加密貨幣的下一個大事：象徵性股票

近年來，越來越多的傳統金融部門的機構和監管機構開始接受加密貨幣

Author: BUBBLE, BlockBeats

作者：泡沫，大塊

In recent years, more and more institutions and regulators in the traditional financial sector have begun to accept cryptocurrencies, and more and more crypto projects intend to comply with regulations in exchange for higher exposure. While the build is long-term, the outbreak is instantaneous, with the Trump administration taking office, the SEC's attitude change, the recent passage of the Stablecoin Act, and the crypto exchange Coinbase entering the S&P 500 index and other trend indicators.

近年來，傳統金融部門中越來越多的機構和監管機構開始接受加密貨幣，越來越多的加密項目打算遵守法規，以換取更高的敞口。雖然該建築是長期的，但爆發是瞬時的，特朗普政府就職，SEC的態度改變，Stablecoin法案的最新通過以及加密貨幣交易所共用的Coinbase進入標準普爾500指數和其他趨勢指標。

This also made many previously prepared crypto projects and brokerage firms begin to "recklessly" carry out securities tokenization business, and on-chain "Nasdaq" emerged like mushrooms after rain.

這也使許多先前準備好的加密項目和經紀公司開始“魯ck”開展證券令牌業務，雨後鏈的鍊鍊“納斯達克”出現了。

Where else can I buy “on-chain stocks”?

我還能在哪裡購買“鏈股票”？

Not only are "crypto" concept stocks popular among investors in the U.S. stock market, but the tokenization of U.S. stocks and securities in Crypto has also set off a wave of enthusiasm recently.

不僅“加密”概念股票在美國股票市場的投資者中很受歡迎，而且最近在加密貨幣中的股票和證券的令牌化也引發了人們的熱情浪潮。

XStocks

XSTOCKS

Kraken is a long-established cryptocurrency exchange founded in 2011. On May 22, Kraken announced a partnership with Backed Finance to launch a tokenized stock and ETF trading service called “xStocks”. The first batch will cover more than 50 U.S.-listed stocks and ETFs including Apple, Tesla, and Nvidia.

Kraken是一家悠久的加密貨幣交易所，成立於2011年。 5月22日，Kraken宣布與後備金融公司建立合作夥伴關係，以推出名為“ Xstocks”的令牌股票和ETF交易服務。第一批將涵蓋包括Apple，Tesla和Nvidia在內的50多個美國上市的股票和ETF。

The project will be issued exclusively on the Solana chain, which has also received strong support from Solana officials. Karken and several Backed team members also appeared at Solana Accelerate 2025 yesterday to express their views on the future of securities tokenization.

該項目將僅在Solana Chain上發布，該鏈還獲得了Solana官員的大力支持。卡肯（Karken）和幾個支持的團隊成員昨天還出現在索拉納（Solana Accelerate）2025年，以表達對證券令牌化的未來的看法。

Bybit

bybit

Bybit was founded in 2018. In the field of stock tokenization, Bybit does not issue tokens, but supports tokenized asset trading as a trading channel, and cooperates with retail platforms such as Swarm to provide a trading market for stock or ETF tokens. It provides stock trading tools based on contracts for difference (CFDs), allowing users to participate in stock price fluctuations "without holding the underlying stocks." Its special feature is that it can open up to 5 times leverage.

BYBIT成立於2018年。在股票令牌化領域，Bybit不發行令牌，而是支持令牌化的資產交易作為交易渠道，並與零售平台（如Swarm）合作，以提供股票或ETF代幣的交易市場。它根據差異合同（CFD）提供股票交易工具，使用戶“無需持有基礎股票”就可以參與股票價格波動。它的特殊功能是它可以開放高達5倍的槓桿作用。

Bybit also supports RWA token (such as TRAC) trading through copy trading functions and NFT markets, targeting selected users to invest in tokenized assets. It has now opened trading for 78 selected stocks such as Apple, Tesla, and Nvidia. The handling fee is 0.04 USDT per share, and the minimum charge for each order is 5 USDT.

