所谓的代币化股票交易在国际市场上正逐渐升温，与此同时，美国主要公司正在抵制在国内推出此类产品的努力。
Trading in so-called tokenized stocks is gaining momentum in international markets, even as major U.S. companies are pushing back against efforts to introduce them domestically.
根据 Bitwise Asset Management（Bitwise 资产管理公司）周二发布的最新季度质押报告，围绕包括股票在内的传统金融资产的区块链版本的交易活动正在增长。在 Robinhood Chain（Robinhood 链）上——这家券商新推出的供用户和 AI 代理链上交易各类资产的网络——代币化股票交易量从 7 月的 5.26 亿美元激增至 8 月的 22.1 亿美元，随后在 9 月飙升至 113.1 亿美元。
Trading activity around blockchain-based versions of traditional financial assets including equities is growing, according to the latest quarterly staking report by Bitwise Asset Management, published Tuesday. On Robinhood Chain, the brokerage firm's newly launched network for users and AI agents to trade various assets onchain, tokenized stocks volume surged from $526 million in July to $2.21 billion in August, then rocketed to $11.31 billion in September.
在同一季度，非加密货币市场占 Hyperliquid 永续合约交易量的 36.5%，高于上一季度的 32.7%。此外，代币化股票是 Solana 上增长最快的类别。
In the same quarter, non-crypto markets made up 36.5% of Hyperliquid's perpetuals volume, up from 32.7% in the previous quarter. Also, tokenized equities were the fastest-growing category on Solana.
与此同时，高盛、微软、高通、卡特彼勒、麦当劳、西部数据和 Alphabet 已对其股票的代币化版本在 OKXICE 平台上交易提出异议，OKXICE 是加密货币交易所 OKX 与纽约证券交易所母公司洲际交易所（Intercontinental Exchange）共同推出的代币化证券交易场所。
Meanwhile, Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald's, Western Digital and Alphabet have objected to having tokenized versions of their shares traded on the OKXICE platform, the tokenized securities venue jointly launched the crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange.
OKXICE 周一在一份公开通知中披露了这些公司的异议，将它们加入到早先提出异议的公司群体中，后者包括 CoreWeave、UnitedHealth、博通、Applied Digital、AppLovin 和 Cerebras。
OKXICE disclosed the company objections in a public notice Monday, adding them to a group of earlier objectors including CoreWeave, UnitedHealth, Broadcom, Applied Digital, AppLovin and Cerebras.
这种对比凸显了加密货币行业面临的一场日益激烈的辩论和挑战：如何说服公司认为其股票的代币化交易值得接受。代币化——即在区块链网络上发行公开交易证券、现实资产或任何其他形式价值的数字化表征的过程——已成为市场关注的主要话题，鉴于区块链技术有望改善金融资产的可及性和流动性。
The contrast highlights a growing debate and challenge for the crypto industry: how to convince companies that tokenized trading of their stock is worth embracing. Tokenization – the process of issuing digital representations of publicly traded securities, real world assets or any other form of value on a blockchain network – has become a major topic of interest in the market given the potential for blockchain technology to improve accessibility and liquidity across financial assets.
这也引发了关于代币应为持有者提供何种权利的疑问。争论的焦点在于，投资者是否应获得与传统股份相同的经济权利和股东权利，尤其是投票权。该问题于9月首次引起关注，当时Robinhood首席执行官与AMC首席执行官因Robinhood的股票代币模式发生公开争执。
It's also raising questions about what rights tokens should provide for holders. The debate centers on whether investors should receive the same economic and shareholder rights as they would with traditional shares, particularly voting rights. The issue first came into focus in September after a public fight between the CEOs of Robinhood and AMC over Robinhood's stock-token model.
目前，代币化股票的交易主要集中在海外，那里的代币化产品更为普及。不过，加密货币行业观察人士正在关注美国的采用情况是否会升温，因为美国证券交易委员会（SEC）上月推出了一项创新豁免，为代币化股票在美国建立了一条临时通道——该通道要求公司有权反对其股份被表现为代币。
Trading of tokenized equities is currently concentrated overseas, where tokenized products are more widely available. Crypto industry watchers are monitoring whether adoption picks up in the U.S., however, after the SEC last month put out an innovation exemption creating a temporary pathway for tokenized stocks in the U.S. – which requires that companies be able to object to having their shares represented as tokens.
