Coinbase和JPMorgan Chase正在引领令牌股票

比特币和以太坊ETF推出后，加密市场与传统金融之间的界限变得越来越模糊。

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.

比特币和以太坊ETF推出后，加密市场与传统金融之间的界限变得越来越模糊。作为将传统股票资产放在区块链上的一种创新形式，它正在逐渐引起市场关注。

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?

通过将公司股票转换为可以在区块链上交易的数字代币，股票令牌试图在传统金融和加密资产之间开设渠道。无论是共同基础，无论是在试图在连锁店发行自己的股票还是加速其入境的华尔街巨头，所有迹象都表明，在链上股票建造的新金融时代可能已经悄然开始。那么，库存标记是泡沫还是下一个万亿美元的机会？

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编写的链链数据分析平台Santiment发表的原始文本：

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

股票代币化是可靠的投资选择吗？从本质上讲，它结合了传统股票的价值与区块链的技术优势。

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.

与存储在经纪帐户中的传统股票不同，股票令牌化是一个基于区块链的数字代币，固定在实际公司的股票上。这种表格使投资者可以以更低的门槛以更零散的方式参与投资，从而打破了传统市场对资金数量的限制。

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.

今年早些时候，Coinbase宣布将在以太坊的第二层网络基础上发布其自身股票的链链令牌。此举不仅突出了主流加密平台对该领域的重要性，而且也成为加速整合传统金融和区块链技术的信号。

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

超快速交易和24/7流动性：库存令牌的核心优势

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.

传统股票交易通常存在诸如长期结算周期和有限的交易时间之类的问题，而股票令牌化的出现为该模型带来了新的解决方案。基于区块链的交易可以实现即时和解，使投资者能够快速响应市场波动。

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这样的创新平台已经特别建立了一个股票令牌交易市场，该市场支持24小时不间断的交易，较低的费用和链上清算机制，这无疑可以极大地提高交易效率并重写传统股票市场的时间和成本逻辑。

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

华尔街巨人也在采取行动：从概念到练习

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.

不仅加密本地平台，而且传统的金融机构也在迅速进入市场。花旗银行与瑞士数字交易所SDX合作，共同促进非上市公司股票的令牌化，使全球投资者能够访问以前高度高度的高级风险投资市场。

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.

同时，摩根大通（JPMorgan Chase）还在链条上推出了真正的资产令牌产品，这表明这种趋势正在认可并逐渐实施。

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.

根据相关数据，到2025年4月，股票令牌市场的总市场价值已超过3.5亿美元。许多行业专家预测，这一数字预计将来将达到1万亿美元。

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.

尽管法规仍处于灰色阶段，但政策逐渐在美国的“亲克莱托普”政府的动力下逐渐开放。同时，瑞士和欧盟已经领导着建立明确的合规框架，这使整个市场带来了信心，并表明了下一潮制机构级增量基金的可能性。

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

加密资产“稳定器”：一种单击的新方法对冲风险

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.

对于加密投资者而言，股票令牌不仅是资产分配的扩展，而且是一种新的风险管理手段。通过将比特币或以太坊等加密资产转换为链股票，投资者可以实现跨市场资产分配，从而提高投资组合的稳定性。

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个令牌版的Coinbase股票，$ WBCOIN，并指定令牌“完全抵押，可以自由转让，并且拥有股票的合法权利”。该公告很快产生了595,000个互动，表明对这类产品的市场兴趣正在迅速加热。

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.

企业还积极探索使用股票代币化作为融资工具的可能性。与传统方法相比，股票令牌不仅降低了融资门槛，而且还允许全球投资者更方便地参与早期投资。

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.

贝莱德（Blackrock）和摩根大通（JPMorgan Chase）等传统巨头在推出链上的代币产品方面取得了领先，这表明库存令牌不仅是加密货币圈中的“新玩具”，而且更有可能发展成新的基础架构以换取跨订单融资。

Conclusion: Connecting the two ends, not replacing anyone

结论：连接这两个末端，而不是更换任何人

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传统股票市场，但其最大价值在于“连接” - 为传统投资者打开了加密世界的大门，同时还为加密用户提供了固定在现实世界中资产的配置工具。

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

正如比特币和以太坊ETF的推出使主流资本进入加密货币市场的可能性一样