什麼是代幣化股票：區塊鏈如何徹底改變股票交易

近幾個月，市場動作頻繁：加密貨幣交易所陸續掛牌蘋果、特斯拉等藍籌股代幣，金融科技公司推出 24 小時不間斷股票交易服務，甚至主流金融機構也開始探索將股票轉至鏈上。

這項被稱為「實體資產代幣化」的趨勢，被認為有望打通華爾街與加密世界的隔閡，讓全球市場進一步普及、改變我們的投資與交易方式。

本文將探討什麼是代幣化股票、其重要性，以及正如何影響全球金融和加密市場。

我們也會回顧近期發展——從 Kraken 和 Gemini 等加密交易所引入鏈上股票交易，到 Robinhood 跨足代幣化股票——並深入剖析傳統股票與區塊鏈融合帶來的機會與挑戰。

什麼是代幣化股票？

從本質上說，代幣化股票是一種數位資產，代表某間上市公司的股權（可為一股或小數股）。這些股票代幣是在區塊鏈上發行和運作的，與加密貨幣運作方式類似。持有代幣化股票，即享有其掛鉤股票的價格波動。例如，若「蘋果」股價上升或下跌，對應的代幣價格也會反映這個變動。簡單來說，就像你將一份股票「包裝」成一個加密代幣。

但擁有代幣化股票，和透過傳統券商持有股票並不完全相同。通常，這種股票代幣由特定平台或金融機構發行，機構會實際持有真實股票作為託管，然後在區塊鏈上鑄造等量代幣（如 Ethereum、Solana 等網絡）。這種一比一的實物資產支持，意味在理論上你可以把代幣兌換為股票本身或其經濟等值。有些代幣化股票則是所謂「合成資產」，不持有真實股票，僅透過演算法掛鉤實際股價。現階段的主流仍以實物支持型代幣為主。總結如下：

資產支持型代幣化股票： 每個代幣對應一股由託管機構持有的股票。例如某公司持有 100 股特斯拉，便在區塊鏈上發行 100 枚特斯拉股票代幣。這給投資人對於資產「有本有據」的信心，但仍需信任發行方/託管方。
合成型代幣化股票： 這類代幣不實際持有股票，而是以智能合約或抵押物機制掛鉤股價。早期例子有 Terra 上的 Mirror Protocol、Ethereum 的 Synthetix 等合成資產平台。雖能讓投資人參與價格變動，但額外風險也較高（如穩定幣抵押和訊價預言機問題），且投資人實際並不享有公司股東權益。

不論何種機制，多數代幣化股票持有人通常並不擁有完整的股東權利。大多數平台的股票代幣未賦予投票權，亦無法參與公司股東大會。這些代幣主要是為方便價格參與與交易而生。有的平台用創新方式處理股利：若真實股票發放現金股利，代幣可能透過增加持有者餘額或發放額外代幣，來等值反映，而非直接派現。例如某發行商指出，代幣化股票會把股利自動再投資，透過增發代幣方式回饋，因股票代幣本身不享傳統股利權益。所以，持有蘋果股票代幣雖無法參與蘋果股東大會，卻可享有實際財務回報（價格變化與股利），並以加密方式持有。

交易方式說明： 代幣化股票可以在有開放此功能的加密貨幣交易所，甚至公共區塊鏈上的去中心化金融平台買賣，交易對象多為加密貨幣或穩定幣（如 USDC），而非傳統法幣。舉例來說，你可用 USDC 購買代表特斯拉的 TSLAx 股票代幣，就像用 USDC 買比特幣一樣。由於這類代幣存在於區塊鏈上，理論上可進行用戶之間的點對點轉帳，類似一般加密貨幣。有些交易所也允許你將股票代幣提領到個人錢包，直接自主管理資產。這是傳統股票市場無法做到的新突破；以前無法將股票從券商「拿在手上」，但經過代幣化，若平台允許，就能在鏈上錢包直接持有股票代幣，讓你獲得更多直接管理權（雖然代幣本質還是取決於發行方資產背書）。

值得注意的是，這類服務必須符合法規要求。允許發行代幣化股票的國家，多要求發行人和交易所遵守證券法或取得特定監管豁免。由於代幣化股票等同證券，公開向一般用戶發行往往需持有經紀業執照或與合規夥伴合作。我們之後會再深入法規議題，但這裡要提醒，發行股票代幣絕非隨便就能做——必須合規或僅向特定區域、特定投資人開放。

為什麼代幣化股票重要？

為什麼鏈上股票交易這麼受到關注？代幣化股票帶來不少對投資人和金融體系皆具潛力的創新，提倡者認為可大幅提升投資管道多元性、效率與市場融合。以下是其主要吸引力所在：

24/7 全天候交易： 傳統股市有明確交易時段（如紐約證券交易所平日約 9:30~16:00 美東時間），但加密市場全年無休。代幣化股票讓股票交易也能「不打烊」。目前不少代幣化平台已提供每週七天 24 小時，或至少 24/5（平日全天）不間斷股票交易。對亞洲、歐洲投資人而言，不再受限於美國市場時區，可以即時反應新聞和事件——公司公布財報即使正值美股休市，代幣化股票仍可繼續於加密平台交易，讓價格連續發現。這樣的彈性，是傳統股市前所未有的大優勢。
全球化與普及性提升： 代幣化股票可大幅降低全球投資門檻。許多人因本地政策、費用高或最低標準門檻難以開戶投資海外市場。有了代幣化股票，只要網路與合規條件許可，有加密錢包便能參與全球藍籌股買賣。這是推動投資民主化的一大步。例如沒有管道直接投資美股的小資族，也能透過加密平台購買追蹤 S&P 500 ETF 的代幣，間接參與美國股市成長。地理與繁瑣手續障礙降低。有代幣化公司共同創辦人 Adam Levi 就指出，把大家熟悉的金融資產引進區塊鏈、降低門檻，有望構建一個「真正開放、高效且包容性的全球金融體系，讓每個人都能參與財富增長」。雖然這是願景式說法，卻體現推動市場更普及化的精神。
分割持有更簡單： 代幣本質就支援極小單位分割。雖然許多傳統券商已提供零股交易，區塊鏈則將這彈性極大化。例如你甚至能買 0.001 股，投資門檻極低。投資預算不高者，也能累積多元且高價股票的投資組合。例如亞馬遜一股動輒數百、上千美元，若為代幣化股票，投資人僅需 10 或 50 美元就可取得極小份額。Kraken 等交易所主打旗下 xStocks（代幣化股票）最低僅需 1 美元即可買進，無需支付整股全額。這對年輕族群與新興市場投資人尤受幫助。
結算更快、手續費更低： 傳統市場股票買賣通常需要兩個工作天（T+2）才結清過戶，期間券商、結算所等多方必須處理對帳、交割流程。區塊鏈則可在幾分鐘甚或即時完成代幣傳送與支付（通常以穩定幣形式），交易完成資產馬上歸入對方錢包，提升效率、降低對手風險，降低清算和行行政支出。倡議者指出，少了中介環節、自動執行的智能合約，能讓整個過程更省時、更便宜。有些平台甚至主打零手續費買賣代幣化股票（Robinhood, ...）。 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).

