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目錄
顛覆傳統(tǒng)券商?誰是下一個 Robinhood ?
「加密券商」,一個新物種的誕生
Home web3.0 Tokenized US stocks are soaring, is 'cryptocurrency brokers” subverting traditional brokers?

Tokenized US stocks are soaring, is 'cryptocurrency brokers” subverting traditional brokers?

Sep 11, 2025 pm 04:30 PM
Blockchain apple ai openai Tesla cryptocurrency Stablecoin exchange coinbase trading platform okx bitget currency

目錄
  • 顛覆傳統(tǒng)券商?誰是下一個 Robinhood ?
  • 「加密券商」,一個新物種的誕生

Tokenized US stocks are soaring, is cryptocurrency brokers” subverting traditional brokers?

「賣美股」的浪潮,已經席卷了整個加密貨幣行業(yè)。

據筆者不完全統(tǒng)計,市場上已經有超過 30 家加密交易平臺開始「賣美股」,其中超過 1000 萬用戶的平臺就多達 10 家。比如 Bybit ( 7000 萬用戶),Gate ( 3000 萬用戶)、Kraken ( 1500 萬用戶)、OKX Wallet ( 5500 萬用戶)、Phantom ( 1500 萬用戶)、Robinhood ( 2700 萬用戶)、Moonshot ( 2000 萬用戶)。Bitget 和 Trust Wallet 的用戶數更是超過 1 億。

美國最大的加密貨幣交易所 Coinbase 的 CEO 也表示將在 9 月 22 日推出「加密貨幣與美國科技股混合型產品」。

僅僅三個月時間,「賣美股」這項業(yè)務,成為幾乎所有主流 CEX 和 DEX 的標配。加密貨幣交易所們紛紛開始了「賣代幣化美股」的嘗試。

而 2025 年 9 月 3 日,Ondo Global Markets 正式上線,意味著全球最大的 RWA 平臺 Ondo 正式進軍代幣化美股市場。這一產品的發(fā)布也備受從業(yè)者期待。

據筆者統(tǒng)計,目前 Ondo 生態(tài)上有超過 8 家「加密交易平臺」,他們包括 Bitget Wallet、Trust Wallet、Gate、Bitget、MEXC、LBank 等;在 xStocks 生態(tài)上有超過 10 家「加密交易平臺」,他們包括 Kraken、Bybit、Bitmart、Moonshot、Phantom、Particle、UXUY、Kamino 等。

無一例外,用戶可以在這些平臺上通過穩(wěn)定幣買到「代幣化的美股」。

根據 Dune 最新數據,股票代幣化平臺 xStocks 已正式運營三個月,當前總交易量達到 37.82 億美元,其中 CEX 交易量為 36.12 億美元,DEX 交易量為 1.7 億美元。而 Ondo Global Markets 剛上線兩天,交易量達到 6500 萬美元,獨立持有者 253 個。

而除了 xStocks、Ondo 之外,還有更多的股票代幣化平臺正在積極入局,比如 Multiply、MyStonks、StableStock 等。有的還提供更多元的服務,比如 SpaceX、OpenAI 等非上市公司的股票交易服務,以及股票代幣化的合約與衍生品服務等。

顛覆傳統(tǒng)券商?誰是下一個 Robinhood ?

美股雖然是全球最大的資本市場,但實際參與者不足 1.8 億人。這意味著全球有超過 50 億的互聯網用戶沒有接觸過美股交易。

上一個盯上美股生意,并且成功拿到大結果的,還是 Robinhood 和富途。他們通過互聯網技術的普及, 成功實現了一次對傳統(tǒng)券商模式的顛覆,讓更多人得以接觸美股交易。

比如中國最大的美股券商——富途,于 2011 年誕生,它借助互聯網的「東風」,讓用戶可以直接線上開戶,并顛覆了中國傳統(tǒng)券商的普通用戶只可以交易 A 股的慣例,使得許多中國普通用戶也可以跨境購買美股,直至 2025 年,富途的美股注冊用戶已經超過 2600 萬,市值約為 260 億美元。不過 2022 年年底,在富途發(fā)展最迅猛的那段時間,中國及時禁止了其內地新用戶進行美港股交易,使得其用戶增長開始放緩,并將重心放在了境外全球市場。

