At three in the morning, the cryptocurrency community was suddenly ignited by a piece of news—Kraken Exchange announced it would launch a 'U.S. stock tokenization plan', with the first batch of targets surprisingly being the three tech giants: Apple, Tesla, and NVIDIA. When the equity of NASDAQ-listed companies appears on the blockchain browser in the form of ERC-20 tokens, this seemingly low-key financial experiment is, in fact, tearing apart the barrier between traditional capital markets and the crypto world. Tokenization trading: the moment of breaking from concept to reality. The technical white paper released by Kraken shows that these U.S. stock tokens are not simply price anchors but achieve 'asset ownership on-chain' through smart contracts. Taking Apple tokens (AAPL-ERC20) as an example, every 10 tokens correspond to 1 share of Apple stock, and holders can exercise voting rights through decentralized wallets and even participate in quarterly dividends—this means that the most core 'equity attributes' of traditional financial markets are being redefined by blockchain technology. This tokenization mechanism creates an unprecedented trading paradigm.

  • Cross-market liquidity aggregation: users can directly exchange U.S. stock tokens using BTC or USDT, without going through traditional brokerage fiat channels, with 24-hour on-chain settlement breaking through time zone limitations.

  • Fractional ownership: 1 Tesla token (TSLA-ERC20) corresponds to 0.1 shares of stock, allowing small amounts of capital to participate in giant equity investments.

  • Programmable financial derivatives: synthetic assets, index funds, and other DeFi applications can be developed based on tokenized equity, such as using AAPL tokens as collateral to generate stablecoins.

According to test data released by the exchange, Apple tokens achieved 237 on-chain transactions per second during the gray box testing phase, with a slippage rate controlled within 0.8%, while traditional U.S. stock market after-hours trading slippage usually exceeds 3%. This improvement in efficiency is due to the underlying reconstruction of financial infrastructure by blockchain technology.

Tokenization of the three giants: a weather vane for the undercurrents of capital.

Choosing Apple, Tesla, and NVIDIA as the first batch of targets is no coincidence. These three companies represent the three revolutionary tracks of consumer electronics, new energy vehicles, and artificial intelligence; their tokenization process hides deep-seated logic.

  • Apple: The marriage of consumerism and digital assets. As the company with the highest market capitalization in the world, Apple's tokenization symbolizes the breaking of 'mainstream asset encryption'. When iPhone users can directly exchange AAPL tokens with their App Store accounts, the user base of cryptocurrencies may experience exponential growth.

  • Tesla: Blockchain mapping of the new energy revolution. The tokenization of Tesla coincides with its electric vehicle global penetration rate exceeding 18%. On-chain data shows that over 62% of Tesla token holders come from new energy theme crypto funds; this 'real industry + digital assets' linkage model is creating a new asset allocation logic.

  • NVIDIA: The evolution of the value carrier of the computing power economy. As the absolute leader in the AI chip field, NVIDIA's tokenization unexpectedly triggered a surge in the concept of 'computing power coins'. Data from a DeFi platform shows that the liquidity mining combination of NVDA tokens and MATIC once reached an annualized yield of 176%, reflecting the market's fervent pursuit of 'tech equity + blockchain application'.

What’s more noteworthy are the institutional actions behind this: Grayscale's parent company, Digital Currency Group, has quietly increased its stake in Kraken to 7.2%, while BlackRock's blockchain lab is developing a prototype product for a 'U.S. stock token index fund'. These signals indicate that traditional asset management giants are accelerating their layout in this financial transformation.

The tokenization wave: reconstructing the underlying protocols of the global capital market.

When U.S. stocks begin to circulate on-chain in token form, the impact will far exceed that of ordinary cryptocurrency innovations.

1. Redistribution of financial sovereignty.

  • Emerging market investors can bypass capital controls and directly participate in U.S. stock investments using USDT. Data from a Southeast Asian trading platform shows that during the testing period, the trading volume of U.S. stock tokens by Vietnamese users reached 31%.

  • Exploration has emerged at the level of sovereign states: the Central Bank of Panama is researching a 'nationally endorsed U.S. stock token clearing system', attempting to use blockchain technology as a tool to break through the U.S. dollar settlement system.

2. Decentralized experiment in corporate governance.

  • Tesla token holders will gain 'on-chain voting rights'; a DAO organization has already planned to initiate a proposal 'requesting Tesla to increase its Bitcoin reserves'.

  • The smart contract of Apple tokens has reserved a 'community dividend adjustment interface', meaning that in the future, shareholders may decide the dividend ratio through DAO voting.

3. Paradigm shift in asset pricing logic.

  • The correlation between U.S. stock tokens and native crypto assets is increasing: during the testing period, the 30-day correlation between AAPL tokens and BTC reached 0.61, while the correlation between traditional U.S. stocks and Bitcoin was only 0.23.

  • A 'new ecosystem for cross-market arbitrage' has emerged: a quantitative team achieved an average daily arbitrage return of 2.3% by capturing the price differences between U.S. stock spots and on-chain tokens.

The deeper significance of this transformation is that when equity—one of the most core traditional financial assets—completes its tokenization transformation, the underlying protocols of capital markets are shifting from 'centralized registration and settlement' to 'distributed value transfer'. Just as the internet decentralized information transmission, blockchain is achieving true globalization and disintermediation of capital flow.

The critical point of the tug-of-war between regulation and innovation.

In the face of this wave of tokenization, the attitude of regulatory agencies has become a key variable. The U.S. SEC has issued a 'no objection letter' to Kraken, but with strict conditions attached.

  • U.S. stock tokens can only be open to 'qualified investors', with a single account holding limit of $100,000.

  • Regular 'asset custody audits' must be conducted, with institutions like Ernst & Young verifying the authenticity of the stocks corresponding to the tokens.

  • Prohibit the use of U.S. stock tokens for leveraged trading and synthetic asset development.

This attitude of 'limited release' reflects the regulatory body's contradictory psychology: wanting to prevent financial risks while not wanting to miss out on technological innovation opportunities. Meanwhile, more radical innovations have emerged in offshore markets—a compliant exchange in the Caribbean has launched a 'U.S. stock token ETF', which has achieved simultaneous tracking of 10 tech giants' tokens, with a management scale exceeding $2.7 billion.

Standing at a historical crossroads, the tokenization of U.S. stocks is akin to the moment Satoshi Nakamoto published the white paper in 2008—a seemingly niche technological experiment that is, in fact, nurturing a genetic mutation of the financial system. When Apple stocks can freely circulate on the blockchain, and when Tesla equity becomes collateral for DeFi protocols, we may be witnessing the dawn of a new financial era.

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