{"id":79945,"date":"2026-05-15T09:04:58","date_gmt":"2026-05-15T02:04:58","guid":{"rendered":"https:\/\/hbbgroup.net\/here-is-why-wall-street-is-racing-to-tokenize-the-entire-stock-market\/"},"modified":"2026-05-15T10:20:22","modified_gmt":"2026-05-15T03:20:22","slug":"here-is-why-wall-street-is-racing-to-tokenize-the-entire-stock-market","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/here-is-why-wall-street-is-racing-to-tokenize-the-entire-stock-market\/","title":{"rendered":"\u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao Ph\u1ed1 Wall \u0111ang ch\u1ea1y \u0111ua \u0111\u1ec3 m\u00e3 h\u00f3a to\u00e0n b\u1ed9 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n."},"content":{"rendered":"<div data-astro-cid-nbv56vs3=\"\">\n<h5 class=\"font-sans text-default text-lg leading-[26px] tracking-normal mb-4\"><span dir=\"auto\">Token h\u00f3a l\u00e0 xu h\u01b0\u1edbng ch\u1ee7 \u0111\u1ea1o c\u1ee7a n\u0103m 2026. Vi\u1ec7c hi\u1ec7n th\u1ef1c h\u00f3a xu h\u01b0\u1edbng n\u00e0y kh\u00e1 kh\u00f3 kh\u0103n, nh\u01b0ng nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 cho r\u1eb1ng l\u1ee3i \u00edch thu \u0111\u01b0\u1ee3c s\u1ebd r\u1ea5t l\u1edbn n\u1ebfu h\u1ecd th\u00e0nh c\u00f4ng.<\/span><\/h5>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-80113\" src=\"https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-1024x683.avif\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-1024x683.avif 1024w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-300x200.avif 300w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-768x512.avif 768w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-18x12.avif 18w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-700x466.avif 700w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-440x293.avif 440w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-219x146.avif 219w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1-600x400.avif 600w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/05\/ce76979de80d48f1c06e572ba9334b9ca76b09a4-4917x3278-1.avif 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><em>(Anthony Devlin\/Getty Images)<\/em><\/p>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\">Nh\u1eefng \u0111i\u1ec1u c\u1ea7n bi\u1ebft:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Vi\u1ec7c m\u00e3 h\u00f3a t\u00e0i s\u1ea3n (tokenization) \u0111ang chuy\u1ec3n t\u1eeb c\u00e1c &#8220;l\u1edbp v\u1ecf&#8221; th\u1eed nghi\u1ec7m sang c\u00e1c ch\u1ee9ng kho\u00e1n g\u1ed1c blockchain, nh\u01b0 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n qua th\u01b0\u01a1ng v\u1ee5 tr\u1ecb gi\u00e1 4,2 t\u1ef7 \u0111\u00f4 la c\u1ee7a Bullish v\u1edbi c\u00f4ng ty m\u00f4i gi\u1edbi Equiniti \u0111\u1ec3 ph\u00e1t h\u00e0nh v\u00e0 ghi nh\u1eadn c\u1ed5 phi\u1ebfu tr\u1ef1c ti\u1ebfp tr\u00ean chu\u1ed7i kh\u1ed1i.<\/li>\n\n\n\n<li>C\u00e1c nh\u00e0 cung c\u1ea5p ch\u1ec9 s\u1ed1 v\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n l\u1edbn \u0111ang ph\u1ea3i v\u1eadt l\u1ed9n v\u1edbi vi\u1ec7c x\u1eed l\u00fd c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a trong c\u00e1c ch\u1ec9 s\u1ed1 nh\u01b0 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec1u ch\u1ec9nh theo t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh t\u1ef1 do, do c\u00e1c gi\u1edbi h\u1ea1n v\u1ec1 l\u01b0u k\u00fd, nhi\u1ec1u phi\u00ean b\u1ea3n m\u00e3 h\u00f3a c\u1ee7a c\u00f9ng m\u1ed9t c\u1ed5 phi\u1ebfu v\u00e0 giao d\u1ecbch 24\/7.