1. Exchange Race: The Layout of Kraken and Coinbase

● On February 23, the cryptocurrency exchange Kraken suddenly announced the launch of tokenized stock perpetual futures contracts for non-U.S. users in over 110 countries.

○ The first batch of listed varieties includes the S&P 500, Nasdaq 100 index, and popular individual stocks such as Apple, NVIDIA, and Tesla, even including the SPDR Gold ETF. These tokens are 1:1 backed by the underlying assets, users can trade 24/7, with leverage up to 20 times, and no expiration date.

● This is not a hasty decision by Kraken. Last December, they quietly acquired the xStocks service, and the underlying technology for this is based on that.

○ From Kraken's perspective, global investor enthusiasm for U.S. stocks has never waned, but traditional trading hours and regional restrictions have deterred many. Tokenization effectively breaks down this barrier—when U.S. stocks are closed, prices remain pegged, allowing investors to enter or exit at any time.

● On the same day, Coinbase also opened stock and ETF trading to all U.S. users, operating 24 hours a day, five days a week.

○ Currently, the “traditional model” backend operations are still performed through Apex Fintech Solutions, but Coinbase CEO Brian Armstrong has already revealed the ultimate goal: to achieve tokenized equity.

○ In an interview with Fortune, he predicted that within the next two years, all companies will realize that blockchain is a superior technology for managing shares, and expressed hope that Coinbase could become the first company to pay shareholder dividends in Bitcoin.

The simultaneous efforts of these two leading exchanges have instantly heated up the tokenized U.S. stock market. Kraken targets global users, while Coinbase focuses on the domestic market, both reaching the same goal through different paths.

2. Social Platform Crossover: X's Ambitions for a "Universal App"

If exchanges launching tokenized stocks is a logical progression, then a social platform entering this field feels like a "dimensionality reduction attack."

● Elon Musk's X platform (formerly Twitter) is accelerating its financialization process. According to X product head Nikita Bier, the platform will launch the “Smart Cashtags” feature in the coming weeks, allowing users to trade cryptocurrencies and stocks directly from their timelines.

● Specifically, when users see stock codes with a dollar sign (like $TSLA) in posts, they can click to view live price charts, relevant discussions, and jump directly to the trading interface.

● Notably, X does not plan to act as a broker itself, but aims to collaborate with licensed exchanges, serving as a “traffic entry + trade matching” platform. The frontend interface will be provided by the platform, while backend settlement will be handled by professional institutions. This model is similar to MetaMask's integration with tokenized stock trading—wallets only provide access, while asset custody and trade execution are completed within a compliant framework.

● The ambitions of the X platform do not stop there. It has been revealed that a peer-to-peer payment feature called “X Money” has completed internal testing and is about to enter a limited beta testing phase, followed by a global rollout. From social interactions to payments, and payments to investments, Musk is transforming X into the Western version of "WeChat." Once this closed loop is established, hundreds of millions of daily active users will have direct access to stock and cryptocurrency trading entrances, the impact of which is unimaginable.

● Of course, X has also heightened vigilance against spam and abuse. The product head explicitly stated that third-party applications that profit by spamming or harassing users will be banned to ensure a clean trading environment.

3. Traditional Finance Strikes Back: NYSE Joins the Game

Faced with the looming pressure from cryptocurrency exchanges and social platforms, traditional financial giants are also starting to take action.

● The New York Stock Exchange, under the Intercontinental Exchange (ICE), is developing a new trading platform based on blockchain technology, planning to launch by 2026, aiming for 24/7 trading of tokenized stocks and ETFs. Although it is still awaiting regulatory approval, this move has already sent strong signals: Wall Street does not want to hand over the future to cryptocurrency newcomers.

● Analysis indicates that the NYSE's strategy is not simply about “putting stocks on the blockchain,” but involves four core changes: 24/7 continuous trading, real-time settlement based on stablecoins, support for fractional trading, and exploring the issuance of native digital securities. The significance of fractional trading is particularly intriguing—when one Tesla share costs hundreds of dollars, ordinary retail investors might hesitate, but if they can buy 0.025 shares for $10, the participation threshold will be significantly lowered.

● Meanwhile, another leading exchange, Binance, has also hinted at returning to the tokenized stock sector. Insiders revealed that Binance is evaluating the feasibility of re-launching stock token products, nearly five years after they delisted related products under regulatory pressure in 2021. A Binance spokesperson stated that exploring tokenized equity is "a natural next step in connecting traditional finance with the crypto world."

● The defensive counterattack of traditional finance means that tokenized assets are no longer a one-man show in the crypto circle, but a direct collision of two worlds.

4. Regulatory Game: Accelerating the Compliance Process

Any financial innovation cannot bypass regulation, and tokenized U.S. stocks are no exception.

● The cryptocurrency market structure bill currently being discussed in the U.S. Congress may set new rules for the issuance and trading of tokenized securities. Coinbase CEO publicly opposes the current draft of the bill, calling for more exemptions for tokenized products. He believes that overly stringent regulations will push innovation overseas, causing U.S. investors to lose participation opportunities.

● Kraken’s introduction of perpetual futures contracts intentionally excludes U.S. users for regulatory considerations. They chose a regulated framework, but still face the differences in securities laws across countries. The plans of the X platform are similarly cautious, ensuring compliance at every step through collaboration with licensed organizations.

● Regulatory attitudes in Europe and Asia are relatively open. Several institutions in Switzerland, Singapore, and other regions have piloted tokenized securities and achieved preliminary results. The International Organization of Securities Commissions (IOSCO) is also researching unified regulatory standards to provide global guidance for this emerging field.

● The core of the regulatory game lies in how to find a balance between protecting investors and encouraging innovation. If the U.S. fails to clarify rules, capital and technology outflow will be inevitable. Should Europe or Asia establish a mature compliance system ahead of time, the center of global tokenized assets may shift.

5. Turning Point of Capital Flows: The Future of Tokenized Assets

From a brief test in 2021 to a full bloom in 2026, the tokenized U.S. stock market is undergoing a profound “paradigm shift.”

● In the past, people questioned whether tokenized stocks were merely “a poor imitation of Wall Street from the crypto world”; now, with Kraken launching regulated contracts, Coinbase building an all-purposed exchange, X linking social and trading, and the NYSE actively embracing blockchain, participants in this market have transformed from “barbarians” into “regular troops.”

● For ordinary investors, the most direct benefit of tokenized U.S. stocks is the liberation of trading hours and the reduction of entry barriers. No longer will they have to stay up late waiting for the U.S. market to open, nor do they need to save up half a month’s salary just to buy one share of Apple stock. More importantly, once these assets are tokenized, they can seamlessly integrate into the DeFi ecosystem, becoming collateral, entering liquidity pools, and even forming new financial products when combined with other derivatives.

● Institutional interest is also heating up. Asset management giants such as BlackRock and Fidelity have been privately exploring how to tokenize their ETFs for more efficient subscription and redemption processes. Once traditional funds join the fray, the scale of capital inflow will be exponential.

● Of course, issues such as technological risks, custody security, and market manipulation still need vigilance. But it cannot be denied that capital is quietly shifting. What will need close attention next is the trend in trading volumes. If capital does indeed flow in on a large scale, then 2026 could very likely become the “singularity moment” for tokenized assets. The wall between Wall Street and the crypto world is collapsing rapidly.

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