币安考虑重启美股代币 全球加密交易所竞逐监管外平行市场

Core Viewpoint - Major cryptocurrency exchanges are competing to launch tokenized stock trading services that track U.S. stock performance, creating an unregulated parallel market outside U.S. oversight [1][2]. Group 1: Market Dynamics - Binance is considering reintroducing stock tokens on its platform, which were previously suspended in 2021 due to regulatory warnings [1][3]. - Other exchanges like OKX, Kraken, and Bitget are also exploring tokenized stock services, with Kraken's stock token product gaining traction after acquiring Backed Finance [1][8]. - The total value of circulating tokenized stocks has reached $915 million, a 19% increase from the previous month, while the total market capitalization of S&P 500 stocks is approximately $60 trillion [2][8]. Group 2: Trading Characteristics - Tokenized stocks allow trading of shares like Apple and Nvidia through overseas exchanges, even when U.S. markets are closed, and support anonymous transactions [1][9]. - Trading volume for tokenized stocks remains low, with a concentration on a few companies such as Tesla and Nvidia; for instance, Tesla's tokenized stock had a trading volume of $12 million compared to $29 billion on the Nasdaq [2][8]. Group 3: Regulatory Environment - U.S. regulators have not yet clarified how to regulate tokenized stocks, which are issued by third-party entities like xStocks and Ondo Finance, and are not actual shares [3][10]. - The New York Stock Exchange and Nasdaq are planning to allow tokenized stock trading, which could enhance settlement speeds [10]. - Coinbase is advocating for modifications to legislation to expedite the market entry of tokenized stocks by seeking exemptions from certain SEC regulations [4][10]. Group 4: Risks and Challenges - The anonymous nature of tokenized stock trading raises concerns about insider trading and market manipulation, as the low trading volume makes such activities easier [5][11]. - The design of tokenized stocks aims to track specific stock prices, but discrepancies often occur, and investors face risks related to the issuing entities' financial stability [11]. - Companies like Superstate and Securitize are attempting to obtain corporate authorization to convert actual stocks into tokenized versions, but progress has been slow [11].