代币化股票永续合约交易量年内升至超5900亿美元，底层结构决定投资者实际权益

Odaily News: Research shows that the tokenized stock market has continued to grow recently. As of 2026, the trading volume of tokenized stock perpetual contracts has surged from approximately $16 billion in 2025 to over $590 billion, while spot trading volume has also surpassed $88 billion. Currently, the market mainly features three models: issuer-supported, custody-based, and synthetic.

Issuer-supported tokens directly represent stock ownership and correspond to rights such as voting, dividends, and corporate actions; custody-based tokens provide corresponding economic rights through securities intermediaries; synthetic tokens are essentially contractual claims against a third party, do not represent direct ownership of the underlying stock, and may face risks such as counterparty, tracking, and transmission of corporate actions. As the regulatory framework gradually clarifies and blockchain settlement infrastructure continues to mature, demand for tokenized stocks is expected to keep growing. Investors need to distinguish whether the assets they hold represent real equity or synthetic exposure built on top of it, as this will directly determine the rights they enjoy, the risks they bear, and the legal protections available to them. (CoinDesk)