纳斯达克，标记证券和SEC提案：金融的新时代？

纳斯达克（NASDAQ）向贸易标记证券交易的SEC提交的申请信号是一个重大转变，将传统财务与区块链融为一体。这对未来意味着什么？

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.

纳斯达克（NASDAQ）最近向SEC提出的申请，允许令牌化证券的交易标志着关键时刻。这可以通过减少摩擦，加快定居时间和自动化流程来彻底改变市场。让我们深入了解这对金融的未来意味着什么。

Nasdaq's Bold Step into Tokenization

纳斯达克大胆进入令牌化

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，纳斯达克通过向SEC提交提案，使会员公司和投资者能够交易股票和交易所交易产品（ETPS）的代币版本，从而取得了重大飞跃。纳斯达克总裁塔尔·科恩（Tal Cohen）表示，这种整合旨在利用美国股票的优势，例如强大的监督和投资者保障措施，以负责任地扩展区块链福利。

How Would It Work?

它将如何工作？

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.

参与者可以在订单输入时选择令牌或传统形式。存款信托公司（DTC）将处理令牌的清算和解决方案。纳斯达克北美市场高级副总裁查克·麦克（Chuck Mack）预计，区块链整合将通过减少和解时间，提高交易透明度并创造更无缝的流程来简化交易业务。

The Rise of Tokenization: A Growing Trend

令牌化的兴起：增长的趋势

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.

令牌化并不是什么新鲜事物，但是它正在获得严肃的势头。早在2022年，现实世界中的资产（RWA）市场约为50亿美元，主要集中在稳定的上。到2023年，它跃升了308％至150亿美元。截至2025年9月，该市场已超过240亿美元，比2022年增长了380％。BlackRock启动了其Buidl财政基金，以太坊（Ethereum）上的Buidl国库基金，而Robinhood等平台则在欧洲提供了代币化的股票。

Nasdaq's Proposal vs. the European Approach

纳斯达克的提议与欧洲方法

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.

纳斯达克甚至警告说，欧洲的某些平台提供“标记美国股票”可能会误导投资者。这些平台通常没有提供真正的股票，而是提供与持有的股票相关的数字权利。纳斯达克（NASDAQ）强调，在其平台上交易的标记证券将拥有与常规股份相同的权利和福利。

SEC's Role and the Future

SEC的角色和未来

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现在正在审查纳斯达克的提议，并开放了公众意见。在保罗·阿特金斯（Paul Atkins）主席的领导下，美国证券交易委员会（SEC）将令牌化作为重中之重。最早在2026年开始进行的第一个令牌交易。

My Take: A Cautiously Optimistic Outlook

我的看法：谨慎乐观的前景

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.

尽管令牌化的潜在好处很明显，但谨慎对待这一点很重要。确保投资者保护和维持市场完整性应该至关重要。纳斯达克的提议似乎通过将数字资产整合到当前的基础架构中，同时利用现有保障措施来解决这些问题。我相信这一举动可以为投资者释放新的机会并推动金融市场的创新，但只有负责任地实施。

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!

总而言之，纳斯达克（Nasdaq）进入令牌化证券是改变游戏规则的人。就像您最喜欢的晚餐终于接受比特币一样 - 出乎意料，但有点酷。伙计们，搭扣，因为金融的未来变得更加有趣！