Akshay BD：代幣化長尾資產，讓全球資本市場 24/7 無眠交易

0:00資產代幣化的真正機會

0:00代幣化的核心，是要讓美國股票能夠透過Reg S（S條例）流通到美國以外的國際投資人手中。這大概是現在大家都在努力的方向，大家都認為這是在讓美國以外的人也能買到Meta和Nvidia這類股票。但如果你在新加坡，甚至去印尼，你都可以下載金融科技軟體，買到特斯拉的零股。所以這些東西其實在應用程式上早就已經可以取得了。我不確定你是否真的需要加密貨幣的網路基礎設施，才能讓美國以外的人取得這些股票。在過去15年，美國資本市場大約有21兆美元的資金流入，這之所以能發生，是因為美國資本市場本來就有很好的分銷和管道。Tokenization is about getting U.S. stocks out to international investors outside the U.S. under Reg S. This is sort of what everybody's working on, and everybody thinks this is about getting people access to Meta and Nvidia stock outside the United States. But if you're in Singapore, or even if you go to Indonesia, you can download the FinTech app and get fractional Tesla shares. So these things are already available on apps. I'm not sure you really need crypto rails to get them into the hands of people outside the U.S. There's been something like $21 trillion of inflows in the U.S. capital markets in the last 15 years, and that exists because you have good distribution and piping into the U.S. capital markets already.

0:44所以我接下來要提出的論點其實是，資產代幣化一開始主要是針對那些不屬於S&P 500、沒有人在追蹤分析的長尾資產，還有美國以外的資本市場。好，那我們就開始進入主題吧。So the case I'm going to make is actually tokenization is about tokenizing the long tail of assets outside the S&P 500 to begin with that actually don't have analysts covering them, and then capital markets outside the United States. All right, so let's get into it.

1:00是的，所以所謂的長尾，如果你把S&P 500當作頭部來看，長尾其實是全球99%的上市公司，這些公司佔了全球所有上市公司市值的63%。而這才是真正的代幣化機會所在，其實並不是在頭部。那為什麼會這樣呢？我們來看看現在在Hyperliquid上鏈上已經在交易的是什麼吧。長尾公司其實已經在Hyperliquid上交易了。你可以看到SK Hynix，這是一家記憶體股票公司，它在交易量前五名裡面。還有石油，當然還有Micron。你知道，這些公司波動性都很高，等一下我會解釋為什麼它們的交易量會這麼大。Yeah, so the long tail, if you think of the S&P 500 as the head. The long tail is 99% of the listed companies in the world, which is 63% of the market cap of all listed companies in the world, and that's what the tokenization opportunity is, not really about the head. Okay, so why is that? Well, let's look at what's trading on-chain already on Hyperliquid, right? The long tail is already trading on Hyperliquid. You see SK Hynix, it's like a memory stock company that is in the top. Five of things that were traded: oil, of course, Micron. You know, these are companies that are highly volatile, and I'll get to why they get so much volume, right?

1:41所以，市值前十大代幣中，零個被納入S&P 500，對吧？SpaceX 是唯一的例外，但他們也已經有過首次公開募股（IPO）。好，那我們來看看現貨資產。這是在 Solana 和 Robinhood chain 上的情況。有一家公司叫做 Vida Global，是一家 AI 軟體微型股公司，在 Solana 上的交易量是它在納斯達克的 11 倍。好，這就是當你開始在區塊鏈上，根據公司的終極價值重新定價時，這會開始影響他們的實際估值。像 Palantir 這家公司也是一樣，它是一家生技微型股，還有 1-800-Flowers、Trump Media。你可以在 Robinhood chain 上看到類似的公司名單。正如你所見，這些公司都屬於長尾公司，他們不是 Nvidia 或 Mag Seven 那種公司，懂嗎？And so zero of ten of the largest tokens by value are in the S&P 500, right? SpaceX is the only exception, but they also had an IPO. So, all right. Let's look at spot assets. This is on Solana and the Robinhood chain. They're like this company called Vida Global, which is an AI software microcap company, did 11 times more volume on Solana than it did on the Nasdaq. Okay, and so that's when you start to reprice companies to their sort of, to their terminal value on a blockchain, and that starts to impact. Their actual valuation. Same for a company called Palantir, which is a biotech microcap, 1-800-Flowers, Trump Media. You can see a similar list for Robinhood chain. As you see, these are companies in the long tail. They're not the Nvidias or the Mag Seven, okay? All right.

