作者：SuperEx
编译：白话区块链
最近，Coinbase 首席执行官布赖恩·阿姆斯特朗(Brian Armstrong)在 X 上表示，该公司正在积极探索将其股票Token化的可能性。这一言论再次将现实世界资产(RWA，Real World Assets)推到了加密市场讨论的前沿。
然而，Coinbase 的这一举动并非仅仅是概念上的炒作，而是迈出了具体的一步。据内部消息人士透露，Coinb...

<div><div>作者：SuperEx</div>编译：白话区块链<img alt="" src="https://www.hellobtc.com/d/file/202503/0c2860d1063d4ff21ae3df4cfa1c7874.jpeg">最近，Coinbase 首席执行官布赖恩·阿姆斯特朗(Brian Armstrong)在 X 上表示，该公司正在积极探索将其股票Token化的可能性。这一言论再次将现实世界资产(RWA，Real World Assets)推到了加密市场讨论的前沿。然而，Coinbase 的这一举动并非仅仅是概念上的炒作，而是迈出了具体的一步。据内部消息人士透露，Coinbase 已与美国证券交易委员会(SEC)进行了初步讨论，并正在研究如何让Token化股东享有与传统股东相同的权利。长期以来，RWA 领域一直是加密市场长期发展的关键方向之一，保持了显著的势头和市场规模。根据 RWA.xyz 的数据，截至 2025 年 3 月，全球 RWA 产品的总市值(不包括稳定币)已达到 179.3 亿美元。到 2030 年，RWA 的总市值预计将飙升至 16 万亿美元，超过当前加密行业的总市值。换句话说，未来展现了一个巨大的蓝海机遇。当然，股票Token化尤其为加密市场带来了巨大的好处。对于投资者来说，理解股票Token化的概念、优势及其对更广泛的加密生态系统的影响，将是驾驭未来市场趋势的关键。   01  股票Token化的成功潜力1. 技术基础与创新驱动的增长股票Token化的实现依赖于区块链技术和智能合约的支持。区块链的去中心化、透明和不可篡改的特性为股票资产的数字化提供了坚实基础。智能合约能够自动执行交易规则，实现即时清算和结算，大幅提升交易效率。这种技术创新不仅降低了传统中介机构的成本，还减少了人为操作风险，建立了一种新的信任机制。目前，随着区块链技术的不断发展，以太坊和 Solana 等公共链平台在交易速度和安全性方面取得了显著改进。这些进步为股票Token化的成功实施创造了有利条件。2. 监管环境与合规性探索股票Token化涉及证券、金融和数字资产等多个领域，自然引起了全球监管机构的高度关注。近年来，全球监管机构已开始认识到数字资产市场的巨大潜力，并探索与之相适应的监管框架。如前所述，Coinbase 已与美国证券交易委员会(SEC)进行初步讨论，探索如何让Token化股东享有与传统股东相同的权利。这表明，在优先考虑投资者保护和市场稳定的同时，监管机构对创新的数字资产模式也持开放态度。随着监管政策的完善和跨境监管协调机制的建立，股票Token化有望实现合法合规。3. 市场需求与流动性提升全球资本市场对更高效、更透明的交易模式的需求日益增加，而股票Token化很好地契合了这一趋势。传统股票市场常常面临交易时间、地域限制和冗长清算周期的局限，而数字资产市场则提供 24/7 全天候、跨境和即时交易。股票Token化不仅为投资者提供了更低的参与门槛，还显著提升了资产流动性。这种日益增长的市场接受度和对Token化股票的需求将成为其广泛采用的强大推动力。4. 安全保障与风险缓解当然，股票Token化并非一个全新的概念，但其实现长期以来一直受到加密资产安全问题的阻碍。安全漏洞和智能合约的频繁发生，导致黑客事件，引起了传统金融市场的严重担忧。要让股票Token化获得广泛的市场信任，必须有效管理技术风险。只有在安全漏洞得到充分解决的情况下，股票Token化才能从概念讨论走向现实应用。   02  股票Token化的内在优势从某种意义上说，股票Token化可以被视为现实世界资产(RWA)领域的扩展和深化。传统股票作为公司融资的关键工具，本身就代表了现实世界经济价值的一部分。通过将股票资产Token化，投资者可以获得更便捷的交易渠道，同时实现现实世界资产与数字资产市场的无缝整合。换句话说，股票Token化有助于扩展 RWA 的应用边界，赋予传统资产新的活力，并加速资产流动性和价值发现机制的转型。1. 对加密市场各领域参与者的好处机构投资者：大型投资机构和基金对提高交易效率、降低成本和资产数字化表现出了浓厚的兴趣。股票Token化为优化资产配置提供了新的选择。 散户投资者：传统股票市场的高门槛和地域限制使许多散户投资者无法充分参与。股票Token化降低了进入壁垒，使全球投资者能够接触到优质资产。区块链初创公司：技术创新是区块链行业的核心驱动力。许多初创公司正在开发基于Token化资产的交易平台和金融产品，进一步推动整个生态系统的发展。2. 对股票和加密市场的双重优势股票Token化不仅为传统股票市场带来了诸多好处，还为加密市场注入了更多创新元素：增加流动性：Token化资产可以全球 24/7 交易，消除了传统市场的地域和时间限制。降低交易成本：区块链技术减少了中介机构，降低了清算和结算成本，从而提升了投资者的交易效率。透明度和安全性：区块链的不可篡改特性为资产交易提供了更高的透明度和安全性。更广泛的参与度：股票Token化降低了进入门槛，使更多散户投资者和中小型机构能够参与全球股票市场并分享资产增值的收益。 03  结论总之，股票Token化不仅是传统金融资产的数字化转型，还标志着全球金融市场的深刻结构性变革。通过整合区块链技术、智能合约和先进的安全框架，股票Token化在提升流动性、降低成本和实现全球交易方面展现了巨大的潜力。尽管在监管、技术和安全方面仍存在挑战，但这些领域的持续进步将为股票Token化的成功采用铺平道路。这一演变不仅将为企业和投资者创造新的投资机会，还将推动全球资本市场走向一个更高效、透明和互联的未来。本文链接：https://www.hellobtc.com/kp/du/03/5710.html</div>

