Alpaca：代幣化股票還不到全球股市一個基點
Tokenized Stocks: The Missing Infrastructure
- Yoshi Yokokawa Alpaca 共同創辦人暨執行長
影片
影片與逐字稿來源：TOKEN2049
場次摘要
Alpaca 共同創辦人 Yoshi Yokokawa 說，公司以自動清算券商身分，替 Kraken xStocks、Binance bStocks、Coinbase 與 Crypto.com 保管代幣化股票的底層證券，他稱這塊市佔逾九成。他說目前代幣化股票約 35 億美元，相對全球股市 160 兆美元還不到一個基點；Instant Tokenization Network 今年迄今兌換量約 60 億美元，美國股市單日成交約 8,500 億。他認為還缺資金效率、可融資性與互通，尤其是還沒有像 NSCC 那樣的集中清算與軋差。
值得記下的 5 件事
- 代幣化股票需要清算、託管與牌照基礎設施；Alpaca 的定位是連接金融機構與這些能力。
- 代幣化股票規模仍不到全球股市的一個基點，市場處於早期。
- ITN 讓代幣化股票與傳統實股即時互換，連接鏈上交易與既有證券市場。
- 股票從紙本走向電子化歷時數十年，資產上鏈也需要長期基礎設施轉型。
- 代幣化股票要擴大採用，仍需解決預先備款、集中軋差、法律定位與互通問題。
逐字稿
Alpaca 是誰，代幣化股票背後的託管
大家好。現場有人知道 Alpaca 在做什麼嗎？聽過 Alpaca 跟 RWA 的關係？謝謝，大概七成聽過。先介紹 Alpaca。我想先確認大家認不認得羊駝：A 還是 B。覺得 A 是羊駝的舉手。好，大概一半。覺得 B 是羊駝的？也一半。Hello, everyone. Any of you here know what we do at Alpaca? Like, have you ever heard of Alpaca in RWAs? Okay, thank you. About 70% of you know what we do here. But before that, I want to explain and introduce what Alpaca is. I want to firstly check if you know what an alpaca looks like, A or B. Please raise your hand if A is alpaca. You think A is alpaca. Okay. Oh, okay, 50%. How many people, you think B is alpaca?
答案是 A。我想說的是：羊駝這種動物好接近、友善、毛茸茸、好笑。另外，我們已跟 50 個國家、超過 300 家金融機構合作，持有 8 個市場與國家的執照。我們做的是自動清算的託管券商：在美國以 DTCC、SEC 的自動清算執照，保管並清算股票、ETF、選擇權、全球股票、固定收益等證券。Another 50%. The answer is A is alpaca. The reason why I want to say this is that alpaca is an animal that's very approachable, friendly, fluffy, funny. And in addition to this, we have been working with more than 300 financial institutions in 50 different countries. We have licenses in eight different markets and countries. What we do is a self-clearing custody broker-dealer. We basically custody, clear a bunch of the different securities, including stocks, ETFs, options, global stocks, fixed income, in the United States with the DTCC, SEC self-clearing license.
我們是成長最快的託管公司，保管資產年增三倍，平台上已超過數百億美元，上面有很多金融科技 App。在代幣化股票這塊，我們市佔超過九成。Kraken 去年推 xStocks 時，幕後是我們在清算、保管底層證券。We've been the fastest-growing custody firm in the world. We have been growing our assets under custody 3x year over year, and we are now custodying more than tens of billions of dollars on our platform. And we have so many innovative fintech apps working on top of us. But in addition to this, we have been extremely fortunate. In the tokenized stock space, we have more than 90% market share, working with amazing partners. And then, as you can see, this picture, Alpaca and then tokenization. So when Kraken launched their xStocks last year, we were the behind-the-scenes. We do clearing custody of the underlying securities.
