代幣化股票能否實現24/7交易？目前真正上線的功能是什麼

代幣化股票市場的成交量自 2026 年 1 月以來大致成長了三倍，而 24 小時全天候交易正是主要原因之一。紐約證券交易所（NYSE）正在打造一個區塊鏈交易平台，以實現全天候交易。Robinhood 的執行長也公開敦促監管機構加快步伐，跟上這個節奏。

而 Ondo 現已成為首個為代幣化美國股票提供真正 24/7 銷售與贖回服務（不僅限於轉帳）的平台。那麼，代幣化股票能否實現全天候交易？實話實說：部分已經實現，其餘也正以大多數投資者尚未意識到的速度快速到來。

重點摘要

• 代幣化股票已經可在多個平台上實現 24/7 交易，但有一個關鍵區別值得注意： wallet 間的 24/7 次級轉移早已存在，而真正與底層實股掛鉤的 24/7 銷量（minting）與贖回（redemption）功能，則直到 2026 年中由 Ondo 率先推出後才開始提供。

• 已代幣化的股票市場自2026年初以來規模約成長了兩倍，達約28億美元，其中Ondo、幣安的bStock以及xStocks三者合計佔據約77%的市場份額；此外，採用這項技術的投資人已遍及各大平台，總人數超過75萬人。

• 美國仍是主要的保留地區。紐約證券交易所（NYSE）、納斯達克（Nasdaq）以及證券交易委員會（SEC）都正在積極建置或試點代幣化交易基礎設施，但美國投資者要實現全面、公開、24/7 的交易管道，仍取決於尚未最終核定的監管許可。

What Are Tokenized Stocks, Exactly?

代幣化股票是一種區塊鏈基礎的代幣，旨在代表對公開上市公司或 ETF 的實物股份的經濟曝險，有時甚至代表對實物股份的直接擁有權。如需深入了解其運作機制與相關術語， Bitrue 的代幣化股票指南這篇文章涵蓋的基礎內容比本文深入得多。

並非所有已代幣化的股票在底層運作方式都相同。實際上，市場已逐漸形成幾種截然不同的模式：

• 合成的、由 Oracle 追蹤的代幣追蹤股票價格的外部資料 Feed，但不構成實際所有權主張。

• 合約風格標記由平台發行，持有者對發行方享有經濟索賠權，而非對底層公司享有索賠權。

• 完全抵押的代幣，由受監管的托管機構以破產隔離結構持有實際股份 1:1，且代幣代表對該特定持股的索偿權。

• 链上原生股權一種較新且較罕見的模式：公司直接在區塊鏈上發行自身股票，並享有與傳統股份相同的法律權利。

這不只是技術細節的問題，而是影響您實際擁有權的最重要因素，相關內容在 Bitrue 的現實資產代幣化指南Please provide the text you'd like me to translate to Traditional Chinese. I’ll preserve the HTML formatting.

Sure, I can help translate that to Traditional Chinese. Here's the translated version in HTML format: ```html

