化模式延續——有人甚至提出“代幣化DTC”，作為鏈上最終登記冊。interplay between new and old technology will shape the actual outcome.

新舊技術之間的互動將決定實際結果。

In all scenarios, one thing is clear: tokenized equities won’t replace current exchanges overnight. Rather, they will layer on top of or alongside them. The most likely evolution is that the two systems find a way to interoperate. Existing exchanges may gain a digital-asset arm or partner with crypto platforms. Traditional brokerages will incorporate token trading into their offerings. Over a decade, as the technology proves itself and regulation stabilizes, tokenization could become a mainstream channel for equities, like how electronic trading eventually became dominant over floor trading. Alternatively, tokenization could remain a niche (for certain asset classes or international investors) if obstacles prove too large.

無論任何情況，有一點很清晰：代幣化股票唔會一夜之間取代現有交易所。反而，佢哋會以一種分層或者平行嘅方式共存。最有可能嘅發展係兩套系統能夠互相配合。現有交易所有機會新增數字資產部門，或者同加密貨幣平台合作。傳統券商亦會將代幣交易納入自家產品之中。隨住技術驗證咗自己、監管趨於穩定，經過十年時間，代幣化有機會成為主流股票投資途徑，好似當年電子交易漸漸取代傳統場內交易一樣。不過，如果遇到太多困難，代幣化都有機會只係一個小眾市場（例如針對某啲資產類別或者國際投資者）。

Investors and institutions should thus prepare for a hybrid world: the familiar NYSE/NASDAQ operating from 9:30-4 will coexist with emerging 24/7 crypto-chains.

因此，投資者同機構要準備迎接一個混合世界：熟悉嘅紐約證券交易所（NYSE）/納斯達克（NASDAQ）每日朝九點半至下午四點運作之餘，仲會同新興嘅24小時運作加密鏈一齊存在。

Trading processes, risk models and technology stacks will need to handle both. Active traders might enjoy greater flexibility, but they will also need to understand on-chain risks. Long-term investors, meanwhile, can expect modest improvements (faster executions, easier fractional investing) without necessarily leaving the regulated framework. Ultimately, tokenized stocks could democratize finance and add efficiency, but only if carefully integrated with the regulatory and institutional guardrails that have served markets for decades.

交易流程、風險模型同技術架構都要可以同時應付兩套系統。主動交易嘅人或者會更享受彈性，但亦需要學識鍊上風險。至於長線投資者，可以預期有適度提升（例如更快成交、更容易買賣零碎股權），但又唔一定要離開監管框架。最後，如果能夠細心整合傳統金融監管及制度，代幣化股票有機會令金融更民主化，效率亦會提高。

Final thoughts

最後思考

The SEC’s tentative move toward tokenized stocks marks a significant moment in finance. It signals that blockchain is creeping into the realm of high finance, not just fringe crypto. For retail and institutional investors alike, this means staying informed about both opportunities and rules. If a regulated tokenized stock market takes off, one should expect:

美國證監會（SEC）對代幣化股票作出試探性舉措，對金融行業嚟講係重要時刻。呢個訊號代表區塊鏈已經逐步進入主流金融領域，而唔止係邊緣加密貨幣界別。無論散戶定機構投資者，都要時刻緊貼新機遇同規則。如果一個受監管嘅代幣化股票市場真的發展起來，大家可以預期：