xStocks 鑄造出來，就是代幣化股票，幕後是我們。Binance 推 bStocks 時也一樣，我們是底層證券的託管商。DTCC 做 DLT 股票試點時，也是我們在傳統金融股票和鏈上代幣化股票之間轉換。Coinbase 的代幣化股票託管、Crypto.com，同樣是我們。這市場成長很快，年增八倍；我們保管的底層股票約 35 億美元，合作的代幣化發行人超過 10 家。Where xStocks get minted, it becomes tokenized stocks. So we are behind the scenes of that. When Binance launched bStocks, we did the same thing. We were the custodian provider for the underlying securities of the bStocks. Same thing, DTCC. They did the DTCC pilot of the DLT stock. We are the one who converted between the TradFi stocks and the digital DLT tokenized stocks. Again, Coinbase, same thing. We provide custody for the Coinbase tokenized stocks. We did the same thing for Crypto.com. So this market is growing really fast. We see 8x year-over-year growth, and then we have been custodian of the underlying stocks of those tokenized stocks for $3.5 billion, and we're working with more than 10 tokenization issuers.
35 億美元對上 160 兆
這 35 億美元的代幣化股票，你覺得大還是小？其實非常小。全球股市約 160 兆美元，35 億還不到一個基點，離該到的位置還很遠。160 兆之外還有更大的數字：含資料中心、房地產等實體資產，以及股票這類金融資產，總共約 750 兆美元正在被代幣化。So this number, I don't know if you think it's big or small, $3.5 billion of the tokenized stocks. The reality is that it's very, very small. Global stock market is $160 trillion of value. So $3.5 billion is less than one basis point of the whole stock market. It's a long way to go into where we should be. And in addition to this $160 trillion, there are much bigger numbers. In total, $750 trillion of assets, including physical assets like data centers, real estate, and then, of course, stocks, like those financial assets, is in the process of getting tokenized.
現場對代幣化很興奮，因為市場上不是在談 AI，就是在談代幣化。去年同一舞台，我們和 Ondo 推出 Instant Tokenization Network（ITN）。顧名思義：讓參與者能立刻把證券代幣化，也代表代幣化股票能立刻贖回成傳統金融的實股。So I think, like, you know, people here are in this conference very excited about tokenization because in the market right now, all we talk about is AI. If it's not AI, we're probably talking about tokenization, I think. So this is the reason why I think everyone's very excited about this, and I hope you are. Last year, literally on this stage, we launched a product called Instant Tokenization Network. We were on stage with, you know, our friends from, you know, Ondo as well. And what we do at the Instant Tokenization Network, ITN, it does literally what it says. This product allows participants to tokenize securities instantly. What does it mean? You can actually do instant redemption of the tokenized stocks into underlying TradFi stocks.
例如 Nvidia 的代幣化股票，可以換成在紐約證交所、那斯達克交易的 Nvidia 實股；反向也一樣，傳統金融股票可以立刻轉成代幣化股票。Binance 用這功能，讓使用者在 bStocks 和傳統金融股票之間即時兌換。ITN 做的就是這件事。今年迄今兌換量約 60 億美元，即時贖回和鑄造都在增加。For example, if it's like Nvidia tokenized stocks, you can swap it into the real Nvidia stocks that's being traded in the New York Stock Exchange, Nasdaq, in those actual TradFi markets. Same thing, vice versa. If you have the TradFi stocks, you can convert that into the tokenized stocks instantly. And our friends at Binance use this feature to provide the end customers to be able to swap instantly between their B-stocks and then TradFi stocks. So this is what the ITN does. And so far, we saw $6 billion of the transaction volume just year to date. And this has been, of course, growing massively, instant redemption and minting.
大概上個月，Robinhood 的 Vlad、Coinbase 的 Brian 都在社群上強調代幣化股票即時贖回的重要性，因為這能帶來安全性、合法性和更多信任。ITN 的參與者也在增加。60 億美元算大嗎？我不覺得。美國股市單日成交約 8,500 億美元，這仍然非常小。重點在這裡。I think in the social media, probably last month, like Vlad of Robinhood, Brian of Coinbase were, you know, tweeting about importance of the key feature of the instant redemption of the tokenized stocks, because this allows the security, legality, and more trust into the tokenized stock market and the tokenization in general. And this is really happening, and the participants into this ITN is growing even more massively. $6 billion, again, is this big? I don't think so, right? I don't think you do. There's $850 billion of transaction volume in the U.S. stock market alone every single day. This is very, very still small. And this is the point.