BYBIT還通過複製交易功能和NFT市場來支持RWA令牌（例如TRAC）交易，以選定的用戶投資令牌化資產。現在，它已經開設了蘋果，特斯拉和NVIDIA等78個選定股票的交易。處理費為每股0.04 USDT，每個訂單的最低費用為5 USDT。

Ondo

ondo

Ondo Finance is one of the projects with the most comprehensive infrastructure in the field of cryptographic "security tokenization". It is building a comprehensive RWA (tokenization system) covering asset issuance, liquidity management and underlying infrastructure. Its core products include two types of asset tokens, OUSG and USDY, as well as the liquidity protocol Nexus, the lending platform Flux and the upcoming compliance license chain Ondo Chain.

Ondo Finance是密碼“安全令牌”領域中最全面的基礎設施的項目之一。它正在建立一個涵蓋資產發行，流動性管理和基礎基礎設施的全面RWA（令牌化系統）。它的核心產品包括兩種類型的資產代幣，OUSG和USDY，以及流動性協議Nexus，Lending Platform Flux和即將推出的合規許可鏈Ondo Chain。

In February 2025, Ondo held its first Summit in New York, officially unveiling the design of its GM "Global Markets" platform, which aims to tokenize thousands of public securities around the world (such as Apple, Tesla, and S&P 500 ETF) and enable 24/7 trading and instant settlement on the chain. All tokens on the GM platform are backed by 1:1 physical securities, but the issuance and redemption process has built-in compliance authority control, and is aimed at markets outside the United States, striving to create "Wall Street 2.0."

2025年2月，Ondo在紐約舉行了首次峰會，正式推出了其通用汽車“全球市場”平台的設計，該平台的設計旨在使全球成千上萬的公共證券（例如Apple，Tesla和S＆P 500 ETF）都在為24/7貿易和鏈條上的工具啟用。通用汽車平台上的所有令牌均以1：1的物理證券為支持，但是發行和贖回過程具有內置的合規權限控制，並針對美國以外的市場，努力創建“華爾街2.0”。

In order to support its "grand strategy", Ondo also announced the launch of the Ondo Chain, a compliance chain for institutions. The chain adopts a semi-permissioned architecture that allows anyone to issue and develop, but the verification nodes are served by well-known financial institutions to ensure compliance and security. The chain natively supports financial operations such as dividends and stock splits, and introduces an on-chain reserve proof mechanism to ensure that tokens are fully backed by assets. The goal is to become the infrastructure for traditional financial core operations such as on-chain prime brokerage and cross-asset mortgages in the future. On May 19, Kinexys, a subsidiary of JPMorgan Chase, and Ondo Chain executed the first cross-chain "cash on delivery" transaction "Delivery vs Payment".

為了支持其“大戰略”，Ondo還宣布了Ondo Chain的推出，這是機構的合規連鎖店。該連鎖店採用了一個半徵用的體系結構，使任何人都可以發行和開發，但是驗證節點是由著名的金融機構提供的，以確保合規性和安全性。該連鎖店本地支持金融業務，例如股息和股票拆分，並引入了鏈儲備機制，以確保令牌得到資產的完全支持。目的是成為傳統金融核心運營的基礎設施，例如未來的鍊鍊經紀和交叉資產抵押。 5月19日，摩根大通（JPMorgan Chase）的子公司Kinexys執行了第一個交叉鏈“交易“交易”交易“交付“交付與付款”）。

Although GM and Ondo Chain have not yet been officially launched, the core assets of the Ondo ecosystem, OUSG and USDY, have reached a scale of 545 million and 634 million US dollars respectively. Among them, OUSG is mainly held by institutions on Ethereum, while USDY shows a higher retail user adoption rate on Solana.

儘管尚未正式推出GM和Ondo Chain，但Ondo生態系統OUSG和USDY的核心資產分別達到了5.45億和6.34億美元。其中，OUSG主要由機構在以太坊上持有，而USDY對Solana的零售用戶採用率更高。

It is worth noting that most members of the Ondo team come from top institutions such as Goldman Sachs and McKinsey, and actively participate in communication and coordination with US regulatory agencies such as the SEC and CFTC, and are deeply involved in policy making, compliance design and public relations, including inviting former Congressman Patrick McHenry to join the advisory

值得注意的是，Ondo團隊的大多數成員都來自高盛（Goldman Sachs）和麥肯錫（McKinsey）等高層機構，並積極參與與美國SEC和CFTC等美國監管機構的溝通和協調，並深入參與了政策制定，合規性，包括邀請前國會議員Partick Mchenry，