US SEC Approves Nasdaq's Tokenized Stock Pilot, Advancing 24-Hour Trading for US Stocks
The US Securities and Exchange Commission (SEC) has approved Nasdaq's pilot program for trading and settling tokenized stocks. According to the public rule change, eligible participants can buy and sell stocks in tokenized form under a trust and clearing system, with tokenized securities sharing the same order book and execution priority as traditional stocks, and enjoying equal shareholder rights. Nasdaq has also partnered with Kraken's parent company Payward to design a conversion channel between traditional markets and on-chain markets.
This arrangement is interpreted by the market as a significant step towards the evolution of US stock trading structure to 'around-the-clock' operations. The inclusion of tokenization within the regulated framework by traditional exchanges indicates that market infrastructure is treating on-chain settlement as a mainstream capability rather than a fringe experiment.
Source: Public Information
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这项批准的核心不是“加密化”三个字，而是交易时间和清算边界被重新定义。过去美股的核心特征是集中交易窗口，而代币化股票把资产拆成可连续转移的数字单元，天然更适合24小时流动。这会把价格发现从固定时段推向连续时段，市场波动也会更频繁、更全球化。
更深一层，这代表华尔街开始吸收区块链最有威胁、也最有价值的部分：结算和转移效率。SEC不是在给加密资产开绿灯，而是在把链上技术纳入既有金融秩序，让它为现有股票市场服务。也就是说，所谓“加密化”并不是制度替代，而是制度吸收。
从长期看，这会改变散户、做市商和全球资本的互动方式。若交易接近7x24小时，信息差将更快被抹平，传统盘后与隔夜风险会被重新定价。表面上看是交易更自由，实质上是美股正在向一个更像加密市场的结构靠拢：连续、全球化、碎片化，也更依赖基础设施主导权。