從紙本到電腦花了 50 年
我現在講得興奮，是因為還太早。1970 年代之前，買賣股票用的是這種紙本股票證明。券商後台穿紅衣的人，用紙本做交割、清算、保管，放進倉庫。那叫中後台作業。那是 1970 年代。後來有人意識到必須電腦化，DTC、NSCC 也在 1970 年代出現，因為紙本作業快處理不完了。I'm here talking about how exciting this is because we're still too early. 1970s, until then, we have been using literally these kind of stock certificates to do the trading of the stocks, buys and sells. Behind the scenes, at the broker-dealer, this, you know, person with the red shirt is literally utilizing this paperwork, doing that, settling, clearing, and custodying these papers into their storage, right? This is called middle-office, back-office operation of the securities. This was in the 1970s. And then some people realized that we had to computerize it, and then, you know, computers came. You know, we use now DTC, NSCC, those were born in the 1970s because these manual operations of the paper certificates were getting almost impossible to handle.
不過有些機構到現在仍做很多人工。從 1970 年代到 2020 年代，超過 50 年，紙本轉電腦還沒走完。資產上鏈這種轉換有多大、要多久，可以對照。2020 年代才開始談代幣化，不該期待隔夜完成。技術會變快，AI 和代理人能讓人做得更快，但我們也得接受：這不會一夜完成，需要時間。However, I think some institutions, as you know, still do a lot of manual work. Since the 1970s to 2020s today, it's been more than 50 years, and this transition from paper to computer is still ongoing. This is how long, how big this paradigm shift is when we are talking about moving assets onchain. We are in the 2020s. We started talking about tokenization early in the 2020s, and I don't think that we should expect this to happen overnight. However, of course, technology advances. AI and agents allow us to build more stuff much, much faster. So I think it's going to move faster. However, we also have to embrace that this is not overnight. This will take time.
資金效率、可融資、互通
市場很大、現在還早，所以還有很多要做。目前代幣化的東西還不到 0.01%。要從今天走到他把實體與金融資產都代幣化、共 750 兆美元的終點，眼前至少有三件事要處理。第一是資金效率。代幣化證券這邊，每筆都要先備妥資金。And the good thing is that the market is so big and we're still early. That's the reason why we have a lot of things that we still have to build. Again, we are at still less than 0.01% of the things that we have tokenized so far. And between today, of where we are, and where we will be, which is 100% of the real-world assets and financial services assets, which is a total of $750 trillion to be tokenized, there are a few things that we have to tackle as problems immediately, at least that we know already. There are three things that we need to be working on. One is capital efficiency. When we're dealing with the tokenized securities, everything is pre-funded.
傳統金融不是這樣。美國股票是 T+1：成交日之後再加一個營業日才清算交割，不必把全部資金先備好。另外還有 NSCC 這種集中結算對手，把 A、B 雙方的買賣軋差，實際搬的錢少很多。代幣化股票、代幣化證券這邊沒有這層，參與者的資金使用變得很沒效率。提供流動性的造市商，不管是 xStocks、Ondo、bStocks 還是 Robinhood 的股票，都碰到同一問題。And this is not the case in the TradFi. U.S. stocks, for example, are T+1. It's a trade date, and actual clearing and settlement is plus one business day. So you don't have to pre-fund everything. In addition to that, there is an NSCC, which is a central clearing counterparty that nets the transactions between party A, party B, buying and selling. Hence, actual money movements between the parties become much, much less because there is a central party on that. Tokenized stocks and tokenized securities world, this does not exist. This is creating massive inefficiency of the capital use of the participants of this market. Participants are, of course, market makers who are providing liquidity to tokenized stocks, of course, xStocks or Ondo stocks or B stocks or, you know, Robinhood stock.