2:35長尾資產的吸引力與波動性

2:35為什麼長尾有趣呢？嗯，如果你看看在加密貨幣領域裡成功的東西，不外乎就是——你知道的，猴子的圖片或者狗狗幣，這些都是屬於長尾資產，由散戶在市場上來回交易而定價。所以，加密市場的第一大產品就是波動性。你所提供的產品就是波動性，而這種波動性正好存在於長尾資產裡，對吧？這是第一點。第二點是——其實長尾資產一直以來都是產生報酬的地方。我舉個例子，如果你在過去五年持有哈薩克政府公債，只要你持續換倉，無論以貨幣計價還是扣除收益後，你的表現都超越了S&P 500。Why is the long tail interesting? Well, if you look at what has succeeded in crypto, it's either like— You know, pictures of monkeys or coins of dogs, these are assets in the long tail that get priced by retail trading them back and forth. And so the number one product of crypto markets is volatility. The product you're providing is volatility, and the volatility is in the long tail of assets, right? So that's one. The second is— It's where actually the long tail has been where the returns have been. I'll give you an example. If you held Kazakhstan government bonds over the last five years, you outperformed the S&P 500 if you kept rolling them on, okay, in currency terms as well as, you know, after yield.

3:21所以，我會給你們看一些美國以外的其他回報。最後，這是可以被發現的，對吧？如果你有看到 Muse 的展示，你現在可以去找一個 AI agent，然後說：「我想剪頭髮，但我想帶我的狗一起去，而且我希望這間沙龍在我家方圓十五分鐘的範圍內。」然後它就會幫你搜尋。這其實就是一種長尾搜尋功能，對吧？它非常在地化，也非常個人化。你不會在 Google 第一頁就找到這樣的搜尋結果。所以，這就是針對你家附近沙龍的長尾搜尋功能。And so I'll show you some of the other returns outside the U.S. And then finally, it is discoverable, right? So, if you, I don't know if you saw the demo of Muse, you can now go to an AI agent and say, I want to get a haircut, but I want to take my dog with me, and I want the salon to be in a 15-minute radius around my house. And then it will search. That's really a search function along the long tail, right? It's hyper-local, it's hyper-personalized. You're not going to get the search result on the first page of Google. So that is a search function along the long tail of salons in your neighborhood.

3:57現在，AI 已經變得非常擅長將這些資訊呈現給你，就像那家沙龍一樣。而且，發生在商業上的事情也會發生在金融領域，AI 將能夠向你推薦那些你原本不知道其實非常適合你投資組合的資產。好，這就是三個原則。讓我們快速地再複習一次。And now AI has gotten really good at surfacing that to you, of that salon. And what is happening to commerce will happen to finance, where it will be able to surface assets to you that you didn't know fit your portfolio really well. Okay, so those are the three principles. Let's go through them real quick.

4:14波動性是產品，長尾資產最有戲

4:14首先，波動性就是產品。這也是為什麼 Pump.fun 上會有 2300 萬個幣種發行。Robinhood 在選擇權上的營收大約是現貨股票的 2.7 倍。當然，單一股票的永續合約（perps）交易量大約有 410 億美元。所以波動性才是散戶交易者在找的東西。結果發現，長尾資產就是最波動的。Right, so volatility is a product. Why there's like 23 million coins that have launched on Pump.fun. You know, Robinhood makes something like 2.7 times the revenue on options that they do on spot stocks. And of course, there's something like $41 billion of perps traded on single stock names, right? So volatility is what they're— Retail traders are looking for. Okay, turns out the long tail is volatile.

