Base：股票上鏈後，誰都能買美股嗎？

0:00Base 推出代幣化股票

0:00大家好，我是 Base 的 Xen。我們最近推出了代幣化股票。這些股票由 Coinbase 發行，每一股都有存放在受監管託管機構的真實股票 100% 支持，持有人對底層股票擁有完整的法律所有權。你可以放在錢包裡、拿去 DeFi 使用，也可以 24/7 全天候交易。代幣化股票會擴大誰能投資、誰能募資，以及大家能打造什麼。對世界上很多人來說，買一支美股是很痛苦的事。Hi, I'm Xen from Base. We recently launched tokenized stocks. These are issued by Coinbase, fully backed by shares held within a regulated custodian, and give you complete legal ownership over the underlying share. You can use them in your wallet, you can use them on DeFi, and you can trade them 24/7. And tokenized stocks will expand who can invest, who can raise capital, and what people can build. For many people around the world, buying a U.S. stock is painful.

0:48買股票像叫外送一樣簡單

0:48可能要付很高的手續費、碰到一堆摩擦和文書作業，還得找到願意服務你的券商。有了代幣化股票，買股票可以像叫外送一樣簡單。不到一分鐘，你就能下載錢包、用 email 註冊，再用 Apple Pay 買股票。這顯然會讓能買股票的人大幅增加。對公司來說，現在可以取得遠超出本國市場的資金。不只公司，新創和社群現在也有更多籌資選擇。It can mean very high fees, lots of friction, lots of paperwork, and finding a broker willing to serve you. With tokenized stocks, buying a stock can be as easy as ordering a takeaway. In under a minute, you can download a wallet, sign up with email, and buy a stock with Apple Pay. So this clearly dramatically increases the amount of people who will be able to buy stocks. And so for companies, companies can now access funding and capital far beyond their home markets. And so companies, but also startups and communities, now have more options for financing.

1:40實體所在地不再是投資資產和募集資金的那麼大的障礙。股票一旦上鏈，新創就能在上面打造新產品和服務。我們推出代幣化股票時有超過 50 個合作 app，所以到今天，你已經可以在 Aerodrome 上 24/7 交易這些股票，在 Bitwise 投資代管的投資組合，在 Aave 用股票抵押借款，甚至可以讓 Bankr 的 agent 幫你管理部位。Physical location is no longer such a barrier for investing in assets and raising capital. And once the shares are onchain, startups can build new products and services on them. We launched tokenized stocks with over 50 partner apps, and that's why, as of today, you can trade the stocks 24/7 on Aerodrome. You can invest in a managed portfolio on Bitwise. You can borrow against your stock on Aave. And you can even have an agent manage your position with Bankr.

2:29五個預測：基本面、社群、冪律、國家競爭

2:29當然，這只是開始。新創會打造出我們沒預料到、也想像不到的新產品和服務。Base 會在這裡支持他們。我們透過自己的加速器 Base Batches、Base Ecosystem Fund，以及像和 Network School 這樣的合作，支持在代幣化股票上創業的團隊。我認為整體來說，代幣化加上 AI 會徹底改變市場，以下是五個理由。第一，AI 讓研究全球各地的基本面變得便宜又容易很多。Now, of course, this is only the beginning. Startups are going to build new products and new services we haven't predicted and we couldn't have imagined. And at Base, we're here to back them. We're backing startups building on tokenized stocks through Base Batches, which is our accelerator, the Base Ecosystem Fund, and our partnerships, like that with the Network School. Now, I think tokenization in general, combined with AI, will transform markets, and here are five reasons how. Number one, AI makes it much cheaper and easier to do fundamental research across the world.

3:20同時，代幣化讓根據研究結果採取行動變得容易許多。兩者結合起來，好的基本面會更快被發現。第二，基本面依然非常重要，但社群媒體也一樣重要。一場直播就能撼動市場。個別創作者能帶動情緒，有時甚至能左右市場。年長的投資人可能聽 Goldman Sachs 的，年輕投資人則更可能聽他們最喜歡的實況主。這就是為什麼社群媒體在金融市場會變得如此重要。At the same time, tokenization makes it much easier to act on that research, and so the combination is that good fundamentals get discovered quicker. Number two, whilst fundamentals remain incredibly important, so does social media. A livestream can move a market. Individual creators can drive sentiment, and individual creators can sometimes move markets. Older investors might listen to Goldman Sachs, whereas younger investors are far more likely to listen to their favorite streamer. And so that's why social media will become so important in financial markets.

4:08第三，冪律會擴及全球。在地公司現在能取得全球資本，這代表在地的贏家不只能吸引更多資金，也能爭奪全球市場。我們會看到贏家在全球規模上更快壯大。第四，市場之間的連動會更緊密。代幣化股票天生就是全球性的，但它們也能拿來當貸款和衍生品部位的抵押品。這會提高不同市場、不同資產和不同金融工具之間的連動性。好處是市場更有效率，但也代表衝擊會更快在市場之間被放大。Number three, power laws will go global. Local companies can now access global capital, and so this means that local winners can attract more capital, but also compete for a global market. We'll see the winners get bigger faster on a global scale. Number four, we'll see more interconnectivity between markets. Tokenized stocks are obviously global by nature, but they can also be used as collateral for loans and derivative positions. This increases the interconnectivity between different markets, different assets, and different instruments. This is great because it means markets are more efficient, but it also means shocks can be amplified across markets more quickly.

5:00第五，各國會競相爭取資本，以及打造這些市場的企業。而好的監管就是它們競爭的方式。Coinbase 是在 Abu Dhabi 依照當地的代幣化框架發行代幣化股票。美國 SEC 最近也開出一條路，雖然是有條件的，但確實是一條通往代幣化和在美國交易的路。這張圖是目前代幣化股票的總價值。現在剛突破 30 億美元，很快就會接近 40 億美元。這張圖讓我想到穩定幣的圖。大約七年前，穩定幣的位置跟今天的代幣化股票非常相似。And number five, countries will compete for capital and for the businesses building these markets. And good regulation is how they do that. Coinbase has issued tokenized stocks out of Abu Dhabi under the tokenization framework. The SEC has recently come out with a route, a conditional route, but a route towards tokenization and trading in the U.S. This is the chart showing the total value of tokenized stocks today. It's now just gone over $3 billion and is now approaching $4 billion very soon. And the chart reminds me of the chart for stablecoins, which about seven years ago were at a very similar place to where tokenized stocks are today.

5:49會像穩定幣一樣成長

5:49從那時起，穩定幣找到了極強的產品市場契合，市值成長到數千億美元，交易量達到數兆美元。我認為代幣化股票也會發生類似的事。我想我們回頭看時，會把 2026 年視為代幣化股票的轉折點。這一年，代幣化股票讓全世界都能取得資產、取得資本，也帶來新的金融產品。這一年，代幣化股票實現了「無國界的資本」。非常謝謝大家。And since that time, we saw stablecoins have dramatic product-market fit, growing to hundreds of billions of market cap and trillions in trading volume. And I think we'll see a similar thing happen with tokenized stocks. I think we'll look back at 2026 as the inflection point for tokenized stocks, the year when tokenized stocks enable global access to assets, global access to capital, and new financial products for the world. The year that tokenized stocks enable capital without borders. Thank you very much.