美國在區塊鏈上的股票上市已成為最近安靜的市場中的熱門話題。

3月8日，瑞士令牌化發行人支持在基礎鏈上啟動Coinbase股票WBCOIN。

The listing of U.S. stocks on the blockchain has become a hot topic in the recently quiet market.

美國在區塊鏈上的股票上市已成為最近安靜的市場中的熱門話題。

On March 8, Swiss tokenization issuer Backed launched Coinbase stock token wbCOIN on the Base chain, which can be traded with USDC through CoWSwap and claims to be 1:1 anchored to the value of $COIN stock and has legal claims. Although Backed emphasized that it has no official connection with Coinbase, this move has sparked heated discussions in the community: Will the tokenization of US stocks usher in a new growth cycle? In the context of the continued sluggish market, can the "old wine in a new bottle" of stock tokenization become a new narrative to build a bottom?

3月8日，瑞士令牌化發行人支持的基本鏈上的Coinbase股票代幣WBCoin可以通過Cowswap與USDC交易，並聲稱為1：1固定在$ COIN股票的價值上，並具有法律索賠。儘管支持的強調，它與Coinbase沒有官方聯繫，但此舉引發了社區中激烈的討論：美國股票的令牌是否會在新的增長周期中引入？在持續遲鈍的市場的背景下，“新的葡萄酒中的舊葡萄酒”是否可以成為建立底部的新敘事？

Narratives come first, value comes later: the hot and cold contrast of US stock tokenization

敘述是首先出現的，價值稍後：美國庫存令牌的熱與冷對比

With the pro-crypto Trump administration taking office, the litigation relationship between the US SEC and Coinbase also ended. In early 2025, Jesse Pollak, head of the Base protocol, said at X that Coinbase was considering introducing tokenized $COIN stocks to the Base network for US users. But it will take some time for Coinbase to launch this business in compliance.

隨著親克萊普托·特朗普政府就職，美國SEC與Coinbase之間的訴訟關係也結束了。基本協議負責人傑西·波拉克（Jesse Pollak）在X上表示，Coinbase正在考慮將令牌化的$ Coin股票引入美國用戶的基本網絡。但是，Coinbase需要花費一些時間才能合規開展這項業務。

Backed's quick action has taken it a step ahead. According to official data, Backed was founded in 2021 and initially received investment support from institutions such as Gnosis and Semantic. Backed's headquarters and operations are mainly aimed at the global market. Its products are issued under the EU regulatory framework, comply with MiFID II compliance requirements, and have passed the EU prospectus.

支持的快速行動使這已經邁出了一步。根據官方數據，支持成立於2021年，最初從GNOSIS和語義等機構獲得了投資支持。支持的總部和運營主要針對全球市場。它的產品是根據歐盟監管框架發布的，符合MIFID II合規性要求，並通過了歐盟招股說明書。

However, wbCOIN is not Backed's first stock tokenization product. As early as July 2024, Backed launched NVIDIA's tokenized stock trading in cooperation with INX. In addition, Backed has also launched tokenized products for a variety of stock assets such as S&P 500 and Tesla. However, when these products were launched, the market's focus was not on the topic of securities tokenization, and today's market urgently needs some reasonable narratives to rebuild confidence.

但是，WBCoin並不是支持的第一個庫存令牌化產品。早在2024年7月，支持與INX合作推出了NVIDIA的標記股票交易。此外，Backed還推出了用於各種股票資產（例如標準普爾500號和特斯拉）的代幣化產品。但是，當推出這些產品時，市場的重點不是證券令牌化的話題，當今市場迫切需要一些合理的敘述來重建信心。

But it is not just because Backed's products are not available in the US market or because of the market downturn. After wbCOIN went online, the trading popularity was obviously not as high as the topic popularity. As of March 11, wbCOIN's TVL was about 4.42 million US dollars.

但這不僅是因為支持的產品在美國市場上不可用，也不是因為市場衰退。 WBCoin上網後，交易的受歡迎程度顯然不如主題受歡迎程度那麼高。截至3月11日，WBCOIN的TVL約為442萬美元。

Aerodrome data shows that its trading volume is only $3,352, which is not even as popular as the newly issued MEME coin.

