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FollowingSEC新框架下的代币化股票：超越交易产品的全新机遇
美国证券交易委员会（SEC）推出的新型代币化股票框架，其意义远不止于创造另一款加密交易产品。该框架有望在经纪业务、托管服务、区块链基础设施以及稳定币结算等领域开辟全新的收入来源。
根据该机构颁布的为期五年的“创新豁免”规定，符合条件的交易平台可以通过公共区块链上的许可制自动做市商进行美国上市股票的代币化交易。这些证券必须赋予持有者与底层股份同等的权利，同时发行人有权收到通知并提出异议。
据Wu Blockchain报道，高盛和Citizens银行的分析师认为，Coinbase、Robinhood和Circle是三大潜在受益者——但三者受益的逻辑截然不同。
Coinbase：货币化潜力不止于交易
Coinbase的机会远超交易手续费本身。代币化股票市场可能会催生对托管服务、发行技术、区块链基础设施以及稳定币结算的巨大需求。此外，Coinbase还掌控着Base网络（其以太坊Layer 2解决方案），这为其进一步切入链上证券基础设施提供了另一条路径。
这也解释了为何围绕代币化股票的监管进展推动了Coinbase股价近期的反弹。此前有报道指出，在美国尚未形成清晰框架之前，代币化股票的周交易量已达到约30亿美元。
Robinhood: Facing greater product change challenges
Robinhood currently provides stock tokens overseas, but its existing structure just highlights the importance of the SEC framework.
Coinpaper's explanatory article on tokenized stocks states that Robinhood's existing offshore stock tokens mainly provide economic exposure rather than direct legal ownership of underlying shares. The SEC framework requires that eligible U.S. tokenized stocks must provide benefits equivalent to shareholder rights.
This means that although Robinhood can benefit from new markets, it cannot simply copy its existing offshore model. The issuer's objection constitutes another constraint. AMC has challenged Robinhood's tokenized stock model. There have been previous incidents in which the price of AMC-related tokens deviates significantly from the underlying stock price, which Coinpaper reported in detail.
