抢夺全球热钱：美股代币化的新“阳谋”与争议 | 101 Weekly — Transcript

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1. 0:00What? The US stock market has hit a new high again?
2. 0:02Nvidia's market value has exceeded 4 trillion US dollars?
3. 0:03Bitcoin has also hit a new record high?
4. 0:05The market has been really crazy recently.
5. 0:07My friends around me are all discussing
6. 0:09whether the US stock market will continue to rise?
7. 0:11If it can rise again,
8. 0:12where will the driving force come from?
9. 0:14There are actually two very popular narrative lines
10. 0:15on Wall Street now .
11. 0:16One is of course AI and technology,
12. 0:19and the other is the tokenization of
13. 0:21US stocks. Will the so-called "tokenization of US stocks"
14. 0:22become an important force driving the market?
15. 0:24I think this is a conspiracy of the United States' entire "on-chain financial war"
16. 0:27. I think there are still many people who don't realize this.
17. 0:30Let's first briefly explain
18. 0:32what is the tokenization
19. 0:33of US stocks . Tokenization
20. 0:35means introducing real-world assets
21. 0:37such as stocks, bonds, real estate, etc.
22. 0:39to the blockchain.
23. 0:41For example, the recently popular RWA (Real World Asset) in Hong Kong
24. 0:45is to convert real-world assets
25. 0:46into digital tokens that can be traded on the chain.
26. 0:48"Securities tokenization"
27. 0:50is a blockchain trading asset where the token value is linked to the underlying equity.
28. 0:53You may ask
29. 0:54what problem tokenization solves?
30. 0:56Traditional U.S. stock investment
31. 0:57has high thresholds, geographical restrictions, trading hours and other pain points.
32. 1:01After tokenization,
33. 1:03stock transactions are almost instantaneous,
34. 1:04with very little intermediary fees
35. 1:05and can be traded 24 hours a day
36. 1:08. At the same time, if it is a reliable model,
37. 1:09its underlying must be real stocks
38. 1:11, and they are held by regulated financial institutions
39. 1:14and issued tokens at a 1:1 ratio.
40. 1:16This model ensures the correspondence between tokens and real assets. At
41. 1:21the end of June ,
42. 1:21a very important milestone event occurred
43. 1:23in the great wave of U.S. stock tokenization.
44. 1:26Robinhood, a popular online brokerage firm that was once famous for "retail investors vs. Wall Street",
45. 1:28began to announce
46. 1:30in the beautiful Cannes, France that
47. 1:31it would provide U.S. stock tokenization trading services
48. 1:34to European retail investors.
49. 1:35That is to say,
50. 1:36you can Through Robinhood
51. 1:37, you can use Euros or stablecoins
52. 1:39to buy tokenized stocks such as
53. 1:40Nvidia, Tesla, Apple, and Microsoft.
54. 1:42There are more than 200 US stocks and ETFs covered here.
55. 1:45They are on-chain and can be traded 24
56. 1:46hours a day, 5 days a week on weekdays. You
57. 1:48don’t have to wait for the exchange to open,
58. 1:49and there is no handling fee
59. 1:50, only a 0.1% foreign exchange conversion fee.
60. 1:53And it’s not just listed companies in the secondary market.
61. 1:55Robinhood has further set its sights on unicorns in the primary market,
62. 1:57claiming to provide retail investors
63. 2:00with shares of unlisted companies such as OpenAI and SpaceX for trading.
64. 2:03This has ignited a new wave of "US stock tokenization",
65. 2:05and Robinhood's own stock price has soared as a result,
66. 2:07tripling in the past three months.
67. 2:11Why? Why is this important?
68. 2:12Because Robinhood can be said to have pushed a large number of users onto the chain
69. 2:15through the "tokenization of US stocks",
70. 2:17and the blockchain world has been looking forward to this large-scale popularization
71. 2:20because it is possible
72. 2:21to reconstruct a new global financial system on the chain
73. 2:24to become the infrastructure supporting various financial services,
74. 2:26from payment, transactions to deposits.
75. 2:28In the
76. 2:29payment link, you have seen the widespread application of stablecoins
77. 2:33. However, Robinhood's radical products have also received some opposition.
78. 2:37For example, OpenAI immediately poured cold water
79. 2:39and issued a statement saying that
80. 2:40the tokens provided by Robinhood are not real company equity
81. 2:43. OpenAI does not approve of this issuance.