<\/li>\n\n\n\n<li>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 cho r\u1eb1ng vi\u1ec7c ph\u00e1t h\u00e0nh tr\u1ef1c ti\u1ebfp tr\u00ean chu\u1ed7i kh\u1ed1i c\u00f3 th\u1ec3 gi\u00fap thanh to\u00e1n nhanh h\u01a1n, s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p hi\u1ec7u qu\u1ea3 h\u01a1n v\u00e0 cung c\u1ea5p d\u1eef li\u1ec7u s\u1edf h\u1eefu phong ph\u00fa h\u01a1n cho ng\u01b0\u1eddi ph\u00e1t h\u00e0nh, nh\u01b0ng \u0111i\u1ec1u n\u00e0y c\u0169ng t\u1ea1o ra nh\u1eefng th\u00e1ch th\u1ee9c m\u1edbi v\u1ec1 \u0111\u1ecbnh gi\u00e1, ti\u00eau chu\u1ea9n v\u00e0 c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng khi th\u1ecb tr\u01b0\u1eddng truy\u1ec1n th\u1ed1ng v\u00e0 th\u1ecb tr\u01b0\u1eddng token h\u00f3a h\u1ed9i t\u1ee5.<\/li>\n<\/ul>\n\n\n\n<p>M\u00e3 h\u00f3a token \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng l\u1eddi h\u1ee9a l\u1edbn nh\u1ea5t c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed. \u00dd t\u01b0\u1edfng nghe c\u00f3 v\u1ebb \u0111\u01a1n gi\u1ea3n: l\u1ea5y c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu ho\u1eb7c qu\u1ef9 v\u00e0 chuy\u1ec3n ch\u00fang l\u00ean c\u00e1c h\u1ec7 th\u1ed1ng blockchain ho\u1ea1t \u0111\u1ed9ng li\u00ean t\u1ee5c 24\/7.<\/p>\n\n\n\n<p>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 cho r\u1eb1ng k\u1ebft qu\u1ea3 n\u00e0y c\u00f3 th\u1ec3 \u0111\u1ecbnh h\u00ecnh l\u1ea1i th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Giao d\u1ecbch c\u00f3 th\u1ec3 di\u1ec5n ra 24\/7.<\/p>\n\n\n\n<p>Qu\u00e1 tr\u00ecnh thanh to\u00e1n c\u00f3 th\u1ec3 di\u1ec5n ra g\u1ea7n nh\u01b0 t\u1ee9c th\u00ec thay v\u00ec m\u1ea5t nhi\u1ec1u ng\u00e0y. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 chuy\u1ec3n t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng nhanh h\u01a1n, v\u00e0 c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 c\u1eaft gi\u1ea3m chi ph\u00ed v\u1eadn h\u00e0nh li\u00ean quan \u0111\u1ebfn c\u00e1c h\u1ec7 th\u1ed1ng c\u0169 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng t\u1eeb nhi\u1ec1u th\u1eadp k\u1ef7 tr\u01b0\u1edbc.<\/p>\n\n\n\n<p>Khi c\u00e1c ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a giao d\u1ecbch su\u1ed1t ng\u00e0y \u0111\u00eam, \u0111i\u1ec1u n\u00e0y mang l\u1ea1i cho nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ef1 linh ho\u1ea1t h\u01a1n trong vi\u1ec7c cho vay ho\u1eb7c th\u1ebf ch\u1ea5p c\u1ed5 phi\u1ebfu v\u00e0 cung c\u1ea5p cho c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh d\u1eef li\u1ec7u t\u1ed1t h\u01a1n v\u1ec1 ng\u01b0\u1eddi s\u1edf h\u1eefu v\u00e0 giao d\u1ecbch c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd. T\u00ednh minh b\u1ea1ch \u0111\u00f3 c\u00f3 th\u1ec3 thu h\u00fat nhu c\u1ea7u m\u1ea1nh m\u1ebd h\u01a1n \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 gi\u00fap c\u00e1c c\u00f4ng ty huy \u0111\u1ed9ng v\u1ed1n tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f4ng khai v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i c\u00e1c ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng th\u00e0nh t\u00e0i s\u1ea3n d\u1ef1a tr\u00ean blockchain \u0111ang kh\u00f3 kh\u0103n h\u01a1n nhi\u1ec1u so v\u1edbi vi\u1ec7c ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 t\u1ea1o ra c\u00e1c m\u00e3 th\u00f4ng b\u00e1o k\u1ef9 thu\u1eadt s\u1ed1 ph\u1ea3n \u00e1nh c\u1ed5 phi\u1ebfu. S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y \u0111ang ng\u00e0y c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng tr\u00ean Ph\u1ed1 Wall.