納斯達克，標記證券和SEC提案：金融的新時代？

納斯達克（NASDAQ）向貿易標記證券交易的SEC提交的申請信號是一個重大轉變，將傳統財務與區塊鏈融為一體。這對未來意味著什麼？

Nasdaq's recent move to file with the SEC to allow trading of tokenized securities marks a pivotal moment. This could revolutionize markets by reducing friction, speeding up settlement times, and automating processes. Let's dive into what this means for the future of finance.

納斯達克（NASDAQ）最近向SEC提出的申請，允許令牌化證券的交易標誌著關鍵時刻。這可以通過減少摩擦，加快定居時間和自動化流程來徹底改變市場。讓我們深入了解這對金融的未來意味著什麼。

Nasdaq's Bold Step into Tokenization

納斯達克大膽進入令牌化

On September 8, 2025, Nasdaq took a significant leap by submitting a proposal to the SEC to enable member firms and investors to trade tokenized versions of equities and exchange-traded products (ETPs). According to Nasdaq President Tal Cohen, this integration aims to leverage the strengths of US equities, like robust oversight and investor safeguards, to scale blockchain benefits responsibly.

2025年9月8日，納斯達克通過向SEC提交提案，使會員公司和投資者能夠交易股票和交易所交易產品（ETPS）的代幣版本，從而取得了重大飛躍。納斯達克總裁塔爾·科恩（Tal Cohen）表示，這種整合旨在利用美國股票的優勢，例如強大的監督和投資者保障措施，以負責任地擴展區塊鏈福利。

How Would It Work?

它將如何工作？

Participants can choose between tokenized or traditional forms at order entry. The Depository Trust Corporation (DTC) would handle clearing and settlement for the tokens. Chuck Mack, Nasdaq’s Senior Vice President of North American Markets, anticipates that blockchain integration will streamline trading operations by reducing settlement times, improving transaction transparency, and creating a more seamless process.

參與者可以在訂單輸入時選擇令牌或傳統形式。存款信託公司（DTC）將處理令牌的清算和解決方案。納斯達克北美市場高級副總裁查克·麥克（Chuck Mack）預計，區塊鏈整合將通過減少和解時間，提高交易透明度並創造更無縫的流程來簡化交易業務。

The Rise of Tokenization: A Growing Trend

令牌化的興起：增長的趨勢

Tokenization isn't new, but it's gaining serious momentum. Back in 2022, the Real World Asset (RWA) market was around $5 billion, primarily focused on stablecoins. By 2023, it jumped 308% to $15 billion. As of September 2025, the market has exceeded $24 billion, up 380% from 2022. BlackRock launched its BUIDL Treasury fund on Ethereum, and platforms like Robinhood are offering tokenized stocks in Europe.

令牌化並不是什麼新鮮事物，但是它正在獲得嚴肅的勢頭。早在2022年，現實世界中的資產（RWA）市場約為50億美元，主要集中在穩定的上。到2023年，它躍升了308％至150億美元。截至2025年9月，該市場已超過240億美元，比2022年增長了380％。 BlackRock啟動了其Buidl財政基金，以太坊（Ethereum）上的Buidl國庫基金，而Robinhood等平台則在歐洲提供了代幣化的股票。

Nasdaq's Proposal vs. the European Approach

納斯達克的提議與歐洲方法

Nasdaq has even warned that some platforms in Europe offering “tokenized U.S. equities” may mislead investors. Instead of providing real shares, these platforms often provide digital rights tied to shares they hold. Nasdaq stresses that tokenized securities traded on its platform will have the same rights and benefits as regular shares.

納斯達克甚至警告說，歐洲的某些平台提供“標記美國股票”可能會誤導投資者。這些平台通常沒有提供真正的股票，而是提供與持有的股票相關的數字權利。納斯達克（NASDAQ）強調，在其平台上交易的標記證券將擁有與常規股份相同的權利和福利。

SEC's Role and the Future

SEC的角色和未來

The SEC is now reviewing Nasdaq’s proposal, with public comments open. The SEC, under Chairman Paul Atkins, has made tokenization a top priority. The first tokenized trades could launch as early as 2026.

SEC現在正在審查納斯達克的提議，並開放了公眾意見。在保羅·阿特金斯（Paul Atkins）主席的領導下，美國證券交易委員會（SEC）將令牌化作為重中之重。最早在2026年開始進行的第一個令牌交易。

My Take: A Cautiously Optimistic Outlook

我的看法：謹慎樂觀的前景

While the potential benefits of tokenization are clear, it's important to approach this with caution. Ensuring investor protection and maintaining market integrity should be paramount. Nasdaq’s proposal seems to address these concerns by integrating digital assets into its current infrastructure while leveraging existing safeguards. I believe this move could unlock new opportunities for investors and drive innovation in the financial markets, but only if implemented responsibly.

儘管令牌化的潛在好處很明顯，但謹慎對待這一點很重要。確保投資者保護和維持市場完整性應該至關重要。納斯達克的提議似乎通過將數字資產整合到當前的基礎架構中，同時利用現有保障措施來解決這些問題。我相信這一舉動可以為投資者釋放新的機會並推動金融市場的創新，但只有負責任地實施。

All in all, Nasdaq's push into tokenized securities is a game-changer. It's like your favorite diner finally accepting Bitcoin – unexpected, but kinda cool. Buckle up, folks, because the future of finance just got a whole lot more interesting!

總而言之，納斯達克（Nasdaq）進入令牌化證券是改變遊戲規則的人。就像您最喜歡的晚餐終於接受比特幣一樣 - 出乎意料，但有點酷。伙計們，搭扣，因為金融的未來變得更加有趣！