从概念到现实：股票代币化如何重塑加密与传统金融？

The author: SuperEx
Compiled by: Bai Hua Blockchain
Recently, Coinbase CEO Brian Armstrong stated on <X> that the company is actively exploring the possibility of tokenizing its stock Token. This statement has once again brought real-world assets (RWA) to the forefront of the cryptocurrency market discussion.
However, Coinbase's move is not just conceptual hype, but a concrete step forward. According to inside sources, Coinb...

Here is the English translation of the text, with the specified terms retained:

<div><div>Author: SuperEx</div>Compiled by: Bai Hua Blockchain<img alt="" src="https://www.hellobtc.com/d/file/202503/0c2860d1063d4ff21ae3df4cfa1c7874.jpeg">Recently, Coinbase CEO Brian Armstrong stated on X that the company is actively exploring the possibility of tokenizing its stock. This statement has once again brought the real-world assets (RWA) to the forefront of the crypto market discussion.However, Coinbase's move is not just conceptual hype, but a concrete step forward. According to inside sources, Coinbase has had preliminary discussions with the U.S. Securities and Exchange Commission (SEC) and is studying how to allow Token-based shareholders to enjoy the same rights as traditional shareholders.For a long time, the RWA field has been one of the key directions for the long-term development of the crypto market, maintaining significant momentum and market scale. According to data from RWA.xyz, as of March 2025, the total market value of global RWA products (excluding stablecoins) has reached $17.93 billion. By 2030, the total market value of RWA is expected to soar to $16 trillion, exceeding the current total market value of the crypto industry. In other words, the future presents a huge blue ocean opportunity.Of course, stock tokenization brings tremendous benefits to the crypto market. For investors, understanding the concept, advantages, and impact of stock tokenization on the broader crypto ecosystem will be key to navigating future market trends. 01 The Promising Potential of Stock Tokenization1. Technological Foundation and Innovation-Driven GrowthThe realization of stock tokenization relies on the support of blockchain technology and smart contracts. The decentralized, transparent, and immutable characteristics of blockchain provide a solid foundation for the digitization of stock assets. Smart contracts can automatically execute transaction rules, achieve instant clearing and settlement, and significantly improve transaction efficiency. This technological innovation not only reduces the costs of traditional intermediary institutions, but also reduces the risk of manual operations, establishing a new trust mechanism.Currently, with the continuous development of blockchain technology, platforms such as Ethereum and Solana have made significant improvements in transaction speed and security. These advancements have created favorable conditions for the successful implementation of stock tokenization.2. Regulatory Environment and Compliance ExplorationStock tokenization involves securities, finance, and digital assets, naturally attracting the close attention of global regulatory authorities. In recent years, global regulators have begun to recognize the huge potential of the digital asset market and explore regulatory frameworks that are compatible with it.As mentioned earlier, Coinbase has had preliminary discussions with the U.S. Securities and Exchange Commission (SEC) to explore how Token-based shareholders can enjoy the same rights as traditional shareholders. This indicates that while prioritizing investor protection and market stability, regulators also have an open attitude towards innovative digital asset models. As regulatory policies are improved and cross-border regulatory coordination mechanisms are established, stock tokenization is expected to achieve legal compliance.3. Market Demand and Liquidity EnhancementThe global capital market has an increasing demand for more efficient and transparent trading models, and stock tokenization fits this trend well. The traditional stock market often faces limitations in trading time, geography, and lengthy clearing cycles, while the digital asset market