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Following核心洞察
Bitwise首席投资官马特·豪根（Matt Hougan）指出，资产代币化、标普全球收购OpenZeppelin以及去中心化金融（DeFi）资产的崛起，都是更广泛的链上采用趋势的标志。豪根将代币化描述为金融市场运作方式的多年期变革。
他将代币化的早期阶段与人工智能（AI）热潮相提并论，引用了英伟达（NVIDIA）从2022年的16美元上涨至如今的219美元的案例。2026年9月17日，代币化成为焦点，当天Bitwise CIO马特·豪根在X平台发帖称，这一趋势已无法被忽视。同日，美国证券交易委员会（SEC）为代币化股票在美国的交易开辟路径，标普全球同意收购OpenZeppelin，且DeFi资产价格走高。
豪根表示，任何剩余的疑虑现在都应得到解决：“世界正在走向链上。”他强调，代币化是金融业的多年期转型，而非短期交易机会。为了阐明这一观点，他援引了人工智能热潮初期的历史。ChatGPT于2022年11月发布，当时英伟达股价为16美元。一年后，该股上涨176%至46美元，人工智能的大趋势变得显而易见。
Haugen said that the right thing to do is not to regret missing the opportunity, but to increase more holdings. At present, Nvidia's share price has risen to US$219. He believes the same logic applies to tokenization. Investors who want to buy DeFi and related assets in June are seeing only the first stage of a longer process. "This is a multi-year transformation of the way the financial industry works," Haugen wrote."If it develops as I think, there is still huge room for growth in the future."
Tokenization gains official U.S. foothold
The SEC's "innovation exemption" allows certain platforms known as "tokenized securities venues" to facilitate the trading of actual tokenized U.S. stocks on public blockchain. The exemption only covers shares that enjoy the same rights as traditional stocks, including dividends and voting rights. Synthetic assets that only track prices are not covered. Issuers reserve a 30-day window to object to the tokenization of their shares by any third party. 
Hagen compares tokenization with Nvidia's AI market| Source: X This relief measure is temporary, valid for up to five years, and has limits on the number of stocks and daily trading volume that each venue can handle.
At the same time, S & P Global's agreement to acquire OpenZeppelin brings the leading smart contract security company in the cryptocurrency space into a major traditional rating agency. OpenZeppelin's tools and standards are widely used in the DeFi protocol. This combination gives S & P a layer of technology it previously lacked to evaluate tokenized assets.
Parallel relationship between tokenization and Nvidia's market
豪根的英伟达类比是经过深思熟虑的。英伟达的AI行情在百分比层面上看起来很大。然而，随后的主要涨幅发生在趋势已被认可之后。豪根建议，代币化遵循类似的模式。相关资产的价格在6月份较低。目前正在进行的结构性变化、代币化股票的监管清晰度、通过OpenZeppelin收购等交易建立的机构基础设施，以及上升的链上活动，都指向了一条更长的跑道。
在SEC和标普宣布消息的同一天，DeFi资产价格上涨。豪根没有引用具体的百分比变动，只提到该板块表现强劲。监管、企业和市场发展的巧合在同一天发生，构成了他论点的基础，即代币化已从投机转变为公认的宏观趋势。本文最初发布于The Coin Republic。