82. 2:44But then again, the reason
83. 2:45why OpenAI poured cold water is that
84. 2:47the core The reason is that the interests behind the primary market are different.
85. 2:49OpenAI has not yet gone public,
86. 2:51so it is necessary to keep the pricing power of the company's valuation firmly in its own hands.
87. 2:55Because once the equity in the primary market
88. 2:57becomes a semi-public state similar to stock trading,
89. 2:59first of all, because the trading volume is small and
90. 3:01there are few equity shares that can be circulated in the market,
91. 3:03it is easy to rise and fall sharply.
92. 3:05If the company develops well, it is
93. 3:06easy to be hyped up to a sky-high price.
94. 3:07Once the company has any problems
95. 3:09, it will plummet suddenly.
96. 3:11The business of a startup is of course not so stable
97. 3:13, so if the rhythm is misplaced
98. 3:15, it will affect the pricing of the next round of valuation.
99. 3:17Musk
100. 3:18did not clearly respond to his attitude,
101. 3:21but replied under OpenAI's statement
102. 3:24: "Your equity is "fake"
103. 3:26​​Your "equity" is fake,
104. 3:28so if you want to do the unlisted primary market,
105. 3:31the situation will be more complicated
106. 3:32, but there is no big problem in the secondary market of US
107. 3:34stocks. Therefore, we have also seen the recent surge in the tokenization of US stocks.
108. 3:38The background of Robinhood's entry into tokenized assets
109. 3:40is that the entire cryptocurrency field is in full swing.
110. 3:42On the one hand, the price of Bitcoin continues to hit
111. 3:45new highs, and the trading volume of stablecoins has also repeatedly broken new highs.
112. 3:47On the other hand, with the strong promotion of the Trump administration,
113. 3:49Congress is also seeking legislation
114. 3:50to make cryptocurrency a part of the mainstream financial system.
115. 3:53According to a report by Boston Consulting, it is predicted
116. 3:56that by 2033
117. 3:57, the size of the tokenized asset market
118. 3:58may grow to 18.9 trillion US dollars.
119. 4:01In fact, with the rapid breakthrough in RWA supervision today ,
120. 4:04the market is no longer satisfied with the returns of treasury tokens.
121. 4:07Many people want to switch to more flexible stock tokens.
122. 4:10This direction is almost a consensus between traditional financial institutions and cryptocurrency institutions.
123. 4:13You must know that
124. 4:14it is not just Coinbase and other crypto institutions that are promoting supervision now.
125. 4:17Many traditional financial institutions
126. 4:19are also rushing into the market.
127. 4:20For example, BlackRock, the world's largest asset management institution,
128. 4:23participated in the IPO of Circle, the issuer of USDC stablecoin ,
129. 4:27and acquired 10% of the shares.
130. 4:29What does BlackRock want to do?
131. 4:30One explanation is
132. 4:31that USDC holds more than $40 billion in U.S. Treasury reserves.
133. 4:35BlackRock can use this to tie its U.S. Treasury tokenization business
134. 4:38to stablecoins.
135. 4:39On the other hand
136. 4:40, BlackRock
137. 4:41launched its first "on-chain money fund" BUIDL
138. 4:43last year . Each BUIDL token is anchored to $1.
139. 4:45100% invested in cash,
140. 4:46short-term U.S. Treasury bonds. These low-risk
141. 4:48, dollar-denominated assets
142. 4:49ensure principal stability and low volatility.
143. 4:51The annualized return is about 3-5%.
144. 4:53The returns are directly airdropped into investors' crypto wallets.
145. 4:56In addition to BlackRock,
146. 4:57JPMorgan Chase, the world's largest bank by market value,
147. 4:59is also running into the market.
148. 5:00Last month, it released its own JPMD,
149. 5:03which is a tokenized deposit.
150. 5:04It is a bit like a stablecoin
151. 5:05, but it is not a stablecoin.
152. 5:06JPMD's deposit tokens are
153. 5:08issued directly on the public blockchain
154. 5:10by regulated banks ,
155. 5:12with the bank's reserves as the backing. The tokens that support
156. 5:14these transactions can be transferred and cleared between blockchain networks, and
157. 5:17exchange cryptocurrencies or payments.
158. 5:19An important significance of JPMD is that
159. 5:20it is a traditional bank
160. 5:22trying to issue digital assets such as tokens
161. 5:23without giving up compliance.