provides 24/7 global and instant trading.Stock tokenization not only provides investors with a lower participation threshold, but also significantly improves asset liquidity. This growing market acceptance and demand for tokenized stocks will be a powerful driving force for their widespread adoption.4. Security Assurance and Risk MitigationOf course, stock tokenization is not a completely new concept, but its realization has long been hindered by the security issues of crypto assets. Security vulnerabilities and frequent incidents of smart contract failures have led to hacking incidents, causing serious concerns in the traditional financial market.To gain widespread market trust in stock tokenization, technical risks must be effectively managed. Only when security vulnerabilities are fully addressed can stock tokenization move from conceptual discussion to real-world application. 02 The Inherent Advantages of Stock TokenizationIn a sense, stock tokenization can be seen as an extension and deepening of the real-world assets (RWA) field. Traditional stocks, as a key financing tool for companies, represent a part of the real-world economic value. By tokenizing stock assets, investors can gain more convenient trading channels, while achieving seamless integration of real-world assets and the digital asset market.In other words, stock tokenization helps to expand the application boundaries of RWA, imbue traditional assets with new vitality, and accelerate the transformation of asset liquidity and value discovery mechanisms.1. Benefits to Various Participants in the Crypto MarketInstitutional Investors: Large investment institutions and funds have shown a strong interest in improving trading efficiency, reducing costs, and digitizing assets. Stock tokenization provides new options for optimizing asset allocation. Retail Investors: The high thresholds and geographical limitations of the traditional stock market have prevented many retail investors from fully participating. Stock tokenization lowers the entry barriers, allowing global investors to access quality assets.Blockchain Startups: Technological innovation is the core driving force of the blockchain industry. Many startups are developing trading platforms and financial products based on tokenized assets, further driving the development of the entire ecosystem.2. Dual Advantages for the Stock and Crypto MarketsStock tokenization not only brings many benefits to the traditional stock market, but also injects more innovative elements into the crypto market:Increased Liquidity: Tokenized assets can be traded globally 24/7, eliminating the geographical and time constraints of traditional markets.Reduced Transaction Costs: Blockchain technology reduces the role of intermediaries, lowering clearing and settlement costs, thereby improving the trading efficiency of investors.Transparency and Security: The immutable nature of blockchain provides higher transparency and security for asset transactions.Broader Participation: Stock tokenization lowers the entry threshold, allowing more retail investors and small-to-medium-sized institutions to participate in the global stock market and share in the benefits of asset appreciation. 03 ConclusionIn summary, stock tokenization is not only a digital transformation of traditional financial assets, but also a sign of a profound structural change in the global financial market. By integrating blockchain technology, smart contracts, and advanced security frameworks, stock tokenization has shown tremendous potential in enhancing liquidity, reducing costs, and enabling global trading.Although there are still challenges in regulation, technology, and security, the continuous progress in these areas will pave the way for the successful adoption of stock tokenization. This evolution will not only create new investment opportunities for businesses and investors, but also drive the global capital market towards a more efficient, transparent, and interconnected future.Link to the article: https://www.hellobtc.com/kp/du/03/5710.html</div>

From concept to reality: How does stock tokenization reshape crypto and traditional finance?

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