4:45全球市場波動與ETF表現

4:45你知道嗎，白銀下跌了50%。2025年IPO的平均首日漲幅大約是29%。當你離開S&P 500、往500名以外的公司看時，波動性會越來越大。好，猜猜看，這些是國家型ETF。它們全部都跑贏了美國。去年，國際市場的表現大幅超越美國。順帶一提，這些都是國家型ETF，所以不是單一股票。你買的是一籃子股票，報酬率大約有100%以上。能源也是一樣。產業類別押注、商品類別。這其實是一個商品超級循環的故事，而且大多數都發生在S&P 500之外。You know, silver was down 50%. Something like 29% was the average first day gain of an IPO in 2025. As you go out on the sort of like the outside the S&P 500, as you go down the 500. They get more and more volatile. Okay, guess what? These are the country ETFs. They've all outperformed the United States, right? International outperformed the United States by a margin last year. And these are, by the way, these are country ETFs, so it's not one single stock. You're buying a basket of stocks that returned something like 100-plus percent. Same for energy. Sectoral bets, commodities. This has been really a commodity, a story of commodity supercycle, all outside, largely outside the S&P 500.

5:32資產代幣化的機會與障礙

5:32所以，當你在討論資產代幣化時，應該要問的問題是：如果我有一千美元，並且我想要購買一檔在世界任何地方上市的公開股票，現在是什麼在阻礙我？我今天還需要多做哪些額外的步驟？對於美國來說，幾乎沒有任何額外步驟。無論你身在世界哪個角落，你通常都能夠購買美國股票。然而，如果你不在美國，就會有一大堆事情需要處理。舉個例子，印度終於從2026年6月12日開始允許外國個人持有股票，也就是今年。只是，如果你想要買這些股票，你必須要人在印度，懂嗎？Okay, so therefore the question to ask when you're tokenizing assets is, if I have a thousand dollars and I want to buy, I want to buy a public stock listed anywhere in the world today, what is stopping me? What are the extra steps I have to take today? For the U.S., it's almost nothing. There are no extra steps. Regardless of where you are around the world, you're typically able to buy U.S. stocks. However, if you're not in the U.S., there's a whole bunch of things. Here's an example. India finally allowed foreign individuals to own stocks since 12 June 2026, so this year. Except if you want to buy them, you need to be physically in India, okay?

6:12或者你需要寄送經過公證人或領事館認證的文件。好吧。這裡，你知道我的意思，如果你想要交易美國股票，你只需要下載一個有鬼魂圖案的應用程式，你就可以在你的 Phantom 錢包上開始交易 Nvidia 股票，完全不需要 KYC。好，接下來講日本。其實 Interactive Brokers 有提供東京市場，所以好消息是你可以進入日本市場。但你只能以 100 股為單位進行交易，懂嗎？所以如果你想買像 Kian 這樣的股票，一次要買 100 股，你就得花 51,000 美元。不是每個人都有那麼多錢可以投入單一股票。所以你應該可以擁有這些東西的部分所有權。Or you need to send papers certified by a notary or a consulate. All right. Here you, I mean, and if you want to trade a U.S. stock, you download an app which has like a picture of a ghost, and you can start trading Nvidia stock on your Phantom wallet without KYC. All right. Buying Japan. Well, Interactive Brokers offers Tokyo, so the good news is there is access to the Japanese market. But you can only trade in units of 100, okay? So if you try to buy the, like, Kian stock on 100 units of the Kian stock, you'll end up spending $51,000. Not everybody has that kind of money to put into a single stock. So you should have fractional ownership of these things.

6:54代幣在這方面的表現非常出色。好，哥倫比亞。根據法律，事實上，你必須由當地律師代表，才能開設哥倫比亞的券商帳戶。好的。而且，當然，哥倫比亞去年表現優於美國，對吧？所以，資產代幣化的核心，就是提供那些高品質但難以取得的資產的存取權，而彌補這個落差，正是實現真正超額報酬的關鍵所在。Tokens are incredibly good at doing that. All right, Columbia. Well, by law, a local attorney, in fact, must act for you for you to get a Colombian brokerage account. Okay. And so, and of course, Colombia outperformed the United States last year, right? So tokenization is about providing access to assets that are high quality but have low access, and bridging that gap is where the real, like, outperformance is.