Injective首席运营官Mirza Uddin表示：“分歧的核心在于实际交易的是什么。在离岸市场，大多数此类活动是通过链上永续合约和包装代币进行价格敞口交易，这些从未需要公司许可；而美国框架试图将真实股份上链，这赋予了发行人发言权。”
"The divergence comes down to what's actually being traded. Offshore, most of this activity is price exposure through onchain perps and wrapped tokens that never needed a company's permission, while the U.S. framework is trying to put real shares onchain, and that gives issuers a say," said Mirza Uddin, chief operating officer of Injective.
他补充道：“目前，高盛和微软等公司看到的全是风险，没有任何收益——一种它们无法控制的代币全天候交易，且投票权不明朗。除非行业向发行人展示他们能获得什么——全球股东基础和一个永不闭市的市场——否则增长将持续发生在海外，而美国还在争论许可条。”
"Right now companies like Goldman and Microsoft see all of the risk and none of the upside – a token they don't control trading 24/7 with unclear voting rights," he added. "Until the industry shows issuers what they gain – a global shareholder base and a market that never closes – the growth will keep happening abroad while the U.S. debates permission slips."
ClearStreet分析师Owen Lau表示，公司可能尚未意识到代币化的全部益处，他预计部分公司最终会接受它。
ClearStreet analyst Owen Lau said companies may not yet realize the full benefits of tokenization and that he expects some will eventually embrace it.
他说：“一些公司会同意或不会反对这样做，因为这有好处……扩大投资者基础、全天候准入、增加分销渠道。一些被低估且交易量低的股票可能是很好的候选者。”
"Some companies will say yes or will not object to this because of the benefits … the expanded investor base, 24/7 [access], increased distribution channel. Some of the beaten down stocks with low trading volume could be good candidates," he said.
此外，刘易斯解释说，企业也将从更高的透明度、直接的股息支付和成本节约中受益。对于投资者而言，代币化资产还可以作为去中心化金融（DeFi）平台的抵押品，为他们提供更大的灵活性和控制权。
Additionally, companies would also benefit from greater visibility, direct dividend payments and cost savings, Lau explained. For investors, tokenized assets can also act as collateral for decentralized finance (DeFi) platforms, offering them more flexibility and control. "This is a very natural response.
“这是一个非常自然的反应。该模式旨在赋予企业决定是否选择加入或退出的权利。我们一直预料到这一点，因为这是一个如此剧烈且革命性的变革，许多企业会想要观望其进展，而不是第一个参与其中，”OKXICE 联合主席安德鲁·库莫在一份声明中表示。
The model was designed to give companies the right to determine whether they want to opt in or opt out. We always anticipated that, because this is such a dramatic and revolutionary change, many companies would want to wait and see how it goes rather than be the first to participate," Andrew Cuomo, co-chairman of OKXICE, said in a statement.
他补充道：“SEC 的模式旨在兼容这两种做法。对可以参与的企业数量和可交易的交易量都有限制……你将看到这两种反应，具体取决于企业本身、其对全球市场的吸引力，以及它选择的交易场所。”截至周三，已有 16 家企业反对在 OKXICE 上交易其股份的代币化版本。这并不意味着它们或其他企业会反对所有参与企业的代币化，但这凸显了对通过这一特定模式和场所交易股份的抵制。
"The SEC model is designed to accommodate both approaches," he added. "There are limits on how many companies can participate and on the volume that can be traded ... You'll see both responses, depending on the company, its appeal to a global market, and the venue it chooses." As of Wednesday, 16 companies have objected to having tokenized versions of their shares traded on OKXICE. That doesn't mean they or others will object to tokenization by every company involved, but they highlight resistance to having shares traded through this particular model and venue.
OKXICE 最初于 10 月 4 日披露，将在其平台上提供超过 60 只代币化股票供交易。根据 SEC 的创新豁免规定，交易场所必须通知企业其代币化股份的意图，然后在企业收到通知后等待 30 天，方可开始交易该代币。
OKXICE originally disclosed on Oct. 4 that it would make more than 60 tokenized stocks available for trading on its platform. Per the SEC's innovation exemption, the venue must notify the companies of its intention to tokenize their shares, then wait 30 days after a company receives the notice to start trading the token.
“这种分歧并非由美国与非美国之分驱动，而是由投资者与发行人之分驱动的，”刘易斯表示。“全球范围内存在需求……这是行业可以更好地阐述发行人若将其股权代币化所能实际获得的收益之处。”
"The divergence is not driven by U.S. versus non-U.S., it's driven by investors versus issuers," Lau said. "There is demand globally … This is where the industry can provide better articulation on the benefits to issuers they could actually capture, were they to tokenize their equities."