U.S. Stock Tokenization: A New Wave of Web3 or Old Wine in a New Bottle?

Recently, the tokenization of US stocks has become a hot topic in Web3. Many well-known platforms have successively launched related products, attracting widespread attention. Is this phenomenon a brand new narrative, or old wine in a new bottle? This article invites several industry experts to conduct an in-depth discussion from the perspectives of technology, compliance, and investment.

Tokenization of US Stocks: A Product of New and Old Fusion

The tokenization of US stocks is not a new concept, dating back to early practices like STOs and IDOs. However, with the maturation of the market and changes in user demand, it is experiencing a new vitality. This wave of enthusiasm stems from multiple factors:

1. The improvement of the global regulatory environment has provided better development space for tokenization.

2. Technological advancements have made tokenization products more mature and reliable.

3. Traditional financial institutions are increasing their focus on the Web3 sector.

4. There is an increasing demand from users for low-threshold, high-liquidity investment tools.

The tokenization of US stocks not only continues the logic of asset securitization but also combines blockchain technology to bring innovation. It lowers the trading threshold, supports round-the-clock trading, and provides investors with more flexible options.

The Difference Between Tokenized Stocks and Traditional Stocks

Tokenization of stocks is essentially a price certificate of on-chain smart contracts, which significantly differs from traditional stocks:

1. Holders cannot enjoy traditional shareholder rights, such as voting rights and corporate governance rights.

2. Only track stock prices, similar to derivative attributes.

3. Supports 24/7 trading with stronger liquidity.

4. The redemption mechanism is not yet完善, and there may be a risk of price deviation.

5. There is uncertainty regarding compliance status, especially in regions outside of the United States.

Investors need to fully understand these differences and weigh the risks and returns.

Tokenization of Unlisted Stocks: Opportunities and Challenges

The tokenization of unlisted stock ( such as SpaceX and OpenAI ) has sparked heated discussions, but also faces many challenges:

1. Legal compliance and corporate governance may conflict.

2. The issue of information asymmetry is serious, making it difficult for investors to obtain complete information.

3. The pricing mechanism is opaque, and liquidity is insufficient.

4. The authenticity is difficult to verify, and the difficulty of safeguarding rights is high.

Despite the risks, the tokenization of unlisted stocks also provides early-stage projects with new financing channels and market pricing opportunities. Investors should remain cautious and fully assess the risks.

Choosing the Issuance Chain: Dual Considerations of Technology and Business

The choice of issuance chain for tokenized stocks involves multiple factors:

1. User base and ecosystem maturity ( like Solana )

2. Transaction Speed and Gas Fees

3. Contract customization capability ( like Arbitrum )

4. Business Cooperation Relationship

5. Compliance Requirements

Different platforms make choices based on their own strategies and technological advantages, reflecting a dual consideration of technology and business.

Long-term Value and Future Development

The tokenization of US stocks, as a branch of RWA, has long-term value:

1. Improve transparency and reduce trust costs.

2. Supports round-the-clock trading and fast pricing.

3. Lower the trading threshold and costs.

4. Connecting traditional finance with the Web3 world.

However, it is still in the experimental stage, facing challenges such as insufficient liquidity and price deviation. Future development requires the maturity of technology, regulation, and the market.

In addition to stocks, the tokenization of assets in fields such as copyrights and real estate is also worth paying attention to, as it is expected to reshape the finance and content industries.

Overall, the tokenization of US stocks is both an endogenous growth of Web3 and an external force attracting the attention of traditional finance. It combines innovation and heritage, representing an important direction for the digital transformation of financial markets. As the market continues to mature, we have reason to expect it to bring more positive changes.