[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-saylor-tokenization-investors-shop-for-yield-zh":3,"article-related-saylor-tokenization-investors-shop-for-yield-zh":32,"series-industry-ba2059e6-6d51-4fe5-a53a-7e1f1d5c8af1":82},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":24,"views":28,"created_at":29,"published_at":30,"topic_cluster_id":31},"ba2059e6-6d51-4fe5-a53a-7e1f1d5c8af1","saylor-tokenization-investors-shop-for-yield-zh","Saylor：代幣化會讓投資人比收益","\u003Cp data-speakable=\"summary\">Michael Saylor 說，tokenization 會讓資產持有人直接比較信用條件與收益。\u003C\u002Fp>\u003Cp>說真的，這個說法比一般的 tokenization 宣傳猛多了。\u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002Fsquawk-box\u002F\" target=\"_blank\" rel=\"noopener\">CNBC Squawk Box\u003C\u002Fa> 在 \u003Ca href=\"\u002Fnews\u002Fwei-shen-me-2026-indiana-fever-jiu-shi-yao-xian-zai-ying-zh-zh\">2026\u003C\u002Fa> 年 5 月 21 日播出這段訪談。Saylor 不是只講結算更快。他直接把焦點放在收益比價。\u003C\u002Fp>\u003Cp>他認為，\u003Ca href=\"\u002Fnews\u002Fnyse-24-7-tokenized-trading-push-zh\">代幣化\u003C\u002Fa>資產會像商品一樣被比較。投資人可以直接看誰給的條件好。這會壓到現在掌握信用入口的銀行和券商。這種說法很直白，也很有火藥味。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數字\u003C\u002Fth>\u003Cth>意義\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>訪談日期\u003C\u002Ftd>\u003Ctd>2026\u002F05\u002F21\u003C\u002Ftd>\u003Ctd>這是很新的政策與市場討論\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>節目長度\u003C\u002Ftd>\u003Ctd>9:23\u003C\u002Ftd>\u003Ctd>代表這不是隨口聊聊\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>已上線的代幣化股票平台\u003C\u002Ftd>\u003Ctd>3 家\u003C\u002Ftd>\u003Ctd>\u003Ca href=\"https:\u002F\u002Fwww.coinbase.com\" target=\"_blank\" rel=\"noopener\">Coinbase\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Frobinhood.com\" target=\"_blank\" rel=\"noopener\">Robinhood\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.gemini.com\" target=\"_blank\" rel=\"noopener\">Gemini\u003C\u002Fa> 都在試水溫\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>提到的法案\u003C\u002Ftd>\u003Ctd>Clarity Act\u003C\u002Ftd>\u003Ctd>可能影響 onchain 市場的法律框架\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>Saylor 到底在講什麼\u003C\u002Fh2>\u003Cp>他的核心論點很簡單。tokenization 會把信用和收益變成可比價的市場。當股票、債券、基金，甚至私募信貸都能上鏈，資產持有人就能跨平台看條件。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1779402360136-scyv.png\" alt=\"Saylor：代幣化會讓投資人比收益\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>這跟一般人聽到的 tokenization 不太一樣。多數人只會想到 24 小時交易，或是結算更快。Saylor 講的是定價權。他在講，誰有資格決定你能拿到多少收益。\u003C\u002Fp>\u003Cp>他把傳統金融講得很直接。銀行可以說不。你想拿信用，卻沒有太多選擇。講白了，就是入口被少數機構卡住。\u003C\u002Fp>\u003Cul>\u003Cli>Tokenization 讓資產更容易移轉\u003C\u002Fli>\u003Cli>Onchain 資產可以跨時段交易\u003C\u002Fli>\u003Cli>收益比較會變得更透明\u003C\u002Fli>\u003Cli>信用條件不再只由單一機構決定\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>政策戰場才是重點\u003C\u002Fh2>\u003Cp>這件事不只是 Saylor 的個人看法。