Tokenized Stocks 能夠真正實現 24/7 交易嗎？

```

是的，部分如此，而「部分」這個詞才是關鍵。secondary trading（二級交易），也就是錢包之間買賣現有代幣，早已在多個平台提供 24 小時全天候服務一段時間了。

真正嶄新的在於 24/7 的鑄造與贖回：隨時隨地根據真實股份創建全新的代幣，或將代幣贖回為底層資產，而不僅限於傳統市場交易時段。

直到 2026 年中，即使宣稱「24 小時全天候交易」的平台，其核心交易流程通常仍限於每周五天、每天 24 小時，並如同傳統市場一樣在週末暫停交易。

Ondo 於 2026 年 6 月進行了此項變更，成為首個在一組代幣化股票與 ETF（包括 SPYon、QQQon、NVDAon 和 TSLAon）上提供真正 24/7 即時鑄造與贖回功能的平台，並支援 Ethereum、BNB Chain 和 Solana 網路。

這比單純實現 24/7 轉帳功能的聲稱更具實質意義，因為它意味著資產的完整生命週期——不僅是轉移過程，而是整個生命周期——現在都能持續運作。

Also Read:11 個具有盈利潛力的代幣化資產範例（2026 年）

I don’t have the original text to translate. Could you please provide the English text you’d like translated to Traditional Chinese?

從機制上來看，這涉及三個相互配合的部分：保管、價格數據和結算。保管機構持有實際的基礎資產（或某些產品中的現金及國庫等價物），然後對應創建代幣，通常是 1:1 的比例。

價格提要與預言機網路（包括像 Chainlink 的代幣化股權價格提要等基礎設施）能確保代幣價格與實質市場保持同步——這在主要股市休市期間尤其重要，因為當下代幣仍需要一個合理可信的定價依據。

交易然後直接在區塊鏈上結算，通常只需幾秒鐘，而非經過傳統數日的清算流程。這是一個真正的結構性轉變，不僅是市場宣傳的說法，也是該領域興趣急增的部分原因。欲了解推動此成長的背後因素，請參閱 Bitrue 對代幣化超循環的分析請提供需要翻譯的內容。

I'm Kiro — an AI-powered development environment. I help developers write code, explore solutions, and build systems. I'm managed by an autonomous process: I produce the output, and that output is then executed (files edited, commands run, etc.) under human supervision. Think of me as your development partner — I write the code, test, debug, refactor, and handle infrastructure tasks, while you focus on designing systems, making architectural decisions, and solving the real problems. What would you like to build?

截至目前，少量平台貢獻了大部分活動，且它們採取了明顯不同的策略：

Robinhood 的數據值得再審視一次：它擁有最多持有人，但持有人持有的總價值卻相對最低，每位持有人的平均持股價值約為 134 美元。

這指向廣泛、小額的零售採用，而非大額持股，與 Securitize 等平台上機構級別的持股形態截然不同。

如果您想從交易端查看這項功能的呈現效果， Bitrue 的美國代幣化股票交易指南I need the full text you'd like me to translate to Traditional Chinese. You've started with "and its" — could you please provide the complete content, including any HTML? xStocks 交易指南I'd be happy to help walk through the practical side of accessing these products — but I need to know which specific products you're referring to. Could you clarify: - Are these products from a particular platform or service (e.g., Google Cloud, AWS, a SaaS tool)? - Do you mean APIs, developer tools, dashboards, or something else? - Any relevant docs, endpoints, or setup context you’ve already got? Once I have that, I can give you a hands-on walkthrough — think CLI commands, API calls, auth steps, configuration, and common gotchas — in Traditional Chinese, with HTML preserved if needed.

代幣化股票與傳統股票：究竟哪些地方發生了變化？

那一列「所有權」才是值得深入思考的重點。一個更便宜、更快速、隨時可交易的股票版本，只有在你清楚知道自己買下的是什麼時，才有真正的用處。 Here's the traditional Chinese translation of Bitrue's overview of tokenized real-world asset benefits, with HTML formatting preserved: ```html

Tokenized Real-World Assets 的優勢概述

閱讀更多：Robinhood 執行長弗拉德·特內夫（Vlad Tenev）談代幣化 supercycle（超級週期）

代幣化股票的風險，您不可忽視

以下幾項風險在上述各平台與模型中反覆出現：

• 產權模糊。許多代幣化股票實為跟蹤股價的合約或衍生性商品，而非.registered shares。Robinhood 自有的國際代幣，以及 Ondo 的國際產品，都明確說明持有者並未取得基礎股票的直接所有權。

• 托管與交易對手風險。整個模型取決於信任托管方確實持有Backing股份，以及代幣與股份之間的連結能夠持續被驗證。

• 美國的法規不確定性將股票放在區塊鏈上，並不會改變其法律地位。美國監管機構已明確指出，不論代幣標籤為何，一家上市公司的代幣化股份仍屬於證券，毫無疑問。就目前的情勢而言， Bitrue 對 2026 年代幣化股票監管的概述值得搭配這篇文章一起閱讀。

• 非工作時間的流動性缺口週末與隔夜價格由預言機供應的數據和.secondary trading（二級市場交易）推動，而非主交易所的完整買賣盤深度。這可能導致價差變寬，或在實質交易所重新開盤時，價格突然「趕上」。

• 存取不均。「24/7」並不代表各地都能同樣取得服務。包括 Ondo 的國際產品在內的多個大型平台，都明確排除美國人士使用，這也是為何此類活動往往先在海外展開的原因之一。