而美國最大的互聯網券商、美股散戶大本營——Robinhood 于 2013 年誕生,它通過互聯網直接撮合訂單,提出免傭金美股交易,顛覆了美國券商行業(yè)收費模式,目前用戶規(guī)模超過 2300 萬,市值接近 1000 億美元。

Robinhood 與富途等互聯網券商的崛起,都離不開互聯網浪潮的興起。而隨著穩(wěn)定幣與加密貨幣技術的發(fā)展,「加密券商們」也開始對這一市場發(fā)起挑戰(zhàn)。

其中,xStocks 和 Ondo 便是其中的佼佼者。特別是 Ondo,作為目前全球最大的 RWA 平臺,財力雄厚、關系過硬,拿下美國三大合規(guī)牌照,這使其備受矚目。

「和傳統(tǒng)的券商平臺不一樣,不需要 KYC,這是我們和 Ondo 合作的原因之一?!挂晃慌c Ondo 合作的加密貨幣交易平臺的從業(yè)人員 Hayley 表示。

同樣是提供給美股交易服務的平臺,和 Robinhood、富途等券商最大的不同之處是,Ondo 無需 KYC,即無需任何身份證明便可交易美股。有業(yè)內人士指出:這一突破,以及代幣化美股衍生出的新玩法,或許將吸引數千萬新用戶進入美股市場。

筆者分別體驗了使用 Ondo 生態(tài)上的 Bitget Wallet 和 Trust Wallet 這兩個產品的「代幣化股票功能」,已經成功買到蘋果和特斯拉等代幣化美股。

「加密券商」,一個新物種的誕生

在互聯網券商出現之前,傳統(tǒng)券商和今天的體驗完全不一樣。

傳統(tǒng)券商的模式以線下網點和營業(yè)部為中心,投資者想開賬戶,需要帶身份證、戶口本等去柜臺辦理,買賣股票要么打電話給經紀人(broker),要么親自到營業(yè)部下單,通常一筆交易收 1% 甚至更高的手續(xù)費。

Tokenized US stocks are soaring, is cryptocurrency brokers” subverting traditional brokers?

互聯網券商的出現改變了這一點,人們不僅不需要線下辦理開戶,不需要電話才能交易股票,甚至手續(xù)費都能減免,就像 Robinhood 提出免傭金美股交易,顛覆了美國傳統(tǒng)券商行業(yè)收費模式一樣。

而如今,所有的券商實際上都已經成為「互聯網券商」。

加密券商,則是另外一個新物種。他們希望比互聯網券商更進一步。

第一,加密券商更進一步,要讓全球所有的用戶都可以無需身份驗證買到美股?;ヂ摼W券商的網絡開戶,大大降低了人們開戶的門檻,但是仍需要提供身份證明等。而「加密券商」則無需 KYC 等身份證明操作即可買賣美股。

第二,代幣化股票是可以在不同平臺流轉。因為區(qū)塊鏈的特性,普通用戶可以將一個平臺的代幣化股票,直接轉讓到另外一個平臺。而這在目前的券商是無法實現的。你無法將自己在富途上的蘋果股票直接轉給另外一個朋友,或者直接轉至 Robinhood 平臺。但是加密券商平臺上,這必須實現。

第三,在加密券商平臺上,還可以實現更多目前券商平臺上無法實現的交易。比如可以購買未上市公司的股票,可以進行股票的衍生品交易,以滿足更多用戶的需求。

正因為 Robinhood 和富途等互聯網券商都曾解決了不同的問題,從而實現千萬用戶的增長,而加密券商也是如此,他們是否能成為下一個 Robinhood,便在于是否能通過穩(wěn)定幣與加密貨幣技術解決新的問題,從而讓更多無法接觸到美股的人可以交易美股。

至于代幣化美股是美股嗎?這個問題或許會像美元穩(wěn)定幣是否是美元一樣,沒有人再去關心。

到此這篇關于代幣化美股成熱度飆升,“加密券商”顛覆傳統(tǒng)券商?的文章就介紹到這了,更多相關代幣化美股成熱度飆升內容請搜索本站以前的文章或繼續(xù)瀏覽下面的相關文章,希望大家以后多多支持本站!

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