以零佣金股票交易著稱的平台，如今也將其代幣化股票交易設為零佣金。消除或降低手續費與交易延遲，能幫助投資人節省成本，並開放新型交易策略（例如在不同市場間進行更快速的套利）。

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:
與加密貨幣與DeFi的互通性： 其中最具創新性的特點，也許就是股票一旦以代幣形式存在後，便能與完整的去中心化金融生態系統互動。這代表你可以實現傳統股票無法或極難做到的事，例如：
- 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.
- 你可以用代幣化股票作為加密貨款的抵押品——想像一下，可以像在DeFi平台用比特幣抵押借款一樣，拿你的蘋果股票代幣去抵押借出穩定幣。事實上，發行商Backed Finance已表示，其股票代幣很快將能作為DeFi借貸的抵押品。
- 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.
- 你可以在去中心化交易所（DEX）中交易這些代幣化股票，直接與其他代幣做兌換，無需中介。像是在Solana上的Raydium等DEX和Jupiter這類匯聚器，都已著手整合股票代幣的交易支援，讓你能在鏈上將股票代幣與穩定幣直接交換。
- 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.
- 代幣化股票也可以用於流動性挖礦或資金池。例如，你提供Google股票代幣與美元代幣的流動性時，可能能獲得手續費或其他獎勵。這實質上把股票帶進可程式化金融的世界。
- 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.
- 智能合約可以用來實現自動化的投資策略，例如發放收益的代幣化股票、結合加密貨幣和股票的結構性商品等。一旦股票能以Solidity或智能合約形式存在，金融工程的想像空間就大幅拓展。

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.

當傳統資產與加密基礎建設融合後，代幣化股票便成了連結兩個金融世界的橋樑。加密投資人可以在不離開區塊鏈的情境下，參與股票投資；而傳統投資人則能享受到加密圈帶來的創新（如24小時交易和DeFi應用），又不需離開熟悉的資產型態。這種跨界交流被不少人視為邁向全球市場一體化的基本步驟。

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.
透明度與自主權： 區塊鏈的公開帳本代表代幣化股票的交易與持有狀況（除非有隱私保護的設計）可以被自由追蹤。這可提升證券交易的透明度，儘管現實中許多代幣仍運作於私有鏈或有許可的系統。此外，能將股票保存在自己的加密錢包（如部分交易所允許），讓投資人有了更高的自主感——你不再被某家券商平台綁住，也不用擔心他們破產（當然前提是發行代幣的機構本身仍具償付能力）。這種自主管理資產的方式契合了加密圈「你的鑰匙、你的資產」的精神，如今也延伸至股票。長遠來看，這可能降低對券商作為守門人的依賴。
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.
市場參與的創新： 市場不僅考慮將上市公司股票代幣化，甚至還有將未上市股票、私募股權，甚至股價指數或ETF都做成代幣的構想。事實上，Robinhood已宣布將首度提供與OpenAI、SpaceX等非上市公司股票掛鉤的代幣產品。若真正落實，代表一般投資人也能藉由代幣參與高知名度私人企業，這原本僅限於創投或合格投資者才能參加。這將讓市場可及性因代幣化而顯著擴大。

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.

這些都是市場對代幣化股票熱情的主因。用區塊鏈科技來現代化股權交易，令人期待能解放出更有效率、更包容的金融體系。全球最大資產管理公司黑石集團（BlackRock）執行長Larry Fink便曾表示：「市場的下一個世代，證券的下一個世代，就是證券代幣化。」換言之，產業領袖普遍認為許多傳統資產（股票、債券等）最終都將數位代幣化，原因就在於上述這些優勢。

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.

然而，這些願景也必須與現實的挑戰並行審慎看待。在深入討論障礙與風險前，讓我們先看看現況——因為代幣化股票已不再只是理論，而是在2023–2025年間進入實際交易並快速成長。

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

從早期實驗到今日動能：簡史

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.

「股票代幣化」這個想法其實不是新東西。過去幾年內它曾以各種形式嘗試過，只是直到最近才有突破。認識這段歷史，有助於理解如今為什麼有別於過往。

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:

早期實驗（2018–2021）： 最早期的代表性案例之一，是2019年DX.Exchange這個平台。他們採用納斯達克的交易系統，推出蘋果、特斯拉等公司的股票代幣。雖有先驅名氣，但因營運問題與嘗試度不彰，平台不到一年就收掉。大約在同一時期，也有其他幾個加密貨幣平台涉足股票代幣：

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.
幣安（Binance）——大型加密交易所——2021年與德國持牌投資機構合作，推出特斯拉、Coinbase等股票的代幣化交易。不過由於德國監管機構質疑是否有發行投資說明書，幣安不久後即終止了該服務。這也是監管嚴加關注此類產品的早期跡象。
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.)
FTX——現已倒閉的加密貨幣交易所——同樣透過受規管的歐洲合作夥伴，對非美國用戶提供了多樣化的股票代幣，可以交易熱門美股的零碎份額。但隨著FTX在2022年倒閉，交易也隨即停止。（照理說，持有相關代幣的客戶仍可透過合作公司主張對應股票的權利，但這也凸顯平台失靈的對手風險——平台一旦倒閉，代幣取用權可瞬間歸零。）
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.
Bittrex Global以及其他少數離岸交易所在2020-2021年間也推出過股票代幣產品，但都沒有取得大規模用戶，多半避免對美國與其他高壓監管地區開放。

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.

在DeFi領域中，做法又有所不同：他們創造了「合成股票」。Mirror Protocol於2020年在Terra鏈上推出，可以鑄造如mAAPL（蘋果）這樣跟蹤美股價格的代幣。這讓想參與股票又不靠券商的加密用戶略有需求——但Mirror設計仰賴TerraUSD（UST）穩定幣作為擔保。UST於2022年崩盤後，Mirror也宣告崩潰，合成股票近乎一文不值。以太坊老牌DeFi平台Synthetix也曾發行過類似的合成股票（如sTSLA、sAMZN等），由過度抵押的加密資產池支持。雖屬創新，Synthetix仍主動在監管壓力（美國SEC質疑合成證券）與用戶少的情況下下架。這批DeFi初代方案證明技術上可行，但揭示兩大問題：擔保品不穩（如Terra經驗）以及未註冊股票代幣法律地位不明。

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.