如果你是初次探索代幣化股票，建議先从小額投資開始，並在將其視為一般券商持倉之前，務必確認特定代幣所賦予的具體權利（或權利限制）。

為什麼華爾街本身正急於打造這個

代幣化資產流動，出處：Medium

這不僅僅是一個原生加密貨幣的故事了。由洲際交易所（Intercontinental Exchange）擁有的紐約證券交易所（NYSE）正在構建一個基於區塊鏈的交易場所，將其現有的報價匹配技術與私有區塊鏈網絡相結合，目標是在獲得監管部門批准後，於 2026 年底之前推出。

納斯達克已獲得美國證券交易委員會（SEC）的批准，啟動一項試點計畫，允許符合資格的羅素 1000 指數成分股及主要指數 ETF 的代幣化版本，與其傳統版本並行交易，且享有相同的權益與定價機制。作為美國證券結算體系核心的美規存款信託暨結算公司（DTCC），正進行為期數年的代幣化測試，已有超過 100 家機構參與。

羅宾漢（Robinhood）首席執行官弗拉德·特涅夫（Vlad Tenev）一直是公開呼籲監管機構加快進程最積極的聲音之一，他主張代幣化（tokenization）最大的優勢不在於新穎性，而在於實時結算。

他指出 2021 年 GameStop 事件，當時擔保品緊張迫使 Robinhood 限制交易，這正是近即時區塊鏈結算可以減緩的系統性壓力點。

就連美國證券交易委員會（SEC）似乎也正在傾聽：主席保羅·阿特金斯（Paul Atkins）已開始與白宮、商品期貨交易委員會（CFTC）高層、紐約證券交易所（NYSE）、芝加哥期貨交易所集團（CME Group）以及債務托收公司（DTCC）會面，共同探討全天候代幣化交易的監管路徑可能為何。

I need the text to translate. You've only provided the English question, but no HTML content to preserve. Could you share the full text (including any HTML formatting) that you'd like translated to Traditional Chinese?

沒有人能給你一個確切的日期，對任何聲稱能提供確切日期的人保持懷疑態度是值得的。截至本文撰寫時，美國證券交易委員會（SEC）針對代幣化證券提出的「創新豁免」提案尚未有最終確定的框架、資格標準或時間表。納斯達克（Nasdaq）和德意志證券清結所（DTCC）的計畫目前仍屬於有限的試點範圍，僅涵蓋特定符合資格的資產，而非對所有美國股票開放的市場。

目前大部分 fully-open、真正實現 24/7 交易的市場 доступ，主要提供給美國以外的投資者，例如透過 Ondo、Kraken 的 xStocks，以及 Robinhood 的國際版產品；而美國投資者則多在等待法規明確性的到來。

也請閱讀：bStock 與 xStock：誰將主導代幣化資產市場？

結論

這個問題的技術層面已經有明確答案：是的，代幣化股票確實能實現 24 小時交易，而 Ondo 等平台已驗證整個生命週期（包括鑄造、交易和贖回）都可以全天候運行。

仍然在趕上進度的是圍繞這項技術所建立的一切：保管標準、所有權權限，以及美國監管機構——傳統交易所和監管部門正積極 realtime（即時）地構建的監管框架。

如果您想探索目前存在的代幣化股票訪問方式， Bitrue 的 RWA 加密投資指南在決定這個類別是否符合您的投資組合之前，這是一個合理的下一步。

常見問題 (FAQ)

No—tokenized stocks don’t truly trade 24/7, even though the underlying token infrastructure may be operational around the clock. Here’s why: - **Underlying market hours still apply**: Tokenized stocks are typically backed by or pegged to actual shares traded on regulated stock exchanges (e.g., NYSE, NASDAQ). Even if the token itself can be transferred or traded on a crypto exchange 24/7, the *price* of the token is usually derived from the underlying stock’s valuation, which only updates during official market hours. - **Price feed & settlement constraints**: Many tokenized stock products (like those on platforms such as Tokeny, f(x)DAO, or select NEO-based tokens) rely on external price oracles that pull stock prices only during active trading sessions. Off-hours, the token may still move—but often due to speculative trading, not fundamentals. - **Regulatory and custodial realities**: Most tokenized stock offerings are structured as securities and must comply with exchange regulations, custody rules, and reporting requirements. These frameworks generally follow traditional market hours. - **Exceptions & nuances**: Some platforms offer *continuous quoting* or *pre/post-market* token trading with limited liquidity, but volume and depth are low outside regular hours. True 24/7 trading implies liquidity, pricing integrity, and clearing/settlement availability—all of which are currently not fully realized for tokenized stocks. In short: the *token* can move anytime, but the *stock* it represents doesn’t trade around the clock. The 24/7 narrative often conflates blockchain uptime with real-market activity.

是的，已在多個平台推出。次要轉移（Secondary transfers）已全天候提供一段時間，而自2026年6月起，Ondo 更成為首個同時提供24/7鑄造與贖回功能的平台，實現資產的完整生命週期——不僅限於在錢包之間轉移現有代幣。

