Coinbase和JPMorgan Chase正在引領令牌股票

比特幣和以太坊ETF推出後，加密市場與傳統金融之間的界限變得越來越模糊。

After the launch of Bitcoin and Ethereum ETFs, the boundaries between the crypto market and traditional finance are becoming increasingly blurred. Tokenized stocks, as an innovative form of putting traditional equity assets on the blockchain, are gradually gaining market attention.

比特幣和以太坊ETF推出後，加密市場與傳統金融之間的界限變得越來越模糊。作為將傳統股票資產放在區塊鏈上的一種創新形式，它正在逐漸引起市場關注。

By converting company stocks into digital tokens that can be traded on the blockchain, stock tokenization attempts to open up a channel between traditional finance and crypto assets. Whether it is Coinbase taking the lead in trying to issue its own stocks on the chain, or Wall Street giants accelerating their entry, all signs indicate that a new financial era built by on-chain stocks may have quietly begun. So, is stock tokenization a bubble, or the next trillion-dollar opportunity?

通過將公司股票轉換為可以在區塊鏈上交易的數字代幣，股票令牌試圖在傳統金融和加密資產之間開設渠道。無論是共同基礎，無論是在試圖在連鎖店發行自己的股票還是加速其入境的華爾街巨頭，所有跡像都表明，在鏈上股票建造的新金融時代可能已經悄然開始。那麼，庫存標記是泡沫還是下一個萬億美元的機會？

The following is the original text published by the on-chain data analysis platform Santiment, compiled by Odaily Planet Daily:

以下是Odaily Planet Daily編寫的鍊鍊數據分析平台Santiment發表的原始文本：

Is stock tokenization a reliable investment option? In essence, it combines the value of traditional stocks with the technological advantages of blockchain.

股票代幣化是可靠的投資選擇嗎？從本質上講，它結合了傳統股票的價值與區塊鏈的技術優勢。

Unlike traditional stocks stored in brokerage accounts, stock tokenization is a blockchain-based digital token that is anchored to the shares of actual companies. This form allows investors to participate in investment in a more fragmented way with a lower threshold, thus breaking the traditional market's restrictions on the amount of funds.

與存儲在經紀帳戶中的傳統股票不同，股票令牌化是一個基於區塊鏈的數字代幣，固定在實際公司的股票上。這種表格使投資者可以以更低的門檻以更零散的方式參與投資，從而打破了傳統市場對資金數量的限制。

Earlier this year, Coinbase announced that it would issue an on-chain token version of its own stock on its Ethereum second-layer network Base. This move not only highlights the importance of mainstream crypto platforms to this field, but also becomes a signal of the accelerated integration of traditional finance and blockchain technology.

今年早些時候，Coinbase宣布將在以太坊的第二層網絡基礎上發布其自身股票的鍊鍊令牌。此舉不僅突出了主流加密平台對該領域的重要性，而且也成為加速整合傳統金融和區塊鏈技術的信號。

Ultra-fast transactions and 24/7 liquidity: the core advantages of stock tokenization

超快速交易和24/7流動性：庫存令牌的核心優勢

Traditional stock trading usually has problems such as long settlement cycle and limited trading time, and the emergence of stock tokenization has brought a new solution to this model. Blockchain-based transactions can achieve instant settlement, enabling investors to respond quickly to market fluctuations.

傳統股票交易通常存在諸如長期結算週期和有限的交易時間之類的問題，而股票令牌化的出現為該模型帶來了新的解決方案。基於區塊鏈的交易可以實現即時和解，使投資者能夠快速響應市場波動。

Innovative platforms like AlloX have specially built a stock tokenization trading market that supports 24-hour uninterrupted trading, lower fees and on-chain clearing mechanisms, which undoubtedly greatly improves trading efficiency and rewrites the time and cost logic of the traditional stock market.

像Allox這樣的創新平台已經特別建立了一個股票令牌交易市場，該市場支持24小時不間斷的交易，較低的費用和鏈上清算機制，這無疑可以極大地提高交易效率並重寫傳統股票市場的時間和成本邏輯。

Wall Street giants are also taking action: from concept to practice

華爾街巨人也在採取行動：從概念到練習

Not only crypto-native platforms, but also traditional financial institutions are rapidly entering the market. Citibank has cooperated with the Swiss Digital Exchange SDX to jointly promote the tokenization of shares of non-listed companies, allowing global investors to access the previously highly threshold venture capital market.

