Main takeaway: Grayscale research head Zach Pandl says global stock tokenization has begun and will offer 24/7 trading. He outlines three stages: (1) third-party “wrapping” (over 70% market share on chains like Ethereum, Solana); (2) regulated post-trade “rights” pilots like DTCC; (3) issuer-led native on-chain securities, with Securitize as the first NYSE-listed example; Grayscale expects all three to coexist for years.
币界网消息，吴说获悉，Grayscale研究主管Zach Pandl发布报告指出，全球股票市场代币化进程已拉开帷幕，将为用户带来24/7交易等便利，并将股权代币化演进归纳为三个阶段：第一阶段为第三方“封装”模式，目前占据超70%市值，主要在以太坊、Solana等链上运行第二阶段为DTCC试点所代表的“权益”模式，利用受监管的交易后基础设施第三阶段为长期潜力最大的“发行方发起”模式，即公司原生上链发行证券，上周Securitize已成为首家实现此举的纽交所上市公司。Grayscale认为三种模式将在未来多年内并存。