162. 5:26Many people originally believed that
163. 5:27cryptocurrencies are decentralized,
164. 5:28which is definitely incompatible with the centralized design of traditional financial institutions.
165. 5:31But in fact, the integration between traditional finance and decentralized infrastructure
166. 5:35has begun.
167. 5:36When we talked with many people in the industry,
168. 5:38they believed that
169. 5:39one of the most direct impacts of the tokenization of U.S. stocks
170. 5:41is to further siphon global capital
171. 5:43to the United States
172. 5:43and to help solve the problem of Americanized debt to a certain extent.
173. 5:46Many people think that Americanized debt is stable currency
174. 5:49, but I want to say that
175. 5:50the United States is actually a combination of
176. 5:52the first step is stable currency,
177. 5:54and the second step is actually everything on the chain (STO).
178. 5:56I think this will be implemented within two years.
179. 5:59I think that if countries want to counter the future on-chain hegemony of the United States,
180. 6:02you should not only consider the issue of stablecoins.
181. 6:05On the contrary, stablecoins alone will not work.
182. 6:09Because now we have entered an era of harming neighbors.
183. 6:12It is no longer the era of good discussions among countries.
184. 6:14Now everyone is robbing each other of money.
185. 6:16We must know that there is some hot money on the chain in the world.
186. 6:19Some big money mainly comes from Europe and the United States that want to avoid taxes.
187. 6:22This money does exist
188. 6:23because it never wants to enter this exchange
189. 6:25and never wants to do any KYC (know your customer).
190. 6:28Then there is some big money, which is Chinese money,
191. 6:30Korean money,
192. 6:30Russian money
193. 6:31, and even Turkish money, etc.
194. 6:34These big money are international hot money that
195. 6:38all countries in the world want to grab.
196. 6:41Major countries,
197. 6:42you just say that I will create my own stablecoin to counter the US dollar stablecoin,
198. 6:46but I have not kept up with the era of everything being on the chain.
199. 6:49In fact, you have also failed
200. 6:50because all the hot money on the chain has been snatched away by American assets.
201. 6:53I think this The Trump administration's conspiracy
202. 6:56is to put everything on the blockchain
203. 6:57to grab the hot money on the global chain.
204. 6:58So if you don't issue assets yourself,
205. 7:00the money will definitely be snatched away by American assets.
206. 7:03The GENIUS Genius Act has just been passed in the United States.
207. 7:06This bill aims to strengthen the status of the US dollar in the digital financial era.
208. 7:10The tokenized products of institutions such as BlackRock
209. 7:12are essentially
210. 7:14packaging various products linked to the US dollar into "digital dollar assets"
211. 7:16to siphon funds from other places through the global liquidity of blockchain.
212. 7:19For "global southern countries", for
213. 7:21example, countries like Argentina, which have serious currency inflation,
214. 7:24do not have many good investment targets,
215. 7:25and their currencies are depreciating every day.
216. 7:27Many people are very eager to invest in US stocks.
217. 7:28There are also some regions subject to financial sanctions
218. 7:30and some capital controls.
219. 7:32These may produce siphon effects.
220. 7:35Therefore, behind tokenization
221. 7:37is not only a technological and market change
222. 7:39, but also a global financial competition.
223. 7:42Everyone is scrambling to grab land.
224. 7:43Finally
225. 7:44, there must be some friends who are very curious
226. 7:45about how Robinhood plays the tokenization of US stocks?
227. 7:48Simply put,
228. 7:49after the user places an order,
229. 7:50the system will actually buy a share of stock in the traditional market
230. 7:53and the broker will hold it in custody.
231. 7:55At the same time, Robinhood will mint a corresponding token on the blockchain and
232. 7:58place it in the user's account.
233. 8:00Its value is completely synchronized with the actual stock.
234. 8:03When
235. 8:03the underlying stock is sold,
236. 8:05the token is also sold, the token is destroyed,
237. 8:06and the proceeds are returned to the user.
238. 8:07What Robinhood provides to users in Europe
239. 8:10is a CFD similar to the one launched by Bybit before,
240. 8:14but with the EU's MiFID II
241. 8:16securities license,
242. 8:18it is fully compliant.
243. 8:19In addition, he also holds the stock in the United States,
244. 8:22but it is not mapped.
245. 8:23You can understand that the part he holds is a mirror. The
246. 8:26other part is held by himself
247. 8:27to hedge his CFD (contract for difference) exposure.
248. 8:30Moreover, this CFD (contract for difference) cannot be used to redeem the stocks held on behalf of others.