美國正在討論 \u003Ca href=\"https:\u002F\u002Fwww.congress.gov\u002F\" target=\"_blank\" rel=\"noopener\">Clarity Act\u003C\u002Fa>，這會影響 real-world assets 怎麼上鏈。法規如果往前推，tokenization 就不再只是加密圈的小眾題目。\u003C\u002Fp>\u003Cp>監管機關也不會放水。\u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002F\" target=\"_blank\" rel=\"noopener\">U.S. Securities and Exchange Commission\u003C\u002Fa> 今年已經把 tokenized securities 直接拉進主流金融的討論裡。意思很清楚。包裝可以變，合規成本不會自動消失。\u003C\u002Fp>\u003Cp>這裡有個很重要的點。美國市場最怕的不是新技術，而是新技術碰到舊規則。只要證券法還在，代幣化股票就還是證券，不會因為上鏈就變自由身。\u003C\u002Fp>\u003Cblockquote>“The real power of tokenization is it creates a free market in credit formation and yield for asset owners,” Saylor said on CNBC’s Squawk Box.\u003C\u002Fblockquote>\u003Cp>這句話很關鍵。他不是在賣一個比較漂亮的資料庫。他是在講，誰有權決定資金\u003Ca href=\"\u002Fnews\u002Fclaude-mythos-preview-benchmarks-price-context-zh\">價格\u003C\u002Fa>。\u003C\u002Fp>\u003Cp>如果你是開發者，這句話會很有感。因為這代表產品設計不只是錢包和介面。真正的戰場是資產規則、合規流程、以及收益分配邏輯。\u003C\u002Fp>\u003Ch2>跟現在市場比，差在哪\u003C\u002Fh2>\u003Cp>傳統金融很依賴中介。銀行管信用，券商管通路，清算機構管交割。這套系統很穩，但也很慢。想改條件，通常得照它們的規則走。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1779402347570-efel.png\" alt=\"Saylor：代幣化會讓投資人比收益\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>tokenized market 想做的事，是把這些步驟縮進軟體裡。理論上，這能降低摩擦，也能讓更多人看到價格。但問題也很現實。誰保管資產，誰負責 KYC，誰處理跨平台流動，這些都不是小事。\u003C\u002Fp>\u003Cp>我覺得最有意思的是權力結構的改變。以前是機構決定你能不能進場。以後可能變成，市場直接對你的資產定價。這差很多。\u003C\u002Fp>\u003Cul>\u003Cli>傳統市場靠銀行和券商分發產品\u003C\u002Fli>\u003Cli>代幣化市場讓收益比較更直接\u003C\u002Fli>\u003Cli>傳統市場多半有固定交易時段\u003C\u002Fli>\u003Cli>Onchain 資產可以 24 小時交易\u003C\u002Fli>\u003Cli>代幣化會把競爭拉到價格與條件\u003C\u002Fli>\u003C\u002Ful>\u003Cp>但別急著喊贏。tokenization 不會自動解決所有問題。它可能只是把舊問題換成新格式。市場碎片化、流動性不足、監管重疊，這些都還在。\u003C\u002Fp>\u003Ch2>這波熱度從哪裡來\u003C\u002Fh2>\u003Cp>這波討論不是憑空冒出來的。2024 到 2026 之間，金融業一直在試 tokenized deposits、tokenized funds、tokenized treasuries。原因很簡單。大家都想找更快的結算方式，也想省掉中間成本。\u003C\u002Fp>\u003Cp>美國之外，歐洲和亞洲的金融機構也在做實驗。很多案子不大，但方向很清楚。先把資產上鏈，再看能不能把清算、託管、和分配流程一起搬進去。這些東西如果成功，軟體公司會有新機會，傳統機構也會被迫改流程。\u003C\u002Fp>\u003Cp>不過，真正決定成敗的，還是制度。沒有清楚規則，tokenization 很容易卡在試點。這也是為什麼 Saylor 會把話題拉回法規。技術可以跑很快，法律通常慢很多。\u003C\u002Fp>\u003Cp>再看 \u003Ca href=\"https:\u002F\u002Fwww.coinbase.com\" target=\"_blank\" rel=\"noopener\">Coinbase\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Frobinhood.com\" target=\"_blank\" rel=\"noopener\">Robinhood\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.gemini.com\" target=\"_blank\" rel=\"noopener\">Gemini\u003C\u002Fa> 這幾家。它們都在測市場反應。這不是單純的功能更新，而是看用戶願不願意接受一種新的資產分發方式。\u003C\u002Fp>\u003Ch2>接下來要看什麼\u003C\u002Fh2>\u003Cp>接下來最重要的是美國法規會不會更清楚。只要 \u003Ca href=\"https:\u002F\u002Fwww.congress.gov\u002F\" target=\"_blank\" rel=\"noopener\">Clarity Act\u003C\u002Fa> 或相關規則往前走，tokenized securities 就可能從試驗品變成正式產品線。\u003C\u002Fp>\u003Cp>我的判斷是，2026 年會是觀察點。不是因為所有問題都會解完，而是因為市場會開始分出兩派。一派認為 tokenization 只是包裝。另一派認為它會改變收益定價。這場爭論才剛開始。\u003C\u002Fp>\u003Cp>如果你是做軟體或金融產品的，現在就該想一件事。