Tokenized stocks have entered the deep water zone. Last week, ICE, the parent company of the New York Stock Exchange, invested in Okx and announced that they will jointly explore the compliance path of tokenized securities and traditional asset digitization. Yesterday, Nasdaq announced a cooperation plan with Kraken to launch 7 * 24 small-scale cryptocurrency stock trading. There are two forms, different paths, but both point to the deep waters of stock tokenization. What is the outlook for the final form of tokenization in the US stock market in August 25, https://(x.com)/qinbank/status/1960965441565905025? In the future, exchanges such as Nasdaq and the New York Stock Exchange may directly engage in supply side activities. Market makers such as Citadel, Jump, and Jane Street will also come in to provide liquidity. From this perspective, it is highly likely that stocks will be highly concentrated on the supply side in the future. "Half a year has passed, and the outlook at that time is beginning to be validated and realized. Why are tokenized stocks entering the deep water zone? Yesterday, Nasdaq announced its partnership with Kraken, stating that it plans to launch a new breakthrough "stock tokenization design" that will allow listed companies in the US stock market to have more control over their tokenized stocks, including matters related to proxy voting, corporate actions, and governance rights. Nasdaq's move means that stock assets are getting closer to "token trading". What does this mean? In addition to trading and settlement, stock tokenization also needs to address a whole set of company laws and securities market infrastructure issues such as entrusted voting, dividends, stock splits, corporate actions, shareholder lists, and governance rights. Nasdaq's emphasis on "putting issuers at the center" this time is essentially a response to this difficulty; The SEC's staff statement in January this year also clearly classified tokenized securities into two categories: issuer led and third-party led, indicating that regulators have begun to address this architecture issue positively. From the perspective of underlying trading theory, the true value of stock tokenization is not to "turn a stock into currency", but to reconstruct the "trading time, settlement speed, asset programmability, and global distribution capability" of the stock market 1) Nasdaq and Kraken's parent company Payward collaborated to design a gateway for tokenized stocks to flow between regulated and on chain markets; 2) The NYSE has also announced the development of a tokenized securities platform that supports 24/7 trading, real-time settlement, and stablecoin deposits. (Due to ICE's investment, it is estimated that OKX will participate in the tokenization regime platform of the New York Stock Exchange in the future.) What are the differences between the two forms of cooperation? 1) ICE and OKX authorize the use of OKX's spot prices to launch regulated futures, while also bringing the intercontinental US futures market and the NYSE's tokenized stock market to OKX's global users in the future. So both are not just about tokenizing stocks, but packaging data, futures, stocks, and market entry together. 2) Stark, Kraken, and xStocks focus on centralized and decentralized compliance and distribution: Nasdaq provides a compliant issuer framework, Kraken provides a user centric platform, and xStocks provides a decentralized platform on the user chain. The breadth of cooperation between the former and the depth of cooperation between the latter. The core point is that traditional stock exchanges no longer see tokenization as an "experiment in the cryptocurrency industry", but as a "new channel" for the next generation of securities markets. This corresponds to a clear market direction: longer trading hours, lower settlement friction, fewer intermediary levels, and stronger global liquidity integration capabilities.