纽约证券交易所与区块链.com合作推出代币化美国股票

Blockchain.com has reached a memorandum of understanding with the New York Stock Exchange to jointly promote access to tokenized U.S. stocks and ETFs

Blockchain.com has signed a memorandum of understanding (MOU) with the New York Stock Exchange (NYSE) to provide Blockchain.com users with access to tokenized U.S. stocks and exchange-traded funds (ETFs) through the NYSE's planned digital trading platform. The arrangement aims to expand the NYSE's tokenized securities roadmap from traditional market participants to Blockchain.com's global customer base, but only if regulatory approval is obtained.

In addition, the agreement also involves the exchange of market data. ICE Data Services, a NYSE affiliate, plans to provide crypto market data and analytical reports to Blockchain.com, which in turn needs to provide some ICE and NYSE market data feeds to the NYSE ecosystem.

Core Points

• Tokenized product distribution: After receiving regulatory approval, Blockchain.com will distribute tokenized U.S. stocks and ETFs through the NYSE's Digital Alternative Trading System (ATS).
• Expand retail coverage: The NYSE's planned tokenized securities issuance will cover the user base of Blockchain.com, which is expected to broaden retail investors 'access to U.S. listed products.
• Reciprocal data sharing: The agreement includes a two-way market data sharing mechanism between ICE Data Services and Blockchain.com.
• Industry perspective: Industry commentators point out that the NYSE's model may focus on features that are oriented to retail customers, such as round-the-clock trading and request for quotation (RFQ)-style execution.
• Regulatory background: The agreement was signed shortly after the U.S. Securities and Exchange Commission (SEC) introduced a five-year "innovation exemption" for specific tokenized securities trading venues.

Blockchain.com joins hands with the New York Stock Exchange: details of cooperation between tokenized stocks and ETFs

Under this memorandum of understanding, Blockchain.com will be responsible for distributing tokenized U.S. listed stocks and ETFs traded on the New York Stock Exchange Digital ATS. The scope of distribution will depend on the outcome of regulatory approvals, which remains a key prerequisite for the implementation of any tokenized securities.

This cooperation also marks a clear integration between native cryptographic distribution networks and traditional market infrastructure. If approved, Blockchain.com will become a channel for NYSE related tokenization tools, while the NYSE's planned platform provides an underlying trading venue for these assets.

For market participants, the practical significance is not whether tokenization is feasible, but how it is implemented-especially in terms of settlement, custody, and continuity of delivery of transactions to end users.

Why the NYSE model is critical to retail traders

TD Securities美国股票市场结构副总裁Rid Noch在接受采访时指出，纽交所计划的代币化ATS看起来“主要是为了吸引零售流量”。据Noch介绍，该平台的设计——包括计划中的24/7全天候交易和报价请求功能——更贴近零售参与者在标准交易时段之外与市场互动的方式。

Noch进一步辩称，由于零售交易通常是预付款的，转向即时结算可能对现有的零售工作流程造成的干扰有限。

Noch强调的一个更大区别是“真正的周末交易”。他建议这对于以零售为主的参与者或在新闻驱动的价格波动溢出传统交易时段的时期尤其有意义。Noch引用了伊朗冲突初期代币化石油永续合约的例子，当时交易活动在周末显著增加。

这种视角的重要性在于它指出了投资者最先感受到的变化：并非代币化本身，而是他们何时以及如何能够对影响价格的事件做出反应。

交易所竞相迈向链上股权——但尚未统一模式

Blockchain.com与纽交所的谅解备忘录处于一个更广泛的趋势之中：主要交易平台正在探索使用类代币结构提供股权敞口的方式。Talos高级研究助理Tanay Ved在与媒体分享的观点中描述了这一转变，称传统市场正在采用“加密货币开创的24/7可编程结构”。

Ved pointed out that multiple methods are being tested by leading institutions. He mentioned Kraken's xStocks and its independent tokenized equity model in partnership with Nasdaq, as well as the efforts of Binance, Coinbase and Robinhood to bring equity onto the chain through different product frameworks.

However, Ved emphasized that these initiatives involve trade-offs that may materially affect user rights and the proportion of "true ownership" stories conveyed by each product. In his assessment, he said tokenization models range from issuers 'native equity to custodian exposure and even derivatives-each model is trading ownership in exchange for accessibility. "It remains to be seen which model will ultimately win," he described the current phase as an early adoption period, with the market still deciding which structure will best balance compliance, availability and investor protection.

For readers, the revelation is straightforward: tokenized stocks are not a single category with uniform rules. Even if the instrument refers to the same underlying stock, its legal and economic structure can be different-which will change the way the rights, voting rights and other rights actually owned by the holder are treated, and in extreme cases, how the product performs.

Tokenized securities gain regulatory momentum as the SEC opens the way

此次纽交所与Blockchain.com的发展发生在美国证券交易委员会（SEC）推出五年期“创新豁免”不到一周后，该豁免旨在针对特定的代币化证券交易场所。SEC的新闻稿描述称，该豁免允许符合条件的场所使用许可的自动做市商（AMM）流动性池来促进交易，只要满足特定条件，就不被视为《证券交易法》下的交易所。

其中一个核心要求是，代币化股票必须与其常规股份 counterpart 拥有相同的权利和特权。因此，SEC的框架直接影响哪些代币化产品有资格符合规定，哪些可能在当前形式下被排除在外。

据报道，豁免的条件似乎使一些现有产品不符合资格，这些产品提供了敞口但未授予持有者与常规股东相同的权利——特别提到了Kraken的xStocks和Robinhood的股票代币（Stock Tokens）。这对市场运营商的信息是明确的：仅靠代币化是不够的；产品设计必须符合权利对等的期望。

SEC委员Hester Peirce也在公开场合表示，该豁免涵盖了一种模式，同时为框架之外的其他方法留出了空间，强调监管者的路径可能不是唯一的路径——但它可能会成为合规预期的参考点。

快速扩张的代币化股票市场凸显需求——关键在于解决结构问题

尽管监管结构在不断演变，但代币化股票市场本身正在增长。Cointelegraph引用的RWA.xyz数据显示，截至周三，分布式价值达到31.4亿美元，较前30天增长超过18%。同一数据集显示，持有人数量上升了近72%，达到387万人。

这些数据表明，兴趣不仅限于机构的实验。但也突显了为什么每家交易所模型的细节——权利、结算、流动性机制和运营时间——至关重要。如果周末交易和更快的结算证明具有吸引力，它们可能成为推动零售参与者进一步进入代币化证券层的实际驱动力。

目前仍不清楚的是，哪些代币化格式能够在满足SEC强调的权利和资格要求的同时实现规模化。

随着Blockchain.com现在与纽交所计划的代币化交易倡议挂钩，下一个关注点是监管批准和最终的产品结构——特别是所有权权利、结算行为和流动性机制如何在代币化的美国股票和ETF中实施。