到了2021年底，第一波股票代幣浪潮大多退燒。監管阻力與信任問題（發行商是否真持有股票？平台倒閉怎麼辦？）讓大公司趨於保守。一時之間，股票代幣似乎淪為小眾實驗，難以進入主流市場。

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

關鍵轉捩點（2022–2023）： 幾項因素引爆了新一波浪潮：

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.
歐洲及其他地區的監管架構： 瑞士、德國和整個歐盟開始為數位證券訂出明確規範。瑞士制定了分散式帳本（DLT）法，正式承認代幣化證券。歐盟現有MiFID II與新法規也開放特定執照下的股票代幣業務。這些都讓合規公司有法可循，不必再灰色地經營。
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.
機構興趣提升： 傳統金融機構開始認真探索債券、基金的代幣化（如多家歐洲銀行發行區塊鏈債券）。隨著債券可上鏈，股票為何不可？世界經濟論壇、BCG等顧問公司也接連發布樂觀預測：到2030年，代幣化資產規模可達數兆美元。如此樂觀的前景進一步提高產業可信度。
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.
穩定幣與託管進步： 到2023年，市面穩定幣流通已超過2,000億美元，為鏈上美元計價資產交易提供了關鍵流動性基礎。加密資產託管與「儲備證明」機制日益成熟（可用區塊鏈預言機驗證代幣實體資產存底），也降低了信任風險。例如，發行商可用獨立審計/鏈上證明，出示有無相對應股票存款，消弭機構信用疑慮。

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.

2022年底，BlackRock執行長Larry Fink公開背書股票代幣化的未來性，象徵此一觀念終於獲得主流認可。到了2023年，產業各項條件就緒，迎來第2波大浪潮。

Recent Developments: Tokenized Stocks Surge in 2024-2025

近期發展：2024-2025年股票代幣化浪潮

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:

過去一年，股票上鏈的動能再次爆發。不像早期由小型新創主導，這一次主導者多為資本雄厚、合規經營的公司或主流加密平台，而且（至少在美國以外）與監管單位協調更加密切。以下一覽股票代幣化現況：On-Chain Equities
鏈上股票

A number of cryptocurrency exchanges – both centralized and decentralized – have launched support for tokenized stocks, marking a significant expansion of their offerings beyond purely crypto assets.
許多加密貨幣交易所——無論是中心化還是去中心化——都開始支持股票代幣化，這標誌著他們的產品線從單純的加密資產大幅擴展到了傳統股票。

Backed Finance 和 xStocks 聯盟（2025 年）：
最近這波發展的主要推手是一家總部位於瑞士的公司 Backed Finance。2025 年 6 月 30 日，Backed 在多個主流平台推出其「xStocks」股票代幣。在這次發佈中，有超過 60 檔美國股票及 ETF 代幣被帶上了 Solana 區塊鏈，其中包括蘋果、亞馬遜、微軟等知名大公司，甚至還有像 S&P 500 ETF 這類的指數基金，現已可以作為加密代幣交易。這些代幣（通常有個「x」字尾，例如 AAPLx 代表蘋果）是由實際股票 1:1 完全托管並作為 Solana SPL 代幣發行。

值得注意的是協作式發展：Backed 組織了 xStocks 聯盟，此聯盟聚集了多家交易所及 DeFi 應用，共同致力於打造這類資產的開放鏈上市場。兩家知名加密貨幣交易所 Bybit 及 Kraken 首批在其交易平台上掛牌這些股票代幣。Kraken 與 Bybit 在全球 190 多個國家的用戶，現在可以像交易加密貨幣一樣通過熟悉的介面交易這些股票代幣。起初便有約 60 檔代幣可 24 小時、全年無休交易。此聯盟同時延伸進 DeFi 領域：在發佈當天，Solana 上的 DeFi 協議如 Kamino Finance（借貸平台）、Raydium（去中心化交易所）、Jupiter（聚合器）也都整合了 xStocks。這代表你不僅能在交易所交易，也可以在 Solana 的 DeFi 生態內換幣或借貸這些代幣——而且一推出就支援。這些代幣天生支援 DeFi 並可自由轉帳——你甚至可以從 Kraken 提現至 Solana 錢包，然後直接鏈上操作，這在股票資產領域可說是史無前例。

Backed 聯合創辦人 Adam Levi 稱這次發佈是「民主化市場准入的巨大飛躍」。撇開行銷用語不談，有 Kraken 這樣的大型交易所參與，本身就是一種強力背書。Kraken 過去一直對股票代幣化有興趣，如今透過 xStocks，此合作實際上為非美國投資人帶來了美股代幣。全球成交量數一數二的 Bybit 也加入行列，顯示他們對全球投資人希望在加密平台上交易股票的需求十分看好。
Gemini 為歐洲用戶推出股票代幣（2025 年）：
美國加密貨幣交易所 Gemini（由 Winklevoss 兄弟創辦）則專為歐洲市場推出了股票代幣功能。2025 年 6 月底，Gemini 宣布與新創公司 Dinari 合作，推出美股股票上市的代幣化交易。該服務首先推出了 MicroStrategy（MSTR）股票代幣——這家公司以比特幣資產聞名——未來還計劃快速增加更多股票及 ETF。