機場數據顯示，其交易量僅為3,352美元，甚至不如新發行的Meme Coin受歡迎。

This sluggish performance is not only due to the short time wbCOIN has been online - another product that was launched earlier, BNVDA, has a trading volume of only US$113 and is also not popular.

這種緩慢的性能不僅是由於WBCoin在線的短時間 - 較早推出的另一種產品BNVDA的交易量僅為113美元，而且也不受歡迎。

Despite the hot concept, the current US stock tokenization market is still in its early stages, with limited scale and activity. Perhaps, tokenization products from Coinbase may trigger greater trading enthusiasm.

儘管有熱門的概念，但目前的美國股票代幣化市場仍處於早期階段，規模和活動有限。也許，共同基礎的代幣化產品可能會引起更大的交易熱情。

Tokenized US stocks: old wine in new bottles, compliance is the first hurdle

象徵性的美國股票：新瓶中的舊葡萄酒，合規性是第一個障礙

In fact, putting U.S. stocks on the blockchain is not a new idea. Before the recent wave of attempts, the crypto industry and traditional financial institutions had already explored it, but most of them ended in failure.

實際上，將美國股票放在區塊鏈上並不是一個新主意。在最近的嘗試浪潮之前，加密貨幣行業和傳統金融機構已經探索了它，但大多數人最終以失敗告終。

The once-popular FTX exchange also provided tokenized trading services for US stocks including Tesla and GameStop between 2020 and 2022. However, the collapse of FTX in 2022 brought this business to an abrupt end. Afterwards, rumors questioned whether FTX's stock tokens held the corresponding stocks in full, further undermining the market's trust in the exchange's issuance of tokenized stocks.

曾經受歡迎的FTX交易所還為包括特斯拉和GameStop在內的美國股票提供了令牌化的交易服務。但是，FTX在2022年的崩潰使這項業務突然陷入了困境。之後，謠言質疑FTX的股票代幣是否全額持有相應的股票，進一步破壞了市場對交易所發行的標記股票的信任。

In 2021, Binance also tried to launch tokenized stock products corresponding to US stocks such as Tesla, Coinbase, and Apple, where users can purchase fragmented shares of these stock tokens. However, with the tightening of supervision in various countries, within a few weeks of Binance launching stock tokens, financial regulators in the UK and Germany warned that these products may violate securities regulations. In less than three months, Binance announced the removal of all stock tokens.

2021年，Binance還試圖推出與Tesla，Coinbase和Apple等美國股票相對應的代幣化股票產品，用戶可以在其中購買這些股票代幣的零碎股份。但是，隨著各個國家 /地區的監督收緊，在建立股票代幣的幾週內，英國和德國的金融監管機構警告說，這些產品可能違反證券法規。在不到三個月的時間裡，Binance宣布取消所有股票令牌。

In addition, Bittrex Global, an exchange that once featured tokenized stock trading, also chose to close its trading platform and go through bankruptcy liquidation after experiencing regulatory pressure and SEC litigation.

此外，Bittrex Global曾經以代幣化的股票交易為特色，還選擇關閉其交易平台，並在經歷了監管壓力和SEC訴訟後進行破產清算。

It can be seen that in the last round of attempts, compliance barriers were the main reason for the failure of exchanges to issue U.S. stock tokens. Now the market is again returning to the issue of U.S. stock tokens, and there are several factors:

可以看出，在最後一輪嘗試中，合規障礙是交易所未能簽髮美國股票代幣的主要原因。現在，市場再次回到美國股票代幣問題，有幾個因素：

1. With the Trump administration's emphasis on and support for encryption, the tension between cryptocurrency and regulation has also eased.

1。隨著特朗普政府對加密的強調和支持，加密貨幣與監管之間的張力也緩解了。

2. The market has entered a period of weakness and needs the return of some narratives that are supported by real value.

2。市場進入了一個弱點時期，需要回歸一些由實際價值支持的敘述。

3. Technology and compliance

3。技術與合規性