7:22資訊落差、存取落差與網路資本市場

7:22然後，當然，你還有一堆其他國家，對吧？像是有各種各樣特殊、老舊、過時的證券法，這些法規會阻止你購買這些資產。那麼，為什麼這對於在這些交易所上市的公司來說很棒呢？事實證明，當外國公司在美國上市時，他們的估值大約比本國同業高出 37%。對吧，這就像是美國上市溢價，因為美國擁有全球最深的資本市場。那你猜怎麼著？網路將會取代美國資本市場，成為全球最深的資本市場，所以在網路上上市也會給你這樣的溢價。And then, of course, you have a bunch of other countries, right? Like there's all kinds of idiosyncratic, old, outdated securities law that prevents you from buying these. Now, why is this awesome for the companies that are listed in these exchanges? Well, it turns out when foreign firms list in the United States, they are valued about 37% more than domestic peer. Right, so that's like a United States listing premium because it's the deepest capital markets in the world. Well, guess what? The internet is going to succeed U.S. capital markets as the deepest capital markets in the world, and so listing on the internet will give you that premium.

8:00並解決目前存在的估值落差，也就是說，如果你的股票能夠讓全球55億擁有手機和網路連線的人都能購買，你應該達到的估值，和你現在的狀況之間的差距。現在，你必須親自到該國，或是寄送經過公證的身分證影本，才能開設券商帳戶。好，這個落差就是那個兆美元級的差距，而這正是Solana生態系的人們正在努力追求的目標。And resolve the sort of the valuation gap that exists between where you should be if you were available to 5.5 billion people with a mobile phone and an internet connection to buy your stock, and where you are today, where you need to be physically present in the country or send notarized copies of your identity card to get a brokerage account. Okay, so that gap is the trillion-dollar gap that, you know, folks in— The Solana ecosystem are going after. All right.

8:27AI與代幣化：資訊與存取的革命

8:27然後，這一切最棒的地方終於來了。這一切現在都已經成為可能，就在過去幾個月內。你只需要每個月花 20 美元，就可以訂閱一個高品質的 AI 平台，讓你能夠閱讀用韓文提交的股票申報文件。你知道嗎？以前一個 Bloomberg 終端機要價 30,000 美元，這對你自己做研究來說根本負擔不起。所以，你可以這樣思考這個世界：過去存在著資訊落差，因為這些公司都是用當地語言提交文件，或者說，全球有 70,000 家上市公司，你根本不可能全部都去閱讀他們的資料。And then this is finally the best part about all this. This is all possible now, like in the last few months. For $20 a month, you can get like a subscription to a high-quality, like, AI platform that allows you to read stocks that file filings in Korean. Because guess what? A Bloomberg terminal costed you $30,000 before this, which is just unaffordable for you to do your own research. So one way to think about the world is, you know, there was an information gap that existed because, you know, these companies filed in local languages, or there's 70,000 public companies in the world. You're not going to be able to go and read through all of them.

9:07所以，資訊落差正在被 AI 解決，而所謂的「存取落差」——也就是我想買這支股票，但今天沒有本地券商帳戶就買不到——則是透過資產代幣化來解決。因此，AI 負責發掘（資訊），代幣化負責存取，這就是一切匯聚的地方。好，那你們有多少人曾經用 AI 來做投資決策？對，就是這樣，而且這個數字只會隨著時間越來越高。所以我認為主動投資或主動管理會因為 AI 而回歸，人們會開始主動自行分配資本，或是投資於主動型經理人。現在美國有 52% 的資金流向被動型基金。這代表——要嘛你相信這次真的不一樣，要嘛鐘擺會擺回來，主動管理會變多，而 AI 會讓這件事發生。So the information gap is getting solved with AI, and the access gap, which is I want to be able to buy the stock, but I can't buy it today without a local brokerage account, is getting solved through tokenization. So AI for discovery, tokenization for access is sort of where this all comes together. Okay, well, how many of you have used AI for making an investment decision? Right, that's like, okay, and that number is only going up with time. And so I think active investing or active management will come back because of AI, where people are going to actively self-direct capital or invest in active managers. 52% of all flows in the U.S. is passive funds today. That is— I mean, either you believe this time is different or the pendulum swings back and there's more active management, and so AI will allow that to happen.