選擇歐洲市場具有策略意涵：Gemini 已取得馬爾他金融規則（MiFID II 執照），可於歐洲經濟區（EEA）提供股票代幣化金融衍生品。利用 Dinari 的技術，且 Dinari 剛在美國獲得 FINRA 經紀自營商資格，可以合規發行股票代幣。Dinari 的這項資格（截至 2025 年 6 月是全美首例批准）意義重大——這表示監管機構已明確允許合法創建數位股票代幣。雖然 Gemini 目前只開放給歐洲用戶，但這顯示美國相關企業（Gemini, Dinari）能夠透過友善的海外法域合規推新產品，也突顯歐洲因監管明朗已成為股票代幣化的熱點。
Coinbase 與 Kraken 的規劃：
Coinbase（美國最大加密貨幣交易所）同樣對此感興趣——但走的是美國本土法規途徑（目前尚未海外推出）。2025 年 6 月，Coinbase 公開表示正向美國證管會（SEC）申請，希望讓用戶買賣股票代幣。Coinbase 首席法務長說，這項計劃是公司「高度優先事項」，顯然交易所看到巨大潛力。如果核准，Coinbase 將成為第一家允許用區塊鏈交易股票、並受美國監管的大型平台，有可能與 Robinhood 或嘉信理財這類傳統券商正面競爭。截至 2025 年中，Coinbase 正爭取 SEC 的 no-action letter（意即請監管機關正式表態不反對此創新產品），這顯示背後已有大量監管討論正在推動。與此同時，如前所述，Kraken 另循與 Backed 合作，在美國境外推出股票代幣。兩家交易所此舉，都反映出股票代幣有望成為業務新支柱，結合加密與股票世界。
其他業者：
在幕後，亦有業者與合作聯盟逐漸成形。如前述 xStocks 聯盟不只涵蓋交易所，還包含基礎建設服務商，如 Chainlink（負責價格預言機及儲備證明驗證）。另有專注機構級鏈上基礎建設的金融科技公司（如 Ondo Finance）投入股票領域。Ondo 以債券代幣聞名，目前正開發符合法規、能自動化處理公司行動（如股息、拆股）的鏈上系統。這一切顯示產業正逐步建構能全面支撐股票代幣化生態的基礎設施——從價格資訊到託管、到合規科技——這些鋪路工程雖在幕後，卻至關長遠發展。

Robinhood 跨界銜接傳統與加密

也許最引人注目的新進展，是 Robinhood 於 2025 年正式進軍股票代幣化領域。Robinhood 是傳統散戶券商的知名品牌，靠無手續費股票交易成名。現在他們運用區塊鏈，試圖深耕歐洲市場：

Robinhood 在 EU 推出股票代幣化服務：
2025 年 6 月 30 日，Robinhood 宣布已為歐盟客戶上架逾 200 檔美國股票及 ETF 代幣。這些代幣涵蓋美股市場多檔龍頭企業——如輝達、蘋果、微軟等——可於每週五天、每天 24 小時零手續費交易（24/5）。本次計劃於法國官方活動亮相，等同讓歐洲散戶能以代幣形式買賣美股，而非透過傳統券商。Robinhood 與 Arbitrum 區塊鏈合作（這是以太坊的 L2 擴容鏈，以低手續費聞名）來發行這些股票代幣。透過 Arbitrum，鏈上交易即時又低成本，而 Robinhood 提供用戶完整的操作體驗。

Robinhood 主要動機有兩點：一、搶攻全球對美股（尤其受惠 AI 熱潮的科技股）日益高漲的投資需求；二、藉由股票代幣化，在新市場中創造產品差異。公司高層宣稱「代幣化將開啟一次金融交易大革命」，點出台灣決這一步的重要性。消息發佈後，Robinhood 自家股票大漲近 10%，創下歷史新高，反映市場極力支持這次區塊鏈轉型。

除了公開股票代幣，Robinhood 也計畫進軍私募資產代幣化。他們透露未來想上架 OpenAI 與 SpaceX 等獨角獸公司的股票代幣——若成真，將是開創先河之舉。這顯示 Robinhood 視代幣化為打破傳統券商壁壘、創造一般投資人大膽參與 pre-IPO 股份的全新模式。

獨特的是，Robinhood 未來還打算建立專屬區塊鏈，以支援 24/7 股票交易（目前在 Arbitrum 上為 24/5）。這不僅是個 app，更儼然全面鏈上交易的技術樞紐。如果年底前真如承諾將股票代幣擴增至「數千種」，Robinhood 有望成為全球最大股票代幣交易市場之一。

Robinhood 之所以舉足輕重，是因為它正好搭起傳統金融與加密世界的橋樑——一家主流股票券商，徹底擁抱去中心化區塊鏈基礎設施。這為股票代幣化帶來高度信任：它不只是一種加密新奇玩具，而是連傳統投資人（即使自己不知情）都會使用的新功能（Robinhood 能把區塊鏈細節全都封裝起來，降低用戶的技術門檻）。

邁向整合型鏈上市場

所有上述發展共同勾勒出一個新願景：過往分散的嘗試，正逐步編織出一個與傳統市場並行的鏈上股票市場。Backed 的 xStocks 聯盟、Gemini/Dinari 的合規路線、Robinhood 以消費者為導向的推廣，三者分頭攻克產業三大難題——（批發基礎建設、合規執照、用戶體驗）。

進一步來看，機構大戶的最新動向也暗示傳統市場正開始正視這項創新：

倫敦證券交易集團（LSEG），全球歷史最悠久交易所之一，2023 年時便透露正在研究傳統資產的區塊鏈化交易平台。LSE 資本市場負責人稱公司已來到「轉折點」，目標希望用數位技術讓交易與持有傳統資產「更順暢、更便宜、更透明」。他強調，這一切必須完全符合法規——顯示主流交易所視區塊鏈為現代化利器，而非規避監理工具。該專案正考慮成立獨立法人、並與多國監管機關合作，未來有望在受控環境下將股票或基金等資產上鏈。
World Economic Forum(WEF) 的報告以及 2023-2024 年的其他研究出版物都指出，代幣化有望提升全球市場的流動性與互通性。這些報告同時也提到挑戰，但它們已促使政策制定者展開關於更新現行架構以迎接創新的對話。
大型資產管理公司與銀行正在實驗代幣化基金、債券，甚至另類資產（如房地產）。這種現實世界資產代幣化的趨勢創造出一個服務生態圈（法律、託管、技術），同樣能支援股票。例如，像 Securitize 這樣的公司已利用法規豁免條款發行了代幣化證券（債券與基金），積累的技術也有機會延伸到股票領域。

簡言之，如今我們看到的現象是：代幣化股票正從概念階段邁向現實應用。主要的加密貨幣交易所、知名金融科技券商都加入其中，監管與信任的基礎（執照、經紀自營商、儲備證明）正在建立。就整體而言，日成交量仍小（例如，Backed 的 xStocks 上線幾日約有 1200 人次、130 萬美元成交額，這與傳統股市相比微不足道），但參與者數量與成長曲線顯示這是個迅速演進的領域。