你的系統是在幫人找收益，還是在幫機構守門？這個答案，會決定你接下來要站哪邊。\u003C\u002Fp>\u003Cp>我個人看法很簡單。tokenization 不會先吃掉所有金融業，但它會先改變高流動資產的分發方式。先從股票、基金、國債這些品項開始，接著才輪到更複雜的信貸產品。這條路很長，但方向已經很明白。\u003C\u002Fp>","Michael Saylor 認為 tokenization 會讓資產持有人直接比較信用條件與收益，進而壓縮銀行和券商的定價權。","www.cnbc.com","https:\u002F\u002Fwww.cnbc.com\u002F2026\u002F05\u002F21\u002Fstrategys-michael-saylor-says-tokenization-will-let-investors-shop-for-yield.html",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1779402360136-scyv.png","industry","zh","7f17e47e-6b14-45e0-acce-b94e1d348296",[17,18,19,20,21,22,23],"tokenization","Michael Saylor","收益","代幣化股票","Clarity Act","區塊鏈金融","證券法",[25,26,27],"Saylor 的重點不是更快結算，而是讓資產持有人直接比收益與信用條件。","代幣化若擴大，銀行和券商的定價權會被壓縮。","美國法規，尤其是 Clarity Act 與 SEC 立場，會決定 tokenized securities 能走多遠。",3,"2026-05-21T22:25:26.950912+00:00","2026-05-21T22:25:26.88+00:00","2c4ad9f1-e6a3-404c-bec7-7e9eec612396",{"tags":33,"relatedLang":41,"relatedPosts":45},[34,35,37,39,40],{"name":17,"slug":17},{"name":21,"slug":36},"clarity-act",{"name":18,"slug":38},"michael-saylor",{"name":19,"slug":19},{"name":20,"slug":20},{"id":15,"slug":42,"title":43,"language":44},"saylor-tokenization-investors-shop-for-yield-en","Saylor Says Tokenization Will Let Investors Shop for Yield","en",[46,52,58,64,70,76],{"id":47,"slug":48,"title":49,"cover_image":50,"image_url":50,"created_at":51,"category":13},"9a0692ba-a9c5-42eb-823d-8a0e6e6ae3fc","openai-ipo-filing-turns-hype-into-scrutiny-zh","OpenAI IPO 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件事","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781032675072-oq1m.png","2026-06-09T19:17:23.187013+00:00",{"id":65,"slug":66,"title":67,"cover_image":68,"image_url":68,"created_at":69,"category":13},"8258e540-397f-4566-8ae5-37582f3e3418","openai-latest-moves-pricing-safety-scale-zh","OpenAI 4 個最新動向：定價、安全、規模都在變","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781031777355-odh9.png","2026-06-09T19:02:26.913687+00:00",{"id":71,"slug":72,"title":73,"cover_image":74,"image_url":74,"created_at":75,"category":13},"5a3f8c97-afa9-43cd-a5f7-64a1fcfd99d2","risc-v-mini-pcs-worth-buying-now-future-bet-zh","RISC-V 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3…","2026-03-26T07:30:12.825269+00:00",{"id":119,"slug":120,"title":121,"created_at":122},"e660d801-2421-4529-8fa9-86b82b066990","metas-llama-4-benchmark-scandal-gets-worse-zh","Meta Llama 4 分數風波又擴大","2026-03-26T07:34:21.156421+00:00",{"id":124,"slug":125,"title":126,"created_at":127},"183f9e7c-e143-40bb-a6d5-67ba84a3a8bc","accenture-mistral-ai-sovereign-enterprise-deal-zh","Accenture 攜手 Mistral AI 賣主權 AI","2026-03-26T07:38:14.818906+00:00",{"id":129,"slug":130,"title":131,"created_at":132},"191d9b1b-768a-478c-978c-dd7431a38149","mistral-ai-faces-its-hardest-year-yet-zh","Mistral AI 迎來最硬的一年","2026-03-26T07:40:23.716374+00:00"]