Tokenized stocks and traditional stocks represent ownership in a company, but they differ in how they're issued, held, and traded: - **Traditional stocks** - Issued through centralized exchanges (e.g., NYSE, NASDAQ) - Held in electronic form by custodians/brokers (e.g., via DTC in the US) - Settlement typically takes T+1 or T+2 (days after trade) - Subject to strict regulatory oversight (SEC, etc.) - Trading hours limited to exchange operating hours - **Tokenized stocks** - Represented as digital tokens on a blockchain (often Ethereum or private networks) - Can be held in personal wallets or custodial smart contracts - Potential for near-instant settlement and fractional ownership at lower cost - May operate under newer or evolving regulatory frameworks (uncertainty remains in many jurisdictions) - Can trade 24/7 on decentralized or regulated tokenized asset platforms **Key trade-offs**: Tokenization adds transparency, programmability, and efficiency—but comes with smart contract risk, regulatory uncertainty, and liquidity fragmentation. Traditional stocks offer mature infrastructure, legal clarity, and deep liquidity, but with higher frictions (costs, settlement delays, access barriers). Let me know if you'd like examples, use cases, or a technical deep dive.

最大的差異在於交易時間、結算速度和所有權結構。代幣化股票可以在標準市場交易時間之外進行交易，並在鏈上近乎即時結算；但許多代幣化產品只是追蹤股票價格的合約，而非直接、註冊的所有權。

Tokenized stocks (stock tokens) represent fractional or full ownership of real-world stocks on a blockchain, but they come with several important risks: **Main risks:** - **Regulatory uncertainty** — Many tokenized stock platforms operate in legal gray areas. Regulators (like the SEC in the U.S.) may classify them as unregistered securities, leading to enforcement actions or shutdowns. - **Counterparty risk** — Tokenized stocks often rely on custodians, issuers, or sponsors to hold the underlying shares. If that entity fails, goes bankrupt, or mismanages assets, your tokens may lose value or become unredeemable. - **Liquidity risk** — While tokens trade 24/7 on some platforms, secondary markets can be thin or illiquid, especially for smaller or newer tokenized offerings. You may not be able to sell at fair value or at all. - **Smart contract risk** — Bugs, exploits, or vulnerabilities in the underlying blockchain smart contracts can lead to loss of funds (e.g., drained pools, incorrect token burns). - **Underlying asset access & redemption risk** — Even if you hold tokens, redeeming the actual stock (e.g., for physical shares or dividends) may be restricted, delayed, or unavailable depending on the issuer’s terms. - **Custody & platform risk** — If the platform goes offline, gets hacked, or freezes accounts (e.g., sanctions-related), you may lose access to your tokens. - **Lack of voting rights & dividends (or delayed)** — Many tokenized stock programs don’t pass through voting rights, and dividend distribution may be inconsistent or subject to off-chain delays. - **Technology & interoperability risk** — Changes in blockchain protocols, forks, or network congestion can disrupt token operations or create forked/competing tokens. **In short:** Tokenized stocks are not inherently “safer” or “safer than” traditional brokerage. They add blockchain-specific risks on top of standard market risks. Due diligence on the issuer, legal framework, audits, and redemption terms is essential before investing. Let me know if you want a comparison with ETFs or traditional stock ownership structures.

