Hua Xia Shi Bao·2025-05-28 12:48Core Insights - The cryptocurrency market is witnessing significant developments, particularly with Kraken launching its tokenized stock trading service "xStocks," allowing non-U.S. clients to trade popular stocks like Apple and Tesla in a tokenized format [2][3] - This move represents a shift towards the tokenization of real-world assets (RWA), redefining the relationship between traditional securities and tokens, and providing decentralized market access to traditional assets without relying on conventional exchanges [2][3] Group 1: Market Developments - Kraken's xStocks operates on the Solana blockchain, with Backed Finance ensuring a 1:1 peg between tokens and underlying stocks, allowing for cash redemption at any time [3] - The total market capitalization of U.S. stocks is approximately $52 trillion, accounting for over 45% of the global stock market [3] - Other platforms like Bybit are also entering the market, supporting USDT trading for 78 global quality stocks, indicating a growing trend in tokenized stock offerings [3] Group 2: Implications for Traditional Finance - The tokenization of U.S. stocks could diversify financing channels for companies, attracting global investors beyond traditional financial markets [4] - This trend poses challenges to traditional financial institutions, particularly in underwriting services, as companies may rely less on investment banks for capital raising [4] - Increased market volatility is anticipated due to extended trading hours and a broader participant base, which may lead to more frequent price fluctuations [4] Group 3: Regulatory and Operational Considerations - The emergence of tokenized stocks highlights the need for robust regulatory frameworks and operational mechanisms to ensure asset rights and prevent issues like price manipulation [5][6] - The collapse of FTX serves as a cautionary tale regarding the credibility of trading platforms and the importance of understanding the underlying asset mapping mechanisms [6] - Investors are advised to assess the credibility of platforms and ensure compliance with legal standards to mitigate risks associated with tokenized assets [5][6] Group 4: Future Trends - The global market for tokenized assets is projected to reach $16 trillion by 2030, with securities playing a significant role [4] - The rise of stablecoins, which are backed by low-risk assets like U.S. Treasury bonds, is expected to further integrate digital currencies into global financial transactions [8][9] - The interplay between stablecoins and tokenized stocks may reshape the competitive landscape of finance, emphasizing the need for a reliable and low-friction RWA ecosystem [7][9]