美国在区块链上的股票上市已成为最近安静的市场中的热门话题。

3月8日，瑞士令牌化发行人支持在基础链上推出的Coinbase股票WBCOIN。

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

美国在区块链上的股票上市已成为最近安静的市场中的热门话题。

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，瑞士令牌化发行人支持的基本链上的Coinbase股票代币WBCoin可以通过Cowswap与USDC交易，并声称为1：1固定在$ COIN股票的价值上，并具有法律索赔。尽管支持的强调，它与Coinbase没有官方联系，但此举引发了社区中激烈的讨论：美国股票的令牌是否会在新的增长周期中引入？在持续迟钝的市场的背景下，“新的葡萄酒中的旧葡萄酒”是否可以成为建立底部的新叙事？

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

叙述是首先出现的，价值稍后：美国库存令牌的热与冷对比

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.

随着亲克莱普托·特朗普政府就职，美国SEC与Coinbase之间的诉讼关系也结束了。基本协议负责人杰西·波拉克（Jesse Pollak）在X上表示，Coinbase正在考虑将令牌化的$ Coin股票引入美国用户的基本网络。但是，Coinbase需要花费一些时间才能合规开展这项业务。

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.

支持的快速行动使这已经迈出了一步。根据官方数据，支持成立于2021年，最初从GNOSIS和语义等机构获得了投资支持。支持的总部和运营主要针对全球市场。它的产品是根据欧盟监管框架发布的，符合MIFID II合规性要求，并通过了欧盟招股说明书。

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并不是支持的第一个库存令牌化产品。早在2024年7月，支持与INX合作推出了NVIDIA的标记股票交易。此外，Backed还推出了用于各种股票资产（例如标准普尔500号和特斯拉）的代币化产品。但是，当推出这些产品时，市场的重点不是证券令牌化的话题，当今市场迫切需要一些合理的叙述来重建信心。

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.

但这不仅是因为支持的产品在美国市场上不可用，也不是因为市场衰退。 WBCoin上网后，交易的受欢迎程度显然不如主题受欢迎程度那么高。截至3月11日，WBCOIN的TVL约为442万美元。

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

机场数据显示，其交易量仅为3,352美元，甚至不如新发行的Meme Coin受欢迎。

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.

这种缓慢的性能不仅是由于WBCoin在线的短时间 - 较早推出的另一种产品BNVDA的交易量仅为113美元，而且也不受欢迎。

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.

尽管有热门的概念，但目前的美国股票代币化市场仍处于早期阶段，规模和活动有限。也许，共同基础的代币化产品可能会引起更大的交易热情。

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

象征性的美国股票：新瓶中的旧葡萄酒，合规性是第一个障碍

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.

实际上，将美国股票放在区块链上并不是一个新主意。在最近的尝试浪潮之前，加密货币行业和传统金融机构已经探索了它，但大多数人最终以失败告终。

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.

曾经受欢迎的FTX交易所还为包括特斯拉和GameStop在内的美国股票提供了令牌化的交易服务。但是，FTX在2022年的崩溃使这项业务突然陷入了困境。之后，谣言质疑FTX的股票代币是否全额持有相应的股票，进一步破坏了市场对交易所发行的标记股票的信任。

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还试图推出与Tesla，Coinbase和Apple等美国股票相对应的代币化股票产品，用户可以在其中购买这些股票代币的零碎股份。但是，随着各个国家 /地区的监督收紧，在建立股票代币的几周内，英国和德国的金融监管机构警告说，这些产品可能违反证券法规。在不到三个月的时间里，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曾经以代币化的股票交易为特色，还选择关闭其交易平台，并在经历了监管压力和SEC诉讼后进行破产清算。

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，在最后一轮尝试中，合规障碍是交易所未能签发美国股票代币的主要原因。现在，市场再次回到美国股票代币问题，有几个因素：

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

1。随着特朗普政府对加密的强调和支持，加密货币与监管之间的张力也缓解了。

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

2。市场进入了一个弱点时期，需要回归一些由实际价值支持的叙述。

3. Technology and compliance

3。技术与合规性