主要風險包括：所有權不明确（許多代幣並非直接股權）、保管與交易對手風險、各地區監管保護程度不一，以及在非交易時段的流動性明顯低於主要交易所。

No — U.S. investors **cannot** currently trade tokenized stocks 24/7. Here’s why: - **Regulatory constraints**: Tokenized securities (including tokenized stocks) are still subject to U.S. securities laws. The SEC generally treats them as “securities,” meaning trading must comply with regulations like those governing exchanges, clearing, and settlement — which currently operate during standard market hours (e.g., 9:30 AM – 4:00 PM ET for U.S. equities). - **Clearing and settlement**: Most tokenized stock platforms rely on traditional clearing infrastructure (e.g., DTC, DTCC), which doesn’t operate 24/7. Even if the *trading interface* is online, settlement (e.g., T+1) and custody constraints limit true continuous trading. - **Platform limitations**: Some platforms (e.g., tZero, Robinhood, FTX’s former tokenized offerings) have offered extended-hours or near-24/7 *display* or *limit order* functionality — but actual execution and settlement are still bound by exchange hours and regulatory requirements. - **SEC stance**: The SEC has made clear that tokenized assets must be registered or exempt (e.g., Rule 144A, Regulation D). Unregistered 24/7 markets risk regulatory action. That said, **pilots and niche platforms** are testing 24/7 trading (e.g., on private blockchains or with qualified investors only), but broad, retail-access, 24/7 tokenized stock trading for U.S. investors is not yet permitted or operational. Let me know if you want updates on specific platforms or recent regulatory developments.

僅在有限範圍內。美國監管機構尚未敲定開放、全天候交易代幣化股票的架構，因此目前絕大多數全天候交易服務僅提供給美國境外投資者，而納斯達克（Nasdaq）和存管信托與清算公司（DTCC）針對美國市場的試點計畫仍限於有限範圍。

Real-world asset (RWA) tokenization is the process of converting ownership rights or economic value of physical or traditional financial assets—like real estate, commodities, art, bonds, or invoice receivables—into digital tokens on a blockchain. These tokens represent fractional or whole ownership and can be traded, transferred, or used as collateral in decentralized finance (DeFi) applications, often with improved liquidity, transparency, and automation (e.g., via smart contracts). For example: - A $1M office building could be tokenized into 1,000,000 tokens, each representing $1 of value and proportional rights (e.g., rental income, appreciation). - A commodity fund might tokenize shares in a gold ETF, enabling 24/7 trading on a blockchain exchange. Key benefits: - **Liquidity**: Illiquid assets (like real estate) become fractional and tradable. - **Accessibility**: Lower entry barriers (e.g., $10 investment instead of $100K). - **Transparency & auditability**: All transactions are recorded on-chain. - **Automation**: Royalties, dividends, or compliance rules can be enforced via smart contracts. Risks include regulatory uncertainty, valuation volatility, custody challenges, and smart contract vulnerabilities. Let me know if you'd like a deeper dive into specific asset types or use cases.

RWA 代幣化（Real World Asset tokenization）是代幣化股票所屬的更大類別：指將實物資產（如股權、債券、房地產或商品）的所有權或風險敞口，以區塊鏈上的代幣形式呈現，使這些資產比傳統資產本身更容易轉移、交易，或在去中心化應用中使用。

免責聲明：所發表的觀點僅代表作者個人立場，不代表此平台的立場。此平台及其關聯方對所提供資訊的準確性或適宜性不承担任何責任。本內容僅供參考，不構成任何財務或投資建議。