249. 8:33So the two are unrelated. It
250. 8:36is more similar to the product launched by bybit some time ago,
251. 8:38but it has the underlying stock as a hedge
252. 8:41. After my research,
253. 8:42I think this method is really impeccable at present. In
254. 8:45the future, Robinhood will also carry out the second phase
255. 8:47to connect its stock tokens to the permissionless blockchain world.
256. 8:50These tokens can be used as a collateral asset.
257. 8:53For example, some lending agreements on the chain in the future
258. 8:55can use these assets as collateral.
259. 8:57If this can be done
260. 8:58, there is still a lot of room for imagination.
261. 8:59As for transactions in the primary market
262. 9:01, Robinhood holds part of OpenAI
263. 9:04through an SPV (special purpose vehicle). Equity
264. 9:06. Then the rights of SPV are split into tokens on the blockchain.
265. 9:10Users can buy and sell these tokens through Robinhood.
266. 9:12The price is linked to the value of SPV.
267. 9:15Robinhood should have
268. 9:18bought a
269. 9:20few
270. 9:21from some old shareholders of OpenAI or SpaceX . It is not that I am using this thing to trade with you.
271. 9:24It is used as an additional investment asset
272. 9:25because its main force is still those major US stocks.
273. 9:29He hopes that everyone will trade this
274. 9:30, but he wants to airdrop some wool.
275. 9:32This wool is
276. 9:34the fragmentation of OpenAI and SpaceX's equity.
277. 9:36Of course, as an emerging brokerage firm, Robinhood
278. 9:38has always been accompanied by controversy.
279. 9:39For example, although it claims to have 0 commissions
280. 9:41, it actually makes money through trading spreads.
281. 9:44Your buying and selling prices will be slightly worse than those of other brokers.
282. 9:47The same is true in the crypto field,
283. 9:49so Robinhood has also been facing investigations and lawsuits.
284. 9:52In the past few years,
285. 9:53US stock tokenization products have been short-lived,
286. 9:56and the most representative one is Mirror The protocol
287. 9:58platform provides users with various RWA products
288. 10:00in the form of synthetic assets,
289. 10:02including tokenized assets of U.S. stocks such as Tesla, Google, Apple, and Microsoft.
290. 10:06However, due to supervision, market fluctuations and other reasons
291. 10:09, it was a mixed bag at the time
292. 10:10and there was hype,
293. 10:11so it was temporarily silent.
294. 10:13Recently, because the Trump administration strongly supports cryptocurrencies
295. 10:16, the chairman of the U.S. Securities and Exchange Commission has also changed from Gary Gensler, who strongly opposes cryptocurrencies, to
296. 10:20Paul Atkins, who supports cryptocurrencies.
297. 10:23The regulatory environment has changed drastically.
298. 10:24The new SEC Chairman Atkins
299. 10:26gave two speeches.
300. 10:27He said that President Trump’s task indicator for us is
301. 10:30to make the United States a global encryption center,
302. 10:33but he said that I looked at the Securities Act of 1933.
303. 10:35Now we are still guiding the issuance of security tokens
304. 10:38in accordance with the Securities Act of more than 100 years ago.
305. 10:40It is not suitable for such an era on the chain.
306. 10:43Therefore, the SEC’s task is to greatly simplify the issuance process of security tokens.
307. 10:47I think it will happen within two years.
308. 10:48Once this happens,
309. 10:50everyone will issue security tokens
310. 10:51because it is obvious that the chain is a much more efficient thing.
311. 10:55So I think that the prosperity of everything
312. 10:58on the chain, the prosperity of STO,
313. 11:00and everyone starting to move to the chain,
314. 11:03I think it may be implemented within two years.
315. 11:05It depends on the SEC
316. 11:06’s simplified process for the issuance of STO security tokens (Fast Track)
317. 11:09When will it be launched?
318. 11:10Of course, recently not only Robinhood
319. 11:12but also cryptocurrency exchanges like Kraken
320. 11:14have launched "xStocks" tokenized stock and ETF trading services,
321. 11:18covering more than 50 US-listed stocks and ETFs such as Apple, Tesla, and Nvidia.
322. 11:24These products all indicate that cryptocurrencies
323. 11:25are accelerating their integration with traditional finance and
324. 11:27evolving into real investment vehicles
325. 11:29. Behind the tokenization of US stocks,
326. 11:31there is also a financial war over the dominance of digital currencies.