發行人也一樣，Robinhood、Binance 都有這問題，得解決。我覺得目前還沒有具體解法。這是第一個問題。第二是可融資性。代幣化證券開始進 DeFi，可以再孳息。但要把這類資產拿去抵押、讓更多資金用得上，得把代幣化股票的法律定位講清楚。美國這邊有進展：CLARITY Act 已通過，SEC 也公布豁免，並釐清發行人贊助代幣、證券權益代幣的部分規則。They're all having this same problem. Same thing as issuers. Again, issuers like Robinhood or, you know, Binance. They all have the same problem, so we have to solve this. And I don't think we have the specific solution yet. So this is the first problem. The second one is the financeability. So now tokenized securities are getting into the DeFi protocols, you know, you can get more yield. However, in order to increase this financeability, to have this to be collateralized, to have more capital to be used, we need to improve legal clarity of the tokenized stocks. Of course, as I'm sure some of you may follow, there are a lot of progress in the tokenized securities in the U.S. CLARITY Act did pass. However, the SEC announced exemptions and then clarified some of the rules in terms of the issuer-sponsored tokens and some of the security entitlement tokens.
這件事還在走。第二就是可融資性，得再提高。第三是互通。這部分已有一些進展，因為 Alpaca 去年宣布 Instant Tokenization Network：代幣化股票之間能互通，代幣化股票和傳統金融股票之間也能互通，也就是即時贖回、即時鑄造。這三件事是眼前要想、要一起解的，因為相信代幣化市場會很大的人，才會坐在這裡。So this progress continues to happen, and we are still very much in progress of this. So the second one is financeability. This needs to be improved. And the third is interoperability. Interoperability is somewhat happening because we at Alpaca announced Instant Tokenization Network last year. So this is literally that, right? Interoperability between the tokenized stocks to the tokenized stocks, interoperability between the tokenized stocks and then traditional finance stocks, basically, you know, instant redemption and instant minting. So these three things are immediate problems that we all have to think about how to solve, because I think if you are here, you are believing that this tokenization market is massively huge.
還有四個九沒走
這是一輩子一次的機會：大量資產正在換地基，能長出很多生意。750 兆美元要被代幣化，現在還太早，還有 99.99% 沒走，四個九。問題已經清楚：資金效率要向傳統金融學，集中清算、多邊軋差得更有效率；可融資性需要更清楚的法律定位；第三是互通。我覺得可以一起想、一起做。And this is a one-time, like, you know, once-in-a-lifetime huge, you know, opportunity for us being able to capture the opportunity, because massive assets are moving to a different foundation of the system. This allows us to create so many businesses, so many opportunities, and we can all make money too. 750 trillion dollars to be tokenized. We're still too early. Again, we are 99.99% to go. Four nines. We're still not doing anything yet. And we have clear problems that we have to solve. As we said, again, capital efficiency, we have to figure out, like, you know, and learn from how the TradFi works. There is a central clearing, central counterparty. There's, you know, multilateral netting that has to become more efficient, financeability.
需要更清楚的法律定位，以及互通。Alpaca 跟全球多數代幣化業者合作，會繼續做讓開發者能往上蓋的平台和框架。若只能帶走一件事：請把毛茸茸、好笑的羊駝，跟代幣化連在一起。Alpaca、代幣化。記得這一件，我會很感謝。We need to have more legal clarity, and then third, interoperability. So these things are something I think we can think together and we can work on this together. And as Alpaca, you know, we are fortunate to work with most of the tokenization players globally. As we talked about, and we continue to build a platform and the framework for all the developers and builders to be able to build on top of. But if there is one thing, if you can really take home and remember, Alpaca is this animal who looks fluffy and funny, and Alpaca, please connect in your brain to tokenization. So, Alpaca tokenization. If you remember this and take this one thing, I'll be really appreciated.
謝謝各位的時間。So thank you very much for your time.