接下來，我們將探討這種「融合」如何影響不同領域的市場與參與者 —— 從加密投資人到傳統金融機構 —— 並其對金融版圖帶來什麼意義。

傳統金融與加密市場融合：對市場的影響

代幣化股票正處於這兩個原本互不相關領域的十字路口。隨著熱度升高，它們已開始以有趣的方式影響加密及傳統金融市場。以下分別說明不同領域的影響：

1. 對加密市場及數位資產生態圈的影響：

現實世界資產（如股票）流入加密交易領域，可能對加密市場產生變革性影響：

多元化與市場動態： 加密市場過去一直由原生加密資產（比特幣、以太幣等）主導，通常同漲同跌（加密內部高度相關）。股票受企業獲利、宏觀經濟數據等基本面影響，與加密貨幣不同。引入股票後，交易員無須離開交易所就能分散投資，這可能有助於降低波動；反之，加密市場情緒也可能在盤後影響股票代幣價格。例如遇上整體加密大漲，投資者資金及風險偏好提升，便可能挹注至股票代幣，即使華爾街休市，價格亦能波動。長遠來看，隨成交量提升，這種互動可能讓加密與股票市場相關性提高。例如周末（股市休市）重大新聞出現，股票代幣價格即時反應，傳統市場到週一才跟進，等於實現股票24小時價格發現。
穩定幣與加密貨幣用量提升： 交易此類股票代幣通常需用穩定幣或加密貨幣作為本位貨幣。隨此類市場成長，穩定幣（數位美元）需求將提升，進一步鞏固其鏈上交易骨幹地位，也讓代幣所屬公鏈（Solana、以太坊 L2 等）交易量與手續費同步增長。例如，Solana DeFi 有望因股票代幣交易及套利重獲活力，吸引流動性提供者。
新型 DeFi 機會： 如前所述，DeFi 協議可整合股票代幣，吸引新用戶與應用場景。例如借貸平台可接受股票代幣做抵押放貸，或讓投資人借出蘋果股票代幣獲取利息，這等同把傳統證券借貸帶入 DeFi。同時，將股票代幣與加密貨幣組成流動性池，可做指數型產品或去中心化對沖，資產界線變得模糊 —— 加密原生玩家會更關心股票，反之亦然。
提升公信力與機構參與意願： 現實世界資產的加入，可能讓機構投資人更願意嘗試加密平台。過去只碰股票不碰加密的機構，若可以在同一平台交易蘋果股票或 S&P 500 相關代幣，會比較容易接受區塊鏈平台，有助擴展用戶與資金來源，但機構仍會要求法律與風險管理完善。
基礎設施與託管進展： 支援代幣股票，加密託管業需同時處理加密私鑰與傳統資產託管，有助催生一體化託管解決方案，連結銀行或主經紀商之股票託管，加速基礎設施向主流靠攏。

另一方面，加密市場須面對新風險：若某代幣股票大受歡迎時遇上企業行動（如股票分割、下市），智能合約與平台必須如實反映，否則可能引發混亂或損失。例如公司發放股息時，代幣發行方需準時且正確發放（額外代幣或等值資產），出現失誤會損信心。這代表加密圈須學習處理公司行動與傳統金融流程，屬全新挑戰。

2. 對傳統金融市場及投資人的影響：

從傳統金融的角度，代幣化股票既可能帶來衝擊，也有互補性：

對券商與交易所的競爭： 若更多國際投資人轉向股票代幣，舊有股市與券商可能流失成交量。舉例說，以往印度或奈及利亞散戶難以便捷交易美股，未來可直接透過加密平台買賣股票代幣，價格和手續費更低。如果鏈上形成大規模平行市場，傳統場域會感受到壓力，或需延長交易時段、降低手續費以防流失客戶。事實上，美股券商已開放有限盤後/盤前交易，一旦 24/7 替代方案普及，傳統股市亦將加快朝向全天候交易。
市場效率與套利作用： 代幣股票全年無休作價，反倒能提升市場效率。套利者會讓代幣和實體股票價格（考慮匯率因素）保持一致。若代幣在非交易時段溢價，套利者會賣空代幣、等開盤買進現股，或反之，讓兩市場緊密連動。新消息或公司事件發生在盤後或周末，代幣市場會立刻反映。等到正式股市開盤，價格大部分調整可能已通過代幣完成。實質上，代幣股票市場提供全年無休報價，有助降低開盤瞬間的價差與波動，傳統投資人開始把加密市場報價作為隔日開盤參考。
全球散戶參與增加： 代幣化股票使全球更多投資人可參與股市。過去只投資加密、從未碰過股票的人，有機會透過加密代幣成為股東。年輕、新世代族群或許乾脆不開傳統券商戶，直接用熟悉的加密 APP 參與股票。這新需求可能多少支撐科技股等受加密投資人青睞個股股價，也等於讓企業股東愈加全球化，上市公司會發現有世界各地的小額分散股東持有其股票代幣。
流動性效應： 目前代幣股票市場規模遠小於現行股市，「尾巴」不會搖動「狗」（現股）。但未來規模擴大呢？假設蘋果股票代幣凌晨 3 點的大拋售，到紐約時間上午 9:30 那斯達克開盤時，莊家看到鏈上氣氛，或將報價調降。所以，間接來看，代幣市場行情可引導部分價格趨勢延伸至傳統市場。從本質上看，就是為股票增設一個夜間鏈上交易時段，有助於整體流動性與成交，但也帶來非傳統時段新波動。監管機關與交易所會高度關注這種變化。
交割與後台現代化壓力： 看到區塊鏈近乎即時的交割速度，讓——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.

結算或將推動傳統結算系統現代化。目前的 T+2 交割周期有可能縮短——事實上，美國已有推動 T+1 的計劃——甚至未來真實股票也有可能採用區塊鏈或類似技術，以加快結算流程。如果代幣化市場能明確證明能降低成本與風險，將進一步強化推動傳統系統升級的理由。在某種意義上，代幣化股票可以作為一個沙盒，展示其效率，進而影響整體市場基礎建設的升級。

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.
跨境投資與貨幣流動性： 傳統股票投資若涉及跨國，往往必須面臨外匯、當地託管機構等問題。代幣化股票多以加密貨幣或穩定幣交易，能避開許多貨幣交換的摩擦。一位歐洲投資人用 USDC 購買美國股票代幣時，無需直接接觸美國銀行體系。久而久之，這有可能些微降低跨國資本流動的摩擦與成本。可以想見，若法規允許，新興市場資金能更容易透過加密金融管道流向已開發市場的股票，進一步影響全球資本配置。當然，監管機構也可能會擔憂（因為這在某些情況下可能繞開資本管制），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.
金融普惠： 在更廣泛的社經層面，若代幣化股票成功，將賦能於金融體系不發達國家的民眾參與全球財富增長。如果一個國家沒有健全的股票市場或存在嚴苛的金融壁壘，只要能接觸加密貨幣，也許還是能購買美國或歐洲股票代幣。這對金融包容性和教育也有影響——新的投資人群將需認識股票基本面，有助於提升金融知識，不再只限於加密貨幣領域。

