There's about $2.9B of tokenized stocks onchain, and about $18.9M of credit lent against them: 0.65% penetration. Issuance measures supply, usage measures demand, and the industry mostly publishes the first.

链上约有 29 亿美元代币化股票，以它为抵押实际借出的信贷约 1,890 万美元，渗透率 0.65%。发行量衡量供给，使用率衡量需求，而行业几乎只公布前者。

Robinhood Chain was built for stock tokens, AI agents and everyday users, but memes lit phase one. A demand–capability matrix scores Pons, pools.trade, PAIR and par on eight capabilities the next phase will need, and maps which wins under each scenario.

从股票代币、AI 代理、大众用户三条主线倒推发射台需要的八项能力，对照 Pons、pools.trade、PAIR、par 四家。没有一家八项全满，链往哪偏，哪种能力就更值钱。

US markets are shut for 48 hours every weekend, but tokenized stocks keep trading onchain and passive LPs carry the risk. The SEC's new exemption fragments venues; the open seat is pricing while the market is closed.

Franklin Templeton 与 Bybit 合作，机构可质押 Benji 货基份额换取稳定币信贷额度，资产留所外托管并继续生息。但折扣率与违约条款未公布——资产离开交易所，风险没走。