10:02分析師覆蓋差異與小型股現況

10:02這裡有另一個統計數據。美國每家大型公司大約有22.9位分析師。大約有——我是說，納斯達克有六成的公司根本沒有分析師覆蓋，對吧？這就是——差異所在。當然，當你看到市值更小的公司時，覆蓋的分析師就更少了。如果沒有分析師覆蓋，你的私人銀行和投資顧問就收不到相關資訊。所以，實際上，唯一會投資這些公司的，大多是一些利基型會議，比如小型股和微型股的會議，他們在市場底層尋找超額報酬，對吧？So here's another statistic. There's about 22.9 analysts per large-cap company in the U.S. There's about, I mean, six out of 10 Nasdaq companies have no analysts at all, right? So that's sort of like the— Difference. And of course, as you get to the smaller caps, there's very few analysts covering these things. And if analysts don't cover it, then your private banks and your investment advisors just don't receive the information. And so really, like the only folks investing in these are like niche conferences, like small cap and micro cap conferences where they're trying to find alpha in the trenches, right?

10:38AI時代的超個人化投資與Coinbase創新

10:38好的。那麼，這最終會帶來一個你可以獲得高度個人化的世界。以前，必須有一位分析師進行研究，你的顧問會閱讀這些研究報告，然後如果你的券商允許你在那個國家購買那些股票，你才會買進，最後你還得在市場開盤時間內下單，對吧？但現在，你只需要下指令。例如：「我想要現金流高、規模較小、存續期間較短的小型股，因為我想要——長期資產因為利率上升而受到懲罰。」太棒了。Okay. All right. Well, what this ends up in is a world where you can get hyper-personalization. Previously, somebody, an analyst had to do the research, and your advisor would read the research, and then if your brokerage allowed you to buy those stocks in that country, you would buy it, and then finally you'd place a trade in the market hours, right? Today, you can prompt. I want small cap stocks with high cash flows that have short duration because I want—long duration assets are getting punished because of higher interest rates. Great.

11:11你會從超過七萬支股票中獲得一個排名清單，然後你只要按下一個按鈕，這些股票在背景中就會全部被代幣化，並在網路上的全球資本市場執行，接著你就擁有這些資產了，對吧？這裡有個很酷的地方。Coinbase 在這個領域一直走在前面，他們已經將他們的 AI agent 以 RIA（註冊投資顧問）的身份在 SEC 完成註冊。所以這個 AI agent 可以直接給你投資建議，而不是像以前那樣只能說：「這是我們認為你應該擁有的投資組合，但這不是投資建議。」他們現在不需要再這麼做了，這代表未來的投資將會由某種 AI 平台來協助完成。You get a ranked list from over 70,000 stocks, and then you push a button, and those are all tokens in the background executing on global capital markets that are on the internet, and then you own them, right? Here's the cool part. Coinbase. has been ahead of the game on this particular axis where they registered their AI agent as a RIA with the SEC. So the AI agent can give you investment advice as opposed to saying, Here's a portfolio we think you should have, but this is not investment advice. And they don't have to do that anymore, which means that the future of investing is going to be mediated with some sort of AI platform.

11:49資產選擇、發行與需求預測

11:49好，選擇就是命運。你不可能把七萬檔股票全部上架，那會非常資本效率低下。所以問題變成：你要怎麼在對的時間發行對的資產？這時候，負責代幣化的人就必須做出高品質的決策。像2000年代商品牛市時，GLD ETF上市，三天內就吸引了大約十億美元的AUM，因為需求太大了，這就是這些基金能在需求出現前預測，或在需求出現時快速反應的好例子。類似地，ARK用主動型主題ETF從30億美元成長到340億美元。Solana上的Zek也是一個例子，當然大家都知道iBit的上市。總結一下，這裡有一個根據你身分的機會。All right, selection is destiny. You can't list all 70,000 stocks. That would be highly capital inefficient. So the question becomes, how do you launch the right asset at the right time? Well, this is where those who are tokenizing have to make high-quality decisions. So in the OOs, when you had the, you know, commodity bull market, the GLD ETF went live and it— Got something like a billion dollars of AUM in three days because of how much demand there was, and that's an example of how good, like, these funds are in being able to predict demand before it arises or responding to demand when it does arise, right? Similarly, ARK went from $3 billion to $34 billion with their active thematic ETFs. Zek on Solana is another example, and of course, we all know about iBit going live. Okay, so to sum it up, here's the opportunity based on who you are.