3. Influence on Policy and Regulation:

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

3. 對政策與監管的影響：

加密資產與股票的趨同勢必會引起監管機構與政策制定者的關注，其影響包括：

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： 隨著代幣化證券不斷擴展，監管機構可能會修訂法規或發布新指引來規範這類產品。目前已經開始出現一些動作，例如美國 SEC 在（2025 年更傾向加密友好政府下）停止部分執法並參與「不採取行動」的討論，歐洲監理機構則頒發 MiFID 等執照並核准代幣化工具說明書。政府需要釐清——股票和代幣化股票應否等同對待？二者權利是否相同？像賣空規則這種交易規範是否也適用於鏈上？這些都將形塑未來政策。如果代幣化交易持續在部分國外司法管轄區（offshore）發生，也可能促使國際監管合作，制定統一標準。
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.
數位股權所有權的法律認可： 一個既隱晦又深遠的影響，是對持有權的概念變革。目前持有代幣化股票時，究竟是擁有股票本身，還是僅擁有對發行方的要求權？現行模式多為後者——發行方/託管機構為法律股東，投資人則持有契約性之請求權。某些司法轄區正考慮透過修法，讓持有者成為真正的實益擁有人，擴大其權利。例如美國懷俄明州已修法，承認公司可用代幣化股票憑證。如果代幣化廣受歡迎，這類法律發展可能將擴散開來。
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.
證券法的執行： SEC 等監管機構將持續警惕，防止代幣化股票成為未經監管的證券交易後門。最直接的影響，是這類產品需排除美國投資者（地理封鎖），或確保美國用戶必須經註冊券商管道、並遵循 KYC/AML。實務上，美國用戶目前普遍被禁止在大多數平台買賣這類代幣。未來若美國納管並開放這些產品（比如透過 Dinari 這類券商或國家證券交易所），可能會帶動美國散戶大規模進場，但同時整個領域也將面對嚴格的證券法規（資訊揭露、市場監控、針對詐欺/內線交易的調查等）。這段過渡期間，部分較開放司法轄區（如某些歐盟國家、杜拜、新加坡）則可能積極吸引代幣化資產業者進駐，帶動產業聚落發展。

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.

總結而言，影響層面非常深遠：加密市場獲得新資產、或可促進其穩定與成熟；傳統市場則被推動更開放、運用新技術；監管體系也開始適應一個加密資產與傳統證券界線模糊的世界。原本分隔的兩大領域，正透過這些混合型金融產品愈趨交融。

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

儘管展望樂觀，代幣化股票仍面臨不少重大挑戰與風險，這些情況可能拖慢甚至影響其普及。投資人和關注該領域的人都需審慎評估，也有助於理解何以這個趨勢尚未全面普及。

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.
監管不確定性與限制： 目前最嚴峻的挑戰就是監管問題。由於代幣化股票明確屬於證券，任何未經合法授權即提供這類產品的平台，都有觸法甚至被強制勒令下架的風險。Binance 於 2021 年被迫終止代幣化股票服務就是明顯先例。在美國市場，除非透過註冊實體，否則一般散戶基本無法接觸代幣化股票。正如先前所提，目前尚無美國交易所在獲 SEC 核准後對美國用戶提供此類產品。平台多以設立於加密友善司法區或僅鎖定非美國客戶來規避監管。這種拼湊式的現象一方面壓縮市場規模，另一方面也讓法律風險高漲——任何一國監管機構隨時宣布該代幣對本地投資人屬非法，都可能造成交易中斷。除非有更明確之監管指引（例如 SEC 明確不採取行動函或成文法規）或全球共同規範，很多潛在市場參與者（尤其大型機構）多會選擇觀望。合規成本亦隨之提高——取得券商執照、實施用戶 KYC/AML、資訊揭露申報等，都可能削弱代幣化的成本優勢。
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.
流動性與市場深度： 目前代幣化股票的交易量仍相對低迷。世界經濟論壇便曾指出，二級市場流動性嚴重不足是一大難題。流動性差會使買賣價差擴大、大型委託單難以成交且不影響價格，同時更易加劇波動。如果僅有少數做市商或套利者進場，短時失衡就難以被平順接收。新興市場通常陷入「流動性雞生蛋蛋生雞」困局：沒人進場就沒流動性，有了流動性才願意進場。像 Kraken 等大型交易所及做市商投入將有助改善，但交易量要接近傳統市場還需時日。在此過渡期內，價格偏離可能較明顯。例如盤後時段，代幣化股票波動幅度常超越現貨正常交易時段。若某時期套利鏈節斷裂（如暫時無法即時兌回股票），也可能導致價格脫離基本面。只要有一個代幣價格大幅脫離現貨、投資人蒙受損失的高調案例，都可能重挫信心。
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.
託管與對手風險： 購買代幣化股票時，你其實仰賴兩層託管：一是加密平台（你錢包或帳號內的代幣）、二是發行方/託管機構所持有的實體股票。這裡有不少風險。如果加密交易所被駭或倒閉，你的代幣資產可能消失或凍結（這跟一般加密資產沒區別）。更特別的是，若持有股票的託管機構出事或發生詐欺，投資人可能只剩一張毫無價值的代幣。你能仰賴的，只有發行方做出的「一股一幣」承諾。這本質與穩定幣持有者信賴發行方保管足額美元類似，屬於對手風險。需要透過審計、保險、儲備證明等方式強化。舉例來說，Backed Finance 採用 Chainlink 的 Proof of Reserve 讓任何人能鏈上查核資產是否到位。這些都有幫助，但無法完全消除所有風險（例如託管機構當地凍結資產時的法律風險）。投資人必須評估發行方的信用與所屬司法管轄權。最糟情況下，若發生爭議，投資人可能需跨國訴訟才能爭取本應屬於自己的現貨股票，若發行方破產或在國外，訴訟將更加複雜。
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
無股東權利（投票等）： 如前所述，通常代幣持有人並無投票權或直接參與公司決策權。對大多數散戶來說影響不大（很多人本來就不參與），但這也反映：畢竟代幣化股票的投資人經濟上只是投資者而非有權發聲的股東。連股息都非直接配發，而是以調整代幣或另行分配方式處理。重視公司治理或有行動主義傾向的大型投資者，無法借此工具發揮影響力。其他像合併、分拆等公司行動也有不確定性：如果公司合併或分割，發行方需決定如何分配新股份或現金，營運上大大增添複雜度。如處理不當，投資人可能會權益受損。例如，若公司...Content:
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.
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.
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.
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.
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.