不僅加密本地平台，而且傳統的金融機構也在迅速進入市場。花旗銀行與瑞士數字交易所SDX合作，共同促進非上市公司股票的令牌化，使全球投資者能夠訪問以前高度高度的高級風險投資市場。

At the same time, JPMorgan Chase has also launched real asset token products on the chain, indicating that this trend is being recognized and gradually implemented.

同時，摩根大通（JPMorgan Chase）還在鏈條上推出了真正的資產令牌產品，這表明這種趨勢正在認可並逐漸實施。

According to relevant data, by April 2025, the total market value of the stock tokenization market has exceeded US$350 million. Many industry experts predict that this figure is expected to reach US$1 trillion in the future.

根據相關數據，到2025年4月，股票令牌市場的總市場價值已超過3.5億美元。許多行業專家預測，這一數字預計將來將達到1萬億美元。

Although regulation is still in a gray stage, policies are gradually opening up under the impetus of the "pro-crypto" government in the United States. At the same time, Switzerland and the European Union have taken the lead in establishing a clear compliance framework, which brings confidence to the entire market and also indicates the possibility of the next wave of institutional-level incremental funds.

儘管法規仍處於灰色階段，但政策逐漸在美國的“親克萊托普”政府的動力下逐漸開放。同時，瑞士和歐盟已經領導著建立明確的合規框架，這使整個市場帶來了信心，並表明了下一潮制機構級增量基金的可能性。

Crypto asset "stabilizer": a new way to hedge risks with one click

加密資產“穩定器”：一種單擊的新方法對沖風險

For crypto investors, stock tokenization is not only an extension of asset allocation, but also a new means of risk management. By converting crypto assets such as Bitcoin or Ethereum into on-chain stocks, investors can achieve cross-market asset allocation, thereby improving the stability of the portfolio.

對於加密投資者而言，股票令牌不僅是資產分配的擴展，而且是一種新的風險管理手段。通過將比特幣或以太坊等加密資產轉換為鏈股票，投資者可以實現跨市場資產分配，從而提高投資組合的穩定性。

Recently, Backed Finance announced on X the launch of a tokenized version of Coinbase shares, $wbCOIN, specifying that the token is “fully collateralized, freely transferable, and has legal rights to shares.” This announcement quickly generated 595,000 interactions, indicating that market interest in this type of product is rapidly heating up.

最近，X上宣布的支持金融宣布了一個令牌版的Coinbase股票，$ WBCOIN，並指定令牌“完全抵押，可以自由轉讓，並且擁有股票的合法權利”。該公告很快產生了595,000個互動，表明對這類產品的市場興趣正在迅速加熱。

Enterprises are also actively exploring the possibility of using stock tokenization as a financing tool. Compared with traditional methods, stock tokenization not only lowers the financing threshold, but also allows global investors to participate in early-stage investment more conveniently.

企業還積極探索使用股票代幣化作為融資工具的可能性。與傳統方法相比，股票令牌不僅降低了融資門檻，而且還允許全球投資者更方便地參與早期投資。

Traditional giants such as BlackRock and JPMorgan Chase have taken the lead in launching on-chain tokenized products, indicating that stock tokenization is not only a "new toy" in the crypto circle, but is more likely to evolve into a new infrastructure for cross-border finance.

貝萊德（Blackrock）和摩根大通（JPMorgan Chase）等傳統巨頭在推出鏈上的代幣產品方面取得了領先，這表明庫存令牌不僅是加密貨幣圈中的“新玩具”，而且更有可能發展成新的基礎架構以換取跨訂單融資。

Conclusion: Connecting the two ends, not replacing anyone

結論：連接這兩個末端，而不是更換任何人

Stock tokenization is unlikely to completely replace the traditional stock market, but its greatest value lies in "connection" - opening the door to the crypto world for traditional investors, while also providing crypto users with configuration tools anchored to real-world assets.

股票令牌化不太可能完全取代傳統股票市場，但其最大價值在於“連接” - 為傳統投資者打開了加密世界的大門，同時還為加密用戶提供了固定在現實世界中資產的配置工具。

Just as the launch of Bitcoin and Ethereum ETFs has made it possible for mainstream capital to enter the crypto market, stock

正如比特幣和以太坊ETF的推出使主流資本進入加密貨幣市場的可能性一樣