12:39長尾機會與全球資本市場新格局

12:39如果你是資產發行方，你應該回應市場需求。需求存在於長尾。散戶想要交易波動性。他們不在乎是不是當日選擇權。他們也不在乎自己贏的機率是不是非常低。他們就是在交易波動性。你必須不帶評價地回應這種需求，並試著看看能不能讓他們有機會交易那些資產，這些資產能給他們更好的勝率，因為這些其實是高品質的公司。這是針對資產發行方。如果你是交易者或投資人，我會全力關注長尾市場，對吧？If you're an asset issuer, you should respond to the demand. The demand is in the tails. Retail wants to trade volatility. They don't care if it's a same-day option. They don't care if the odds of them winning are super low. They're trading volatility. You have to respond to that demand without judgment and try to see if you can get them listed assets. That give them better odds because they're actually high-quality companies. So that's for asset issuers. If you're a trader and investor, I would be all over the long tail, right?

13:09如果你是一位投資人，不論你是公開市場的投資人，還是交易員，或是交易公司，只要你有任何方式參與到公開市場的資本配置，我會全力關注長尾資產。這正是未來的發展方向。隨著 AI 和資產代幣化的發展，這將是趨勢。因此，你越早取得超額報酬（alpha），並開始聚集一個投資長尾資產的投資人社群，我認為你在未來五年內能夠創造的報酬就會越多。金融科技應用程式方面，你現在可以開始在應用程式內原生整合股票交易，因為你只需要將前端介面連接到已經存在、代表這些股票的代幣即可。If you are an investor, whether if you're a public market investor, or if you're a trader, or if you're a trading firm, if you're in any way involved in allocating capital to public markets, I would be all over the long tail. This is sort of where it's going to go. With AI and tokenization. And so the sooner you can get alpha and start to corral a community of investors investing in that long tail, the more, I think, returns you will be able to generate in the next five years. Fintech apps, well, you can start to integrate stock trading inside the app natively because you can just expose your front end to tokens that are already, that represent. These stocks.

13:48所以只需要幾行程式碼，你就可以把你的金融科技應用程式變成一個券商應用程式。這終於成為可能了。那些處於產業尾端的公司，也就是那些沒有被銀行家服務、沒有被分析師服務的公司，你知道的，要在買家所在的地方募資。所以我會非常積極地建議你，讓你的股票代幣化並且上架。我喜歡稱之為網路資本市場，或者說是在區塊鏈上，因為你將能夠觸及到擁有網路連線的四、五十億人這樣的受眾，而且每個人都在努力讓你的股票進入那些真正應該擁有它的投資人手中。最後，談到美國以外的交易所，美國……So with a few lines of code, you can, you know, you can turn your fintech app into a brokerage app. That's finally possible. Companies in the tail. Well, these are all the companies that are not served by bankers, not served by analysts. You know, raise where the buyers are. So I would actively back to get your stock tokenized and listed on. What I like to call internet capital markets, or on the blockchain, because you will get distribution to an audience of four or five billion people with an internet connection, and everybody is working to get your stock in the hands of investors who should have it. And then finally, exchanges outside the U.S. Well, the U.S.

14:29目前在代幣化這個領域是領先的，不過，你知道，美國以外的交易所應該要——應該積極推動將他們的藍籌股進行代幣化，至少一開始可以從這裡著手。所以我認為這大致上就是我們未來的方向。因此，我的訊息是：請將長尾資產代幣化。非常感謝你們邀請我。is currently ahead of the tokenization game, but, you know, exchanges outside the U.S. should take— takes strides to tokenize their blue chip equities, at least to begin with. So I think that's sort of where we're going. And so my message is tokenize the long tail. Thank you very much for having me.