New trading options: Some brokers or crypto exchanges may begin offering tokenized versions of U.S. stocks. Initially these will be fully compliant products (with SEC oversight) and likely only available to U.S. residents through licensed firms. Overseas investors might access U.S. tokens on foreign platforms subject to local rules. Watch for announcements from major brokers (e.g. Robinhood, Fidelity) or crypto venues (e.g. Coinbase) about stock tokens.
新交易選擇：有啲經紀行或者加密貨幣交易所可能會開始提供美股嘅代幣化版本。初期呢啲產品會完全合規（受SEC監管），而且只會經持牌公司向美國居民提供。海外投資者則有可能經海外平台根據當地法規接觸美股代幣。大家可以留意大型券商（例如Robinhood、Fidelity）或加密交易平台（例如Coinbase）有冇推出股票代幣嘅消息。
Regulatory developments: The SEC and possibly Congress will refine guidance. Investors should look for SEC releases or staff statements on tokenized securities (for example, no-action letters, proposed rule changes or FAQ updates). If you hold crypto assets, be aware that tokenized stocks in your wallet could be treated as securities by regulators, triggering potential tax or reporting obligations.
監管動態：SEC及甚至國會有機會針對代幣化證券訂立更仔細指引。投資者應該留意SEC發放嘅公佈或聲明（例如無異議函、建議規則修訂或FAQ更新）關於代幣證券。如果你持有加密資產，要注意錢包入面啲股票代幣都可能被監管機構視為證券，可能涉及報稅或合規申報。
Infrastructure rollouts: Behind the scenes, technical standards will emerge. Entities like the DTCC or blockchain consortia may publish protocols for settlement and ownership. Innovations like “tokenized transfer agents” or DeFi integrations might appear. Investors won’t interact with these directly, but they form the backbone of any future market.
基建建設：背後會有一套新嘅技術標準陸續出現。好似DTCC（美國存管信託結算公司）或者區塊鏈聯盟，可能會發布結算及擁有權嘅新協議。一啲創新，例如「代幣化過戶代理」或者DeFi（去中心化金融）整合都可能湧現。投資者雖然未必會直接接觸呢啲技術，但佢哋會成為未來市場嘅支柱。
Continuing reliance on familiar markets: Despite all the hype, traditional exchanges will not vanish immediately. Investors should not abandon stocks thinking they will soon only live on-chain. For the foreseeable future, accessing tokens will still involve existing broker channels and clearing systems (albeit upgraded). Tokenized stocks are likely to supplement rather than supplant established markets.
傳統市場依然重要：雖然坊間炒得熱，但傳統交易所唔會咁快消失。投資者唔好以為股票好快就會完全搬上區塊鏈。預計可見將來，投資股票代幣仍需要經現有券商渠道同結算系統處理（可能會升級版）。代幣化股票應該會補充，而唔係取代現有市場。
Volatility and liquidity considerations: Early tokenized stocks could be thinly traded, potentially leading to price swings. Retail investors should be careful about jumping into novel token markets without understanding liquidity. It’s possible that token prices could diverge slightly from their conventional counterparts in low-liquidity periods. Gradually, as more participants join, these gaps may close.
波動同流動性考慮：初期代幣化股票可能成交稀疏，價格波動大。散戶千祈唔好喺冇搞清楚流動性情況下盲目參與新代幣市場。有可能喺流動性差時，代幣價格會同傳統股票價格有輕微差距。隨住參與人數增多，這啲差距會逐步收窄。
Security awareness: As always with digital assets, cybersecurity is paramount. Treat tokenized securities like any crypto holding: use reputable platforms, enable strong authentication, and keep track of official communication from exchanges and companies. Since tokens grant the same economic interest as stocks, losing one is akin to losing a share certificate. On the upside, reputable token systems will incorporate investor protections (for instance, insurance or reserve audits) because regulators will demand it.
資產安全意識：一如所有數字資產，網絡安全至為重要。對待代幣化證券要當作加密貨幣一樣：用高度信譽平台、啟用強身份驗證、留意交易所及公司嘅正式通告。由於代幣賦予同股票一樣嘅經濟權益，失去咗就等於蝕咗股票證書。不過，信譽良好嘅代幣系統一般會加入投資者保障（例如保險或資產審計），因為監管機構會有要求。

In conclusion, tokenized equities represent a potential evolution of market infrastructure, promising efficiency and innovation. The SEC’s engagement means this isn’t a wild frontier – it’s likely to be a carefully managed transition. Investors should follow developments closely: once regulatory frameworks and platforms are in place, tokenized stocks could become another tool in the investor toolkit. It is wise to remain open-minded yet cautious, understanding that all the usual rules of investing still apply, whether trading on Wall Street or a blockchain.

總結嚟講，代幣化股票代表市場基建一大進化，有望帶來更高效率同創新。SEC有份參與意味住呢個過程唔會亂嚟，會係一個謹慎管理嘅過渡。投資者應該緊貼進展：一旦監管框架同平台到位，代幣化股票會係多一樣投資工具。最好保持開放但謹慎嘅心態，無論喺華爾街定區塊鏈，所有投資基本規則一樣適用。

The rise of tokenized equities is a story to watch – not because it will instantly change your portfolio, but because it may gradually change how all our portfolios are managed and traded. In the coming years, U.S. and global equity markets may well incorporate blockchain rails alongside the old ones. For now, every new SEC speech, exchange filing or pilot project adds a piece to this puzzle. By staying informed and prepared, both retail and institutional investors can take advantage of the benefits of tokenization while still navigating its risks responsibly.

代幣化股票興起，值得大家密切留意——唔係因為佢會即時改變你嘅投資組合，而係佢有機會慢慢改寫大家管理同買賣資產嘅方式。未來數年，美國甚至全球股票市場好大機會傳統系統同區塊鏈並存。現階段每一次SEC演講、交易所申報或試行計劃，都多一塊拼圖。保持消息靈通、做好準備，無論散戶定機構投資者，都可以把握代幣化帶來嘅好處，同時審慎應對相關風險。