#牛来 Tokenized US stocks, a full-scale “Three Kingdoms-style” battle, officially kicks off. Coinbase fully supports the “kill” with real securities, entering a $700 billion-trillion market. The rights to issue and the rules of corporate governance are being rewritten on-chain.
On the same day, three exchanges reveal their cards: Coinbase leads with redeemable warehouse receipts; Robinhood’s CEO claims issuers should not have veto rights; and Kraken moves stock collateral onto Solana to enable lending. The retail risk behind the AMC episode—this edition lays it all out clearly.
Key insights of this episode:
- Tokenized stocks are not synthetic assets: they are fully backed by real securities, redeemable, include dividends, and voting rights are set to go live—but redemption commitments are hard constraints on custody and liquidity.
- The dispute over issuer veto rights is ultimately a battle over transparency and control. AMC-style retail exposure will be amplified further in on-chain clearing and collateralized lending.
- Investors should truly focus on the redemption path, the liquidation line, and the custodian—not just the 2% annualized figure or hot narratives.
On the same day, three exchanges reveal their cards: Coinbase leads with redeemable warehouse receipts; Robinhood’s CEO claims issuers should not have veto rights; and Kraken moves stock collateral onto Solana to enable lending. The retail risk behind the AMC episode—this edition lays it all out clearly.
Key insights of this episode:
- Tokenized stocks are not synthetic assets: they are fully backed by real securities, redeemable, include dividends, and voting rights are set to go live—but redemption commitments are hard constraints on custody and liquidity.
- The dispute over issuer veto rights is ultimately a battle over transparency and control. AMC-style retail exposure will be amplified further in on-chain clearing and collateralized lending.
- Investors should truly focus on the redemption path, the liquidation line, and the custodian—not just the 2% annualized figure or hot narratives.