加密货币的下一个大事：象征性股票

近年来，越来越多的传统金融部门的机构和监管机构开始接受加密货币

Author: BUBBLE, BlockBeats

作者：泡沫，大块

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.

近年来，传统金融部门中越来越多的机构和监管机构开始接受加密货币，越来越多的加密项目打算遵守法规，以换取更高的敞口。虽然该建筑是长期的，但爆发是瞬时的，特朗普政府就职，SEC的态度改变，Stablecoin法案的最新通过以及加密货币交易所共用的Coinbase进入标准普尔500指数和其他趋势指标。

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.

这也使许多先前准备好的加密项目和经纪公司开始“鲁ck”开展证券令牌业务，雨后链的链链“纳斯达克”出现了。

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

我还能在哪里购买“链股票”？

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.

不仅“加密”概念股票在美国股票市场的投资者中很受欢迎，而且最近在加密货币中的股票和证券的令牌化也引发了人们的热情浪潮。

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是一家悠久的加密货币交易所，成立于2011年。5月22日，Kraken宣布与后备金融公司建立合作伙伴关系，以推出名为“ Xstocks”的令牌股票和ETF交易服务。第一批将涵盖包括Apple，Tesla和Nvidia在内的50多个美国上市的股票和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.

该项目将仅在Solana Chain上发布，该链还获得了Solana官员的大力支持。卡肯（Karken）和几个支持的团队成员昨天还出现在索拉纳（Solana Accelerate）2025年，以表达对证券令牌化的未来的看法。

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成立于2018年。在股票令牌化领域，Bybit不发行令牌，而是支持令牌化的资产交易作为交易渠道，并与零售平台（如Swarm）合作，以提供股票或ETF代币的交易市场。它根据差异合同（CFD）提供股票交易工具，使用户“无需持有基础股票”就可以参与股票价格波动。它的特殊功能是它可以开放高达5倍的杠杆作用。

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还通过复制交易功能和NFT市场来支持RWA令牌（例如TRAC）交易，以选定的用户投资令牌化资产。现在，它已经开设了苹果，特斯拉和NVIDIA等78个选定股票的交易。处理费为每股0.04 USDT，每个订单的最低费用为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是密码“安全令牌”领域中最全面的基础设施的项目之一。它正在建立一个涵盖资产发行，流动性管理和基础基础设施的全面RWA（令牌化系统）。它的核心产品包括两种类型的资产代币，OUSG和USDY，以及流动性协议Nexus，Lending Platform Flux和即将推出的合规许可链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在纽约举行了首次峰会，正式推出了其通用汽车“全球市场”平台的设计，该平台的设计旨在使全球成千上万的公共证券（例如Apple，Tesla和S＆P 500 ETF）都在为24/7贸易和链条上的工具启用。通用汽车平台上的所有令牌均以1：1的物理证券为支持，但是发行和赎回过程具有内置的合规权限控制，并针对美国以外的市场，努力创建“华尔街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".

为了支持其“大战略”，Ondo还宣布了Ondo Chain的推出，这是机构的合规连锁店。该连锁店采用了一个半征用的体系结构，使任何人都可以发行和开发，但是验证节点是由著名的金融机构提供的，以确保合规性和安全性。该连锁店本地支持金融业务，例如股息和股票拆分，并引入了链储备机制，以确保令牌得到资产的完全支持。目的是成为传统金融核心运营的基础设施，例如未来的链链经纪和交叉资产抵押。 5月19日，摩根大通（JPMorgan Chase）的子公司Kinexys执行了第一个交叉链“交易“交易”交易“交付“交付与付款”）。

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.

尽管尚未正式推出GM和Ondo Chain，但Ondo生态系统OUSG和USDY的核心资产分别达到了5.45亿和6.34亿美元。其中，OUSG主要由机构在以太坊上持有，而USDY对Solana的零售用户采用率更高。

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团队的大多数成员都来自高盛（Goldman Sachs）和麦肯锡（McKinsey）等高层机构，并积极参与与美国SEC和CFTC等美国监管机构的沟通和协调，并深入参与了政策制定，合规性，包括邀请前国会议员Partick Mchenry，