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.

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:

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.
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.
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.
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.
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

繁體中文（台灣）翻譯：

當發生2比1的拆股時，代幣合約可能需要立即將供應量加倍、價格折半，或是向持有人發行額外代幣。任何延遲或操作失誤都可能引發混亂。目前發行方很可能已經有了這些情境的應對計畫，但在真正經過市場考驗之前，這依舊是一項風險。

技術與智能合約風險： 在區塊鏈上運作會帶來加密貨幣常見的風險——例如智能合約漏洞、區塊鏈網路問題等。如果代幣存在於特定鏈上，該鏈出現問題（當機、攻擊），可能會導致交易中斷甚至異常。例如 Solana 過去就曾出現過當機，如果 Solana 網路停止運作，基於 Solana 發行的股票代幣也會凍結交易（儘管中心化交易所可能仍允許鏈下交易）。此外，如果代幣跨鏈移動，還存在橋接被駭或錨定失效的風險。雖然區塊鏈強調透明，但高度去中心化的股票公開交易如果缺乏監管，反而可能成為市場操縱的新途徑——監管機構擔心，加密市場可能在非正常交易時間操縱股票的價格認知，雖然套利機制在開市時有助於回歸正常。此外，用戶操作失誤（比如傳送到錯誤地址、遺失私鑰）也是投資人需注意的，尤其是自主管理股票代幣的情況下。
碎片化與缺乏標準： 目前市場上有不同業者在不同區塊鏈（Solana、Arbitrum等）發行代幣，並未有單一標準或互通性。同一家公司（如 Apple）在 Solana 上由 Backed 發行的代幣，與在 Arbitrum 上 Robinhood 發行的並不相同，是兩個獨立的流動性池。此種碎片化容易造成混淆，並導致流動性稀薄。如果一個比另一個價格略高，可能還會導致套利問題（理論上若能將一種代幣兌換成實體股票再換回另一種，套利是可行的，但這需同時參與所有系統）。xStocks Alliance 嘗試推動多個交易所共用同一套代幣，以避免碎片化。這是好的開始，不過如 Robinhood 目前仍採取自己的方案。隨時間推進，未來可能會有單一標準勝出，或出現能互通的解決方案（跨鏈橋、共通託管等）。在那之前，這個市場就是拼裝狀態。正如 WEF 指出，沒有明確的全球標準，對廣泛採用是個挑戰。市場需要信心——就像股票在不同券商間都具有同質性一樣，代幣化股票也應該受到各平台的統一認可與操作體驗。
公眾觀感與信任： 經歷了 FTX 崩盤及各類加密詐騙事件後，不少投資人對將加密貨幣與自身財富混合這件事難免心生疑慮。要說服傳統投資人接受「區塊鏈上的 Apple 股票」，還需要時間與教育。有些人心理會有障礙：他們會想，既然我直接在券商買股票就好，為何還需要這一套？產業必須清楚展現優勢（如全天候24/7交易等），並要確保用戶體驗安全流暢（例如為新手簡化加密錢包操作流程）。任何早期的意外——如被駭、智能合約漏洞導致財損——都可能嚴重打擊公眾信任。
法域與稅務複雜性： 在海外或去中心化平台交易資產，會有投資人未必意識到的稅務影響。比如你作為非美國人持有美股代幣，是否需繳美國資本利得稅，還是本地稅？這些是否算外國資產？相關稅制與法律規範仍在追趕進度。缺乏明確指引下，投資人將面臨稅務申報不確定性。此外，像是國際持有美股時的股息預扣稅等，也需由代幣發行方妥善處理，才能正確預扣或分派到持有人。這些都是攸關長遠可持續合規運營的細節。

總結來說，代幣化股票雖然前景可期，但必須突破監管門檻，建立強勁流動性與信任機制，並帶給用戶流暢且安全的交易體驗，才能真正普及。許多現有推動者已意識到這些挑戰並逐步解決中，例如：取得合法牌照（合規）、與知名託管機構合作並接受稽核（信任）、引進做市商（流動性）、加強用戶教育。但這是一場平衡：既要提供足夠去中心化與開放，以促進創新，又要有足夠控制和合規，以滿足監管和安全要求。

最後想法

代幣化股票正處於早期但關鍵的發展階段。接下來的幾個月乃至數年，將決定這一概念是成為全球金融主流還是僅僅止於小眾。綜合現況，展望未來可期待如下幾點：

持續成長與走向主流： 發展動能顯而易見。業界分析預估代幣化資產將迎來顯著增長——例如波士頓諮詢公司（Boston Consulting Group）樂觀情景下預測，2030年全球代幣化資產規模可達16兆美元，其中股票將扮演重要角色。短期內，即便是溫和增長也值得關注：某研究報告預估2025年前，代幣化股票市場總價值基礎情境下可達數億美元，牛市則可能達到10億美元。這仍遠低於全球100多兆美元的股市規模，但代表過去幾年幾乎從零成長到指數級規模。如果散戶採用（透過 Robinhood 或 Kraken 這類交易平台）持續擴大、機構客戶陸續投入，不排除未來部份資產的代幣化股票成交量可與加密貨幣市場抗衡。從目前的60種代幣有望拓展到上百、上千（如 Robinhood 等預期），代表投資者能在鏈上方便持有遍及全球的股票組合，大幅提升加密金融體系的實用性。
美國市場（有可能）開放： 關鍵變局之一在於全球最大股市美國是否正式放行散戶交易代幣化股票。SEC 立場攸關全局。如果 Coinbase 等業者獲得 no-action letter 或類似認可，將創造巨變。Coinbase 可對數千萬美國用戶開放代幣交易，其他受監管業者（甚至傳統券商）也可能跟進。同樣值得關注的是 Dinari 謀求與 SEC 合作，預計近期正式推出，成為第一家美國合規平台的測試案例。如果成功，美國可能從原本的「禁區」躍升為代幣股票成交量的重要推手。不過這也伴隨嚴格規範（實名認證、限額、報稅）。若美國步調緩慢或選擇收緊，創新則會轉往海外和歐亞兩地，可能形成碎片化全球市場。不論最終走向，全球監管機構都在觀察新型交易場所下如何維護投資保護與市場完整性。
與傳統交易所合作： 未來有機會看到更多加密公司與傳統證交所的合作。例如某交易所上市其它地區股票的代幣化版本，實現區塊鏈跨區掛牌。或者傳統證交所投資、承接加密新創的技術。界線將更模糊——未來可能有紐約證交所分拆的全新平台，24/7全天候、全合規地交易 NYSE 上市股票代幣，讓概念真正主流化。倫敦證交所的相關探索即是一例。如果主流交易所開設代幣化板塊，將是對此種模式的重大背書，也有助於以其監管把關回應各界疑慮。
標準化與聯盟： 若要促使代幣化最大發展潛力，必須建立標準。產業有可能出現聯盟，制定共通操作規範——例如如何在鏈上處理公司行為、如何跨平台實名認證（KYC）、如何透明確保1:1實物儲備。xStocks Alliance 已是起點，未來如有更多交易所加入，例如 Coinbase、Kraken、Gemini 等都共同掛牌同一隻 Apple 代幣，而非各自為政，將有助於市場統一。像 Chainlink CCIP 之類跨鏈互通技術正被 xStocks 採用，可讓代幣跨鏈流動，避免形成孤島。未來投資人或許不會在意股票代幣在那一條鏈上——用戶能無縫跨鏈、跨平台交易。標準化不僅利於市場統一，更有助監管機構釋懷，推動合規。
更廣泛資產代幣化協同： 代幣化股票並非單一現象，與債券、商品、不動產、基金等多元資產的代幣化同步發展。這股 RWA（真實世界資產）大潮推動下，整個金融市場都可能逐步鏈上化。未來的投資組合，可以是政府公債、股票指數基金、加密資產全數以代幣方式存在同一個加密錢包。這帶來極大便利與效率——統一報表、隨時抵押等。同時也代表用於單一資產類別的基礎設施（預言機網路、合規發行、KYC 數位身分認證等）可以擴展到其它品類。例如美國國債代幣化成功（截至2024年規模已達約40億美元），有助於未來推動股票代幣化，因兩者原理高度共通。只要其中一類高品質資產（像美國國債）明確獲得監管亮綠燈，也可能推及股票。最終我們或將迎來一個全球資產可全年/全天候 24/7 鏈上自由交易的新資本市場。with instant settlement – a vision that excites technologists and even some economists for its efficiency, but will require careful governance.
以即時結算為特色——這是一個因其效率而讓技術專家甚至部分經濟學家感到振奮的願景，但同時也需要謹慎的治理。
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).
納入新興市場與新投資人： 隨著代幣化產品的擴展，我們或許會看到來自美國與歐洲以外的股票也被代幣化。例如，可以將亞洲或拉丁美洲公司的股份進行代幣化，並在全球範圍內提供。這將有助於這些市場吸引來自海外的流動性，透過加密技術進入市場。同時，也能讓海外僑民或全球公民更容易地從世界任何地方投資於自己的家鄉市場。新興市場的交易所甚至可能攜手合作，將其上市公司代幣化，吸引國際投資人。若能妥善執行，這有望將資金流導向真正需要的地方，與全球金融民主化的理念相呼應。在散戶端，數百萬加密用戶或許將首次體驗股票投資，反之亦然，有潛力擴大投資者基礎並推動關於多元化投資的財經知識普及（而不只是進行加密投機）。
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.
風險管理與治理提升： 隨著時間推進，這個產業極有可能會引入更為嚴謹的安全保障機制。例如，採用多重簽章託管和標的股份保險，以降低發行方風險；結合鏈上治理機制，讓代幣持有人在特定事項上（例如透過去中心化自治組織DAO）參與治理。如果未來出現問題（如遭駭客入侵或管理失誤），相對應的應對措施將促使流程逐步完善——就像早期加密圈因交易所被盜而最終催生高度安全的主流交易所。關鍵在於從事件中吸取教訓並建立韌性。未來也可能採用市場監測工具，主動監控代幣交易，及早偵測操縱行為，並與監管機構合作，確保這些市場的公平與可信度。
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——加密與傳統金融（TradFi）的融合： 從五到十年的角度來看，「加密貨幣交易所」與「股票交易所」之間的界線可能會逐漸模糊。未來可能出現一站式的數位資產交易所，用戶可在同平台上交易所有資產類別——無論是加密貨幣、代幣化股票、代幣化債券或是大宗商品。由於加密技術所帶來的效率，它或許會成為各類交易的底層架構。這並不代表一切都會完全去中心化或匿名；大部分這類交易所很可能會受到規範，並依法行事，只是在結算層採用區塊鏈。只要克服法規和技術障礙，潛在的成本優勢與速度，對金融產業來說太具吸引力而無法忽視。正如某位執行長所言，所謂「最終型態」，將不只是鏈上券商，而是在合法合規下，整個交易所皆在鏈上，全面處理代幣化資產。那時候，我們討論的將不再是利基產品，而是市場基礎設施的徹底革新。
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： 在近期內，我們應維持審慎但樂觀的態度。未來不免會遇到挫折——例如某個司法轄區的監管反彈，或者技術問題導致方案需重新思考。如果新模式帶來的效益對大多數用戶來說並不明顯優於現有體系，市場採用速度可能會比支持者預期得慢。教育會是關鍵：用戶必須理解新的模式才願意信任它。不過，鑒於產業趨勢與有信譽的大型玩家入場，整體發展方向仍將朝向成長與更廣泛的接受。每一次成功的上線（如前文提及的案例）都能強化市場對於代幣化股票能夠負責任、有效經營的信心。

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.
代幣化股票是一項重大創新，結合了兩個世界最好的優勢：傳統市場廣泛且熟悉的投資機會，以及加密網絡的開放性、速度與可程式化性。它之所以重要，是因為它承諾帶來一個更加普及且高效率的金融體系——一個市場永不打烊、投資門檻不受地理或高金額限制的世界。近期從Backed Finance 在 Solana 推出的 60 多種代幣，到 Robinhood 擁抱區塊鏈進行股票交易，種種動作都表明這個構想正在從理論走向實踐。

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.
然而，正如我們前述，監管、流動性與信任等挑戰必須謹慎應對。未來幾年將會是代幣化股票的關鍵成型期。若產業能與監管機構合作，建立安全透明的標準，且技術本身在可靠性與安全性方面證明其價值，我們或將見證真正全球化、24 小時不間斷的股票（乃至更廣市場）的誕生。在這種世界下，「加密」與「傳統」金融的界線將消失——一切都只是更先進底層的金融體系在運作。

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.
目前，投資者與觀察者應密切關注各種試點計畫和早期產品的實際表現。真實世界的應用狀況與監管反應，將決定這場股票交易革命發展的速度。資產代幣化被稱作市場的下個世代；當我們見證代幣化股票的進化，其實也正在親眼目睹這個新時代的初步輪廓——對於全球投資與財富創造的未來來說，絕對令人期待。