<\/p>\n\n\n\n<p>Tu\u1ea7n tr\u01b0\u1edbc, Bullish (BLSH), c\u00f4ng ty s\u1edf h\u1eefu CoinDesk, \u0111\u00e3 b\u1ed5 sung th\u00eam m\u1ed9t kh\u00eda c\u1ea1nh n\u1eefa cho xu h\u01b0\u1edbng n\u00e0y khi c\u00f4ng b\u1ed1&nbsp;<a href=\"https:\/\/www.coindesk.com\/business\/2026\/05\/05\/crypto-platform-bullish-to-buy-equiniti-for-usd4-25-billion-building-tokenized-securities-infrastructure\">th\u01b0\u01a1ng v\u1ee5 tr\u1ecb gi\u00e1 4,2 t\u1ef7 \u0111\u00f4 la \u0111\u1ec3 mua l\u1ea1i c\u00f4ng ty m\u00f4i gi\u1edbi chuy\u1ec3n nh\u01b0\u1ee3ng Equiniti<\/a>&nbsp;. Th\u01b0\u01a1ng v\u1ee5 n\u00e0y nh\u1eafm v\u00e0o m\u1ed9t trong nh\u1eefng b\u1ed9 ph\u1eadn \u00edt \u0111\u01b0\u1ee3c ch\u00fa \u00fd nh\u1ea5t nh\u01b0ng l\u1ea1i quan tr\u1ecdng nh\u1ea5t trong h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh: vi\u1ec7c l\u01b0u gi\u1eef h\u1ed3 s\u01a1 c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>C\u00e1c \u0111\u1ea1i l\u00fd chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n duy tr\u00ec h\u1ed3 s\u01a1 s\u1edf h\u1eefu ch\u00ednh th\u1ee9c cho c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft. H\u1ecd theo d\u00f5i ai s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n, x\u1eed l\u00fd vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, qu\u1ea3n l\u00fd vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 qu\u1ea3n l\u00fd c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty nh\u01b0 chia t\u00e1ch c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n<p>Trong cu\u1ed9c h\u1ecdp b\u00e1o c\u00e1o thu nh\u1eadp h\u00f4m th\u1ee9 N\u0103m, CEO \u0111\u1ea7y l\u1ea1c quan Tom Farley l\u1eadp lu\u1eadn r\u1eb1ng ph\u1ea7n l\u1edbn th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a hi\u1ec7n nay ch\u1ee7 y\u1ebfu bao g\u1ed3m c\u00e1c &#8220;v\u1ecf b\u1ecdc&#8221; ho\u1eb7c gi\u1ea5y n\u1ee3 ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n th\u1ef1c s\u1ef1 d\u1ef1a tr\u00ean c\u00f4ng ngh\u1ec7 blockchain.<\/p>\n\n\n\n<p>Trong nhi\u1ec1u m\u00f4 h\u00ecnh hi\u1ec7n nay, c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m t\u1ed5ng h\u1ee3p ph\u1ea3n \u00e1nh c\u00e1c c\u1ed5 phi\u1ebfu truy\u1ec1n th\u1ed1ng \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef \u1edf nh\u1eefng n\u01a1i kh\u00e1c. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u01b0\u1ee3c quy\u1ec1n ti\u1ebfp c\u1eadn v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu, nh\u01b0ng b\u1ea3n th\u00e2n m\u00e3 token \u0111\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1p lu\u1eadt c\u00f4ng nh\u1eadn v\u00e0 ghi nh\u1eadn trong s\u1ed5 s\u00e1ch c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n<p>Farley cho bi\u1ebft vi\u1ec7c s\u1edf h\u1eefu l\u1edbp \u0111\u1ea1i l\u00fd chuy\u1ec3n nh\u01b0\u1ee3ng c\u00f3 th\u1ec3 cho ph\u00e9p ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a tr\u1ef1c ti\u1ebfp v\u00e0o h\u1ed3 s\u01a1 c\u1ed5 \u0111\u00f4ng ngay t\u1eeb \u0111\u1ea7u. \u0110\u00f3 l\u00e0 m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t c\u1ea5u tr\u00fac l\u1edbn, v\u00ec n\u00f3 cho ph\u00e9p c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft c\u00f4ng khai hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 nhau.<\/p>\n\n\n\n<p>\u00d4ng Farley cho bi\u1ebft trong cu\u1ed9c g\u1ecdi r\u1eb1ng c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh s\u1ebd c\u00f3 \u0111\u01b0\u1ee3c c\u00e1i nh\u00ecn s\u00e2u s\u1eafc v\u1ec1 t\u1ea7n su\u1ea5t giao d\u1ecbch th\u1ef1c t\u1ebf c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd, ai c\u00f3 th\u1ec3 \u0111ang giao d\u1ecbch ch\u00fang v\u00e0 c\u00f3 bao nhi\u00eau nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang n\u1eafm gi\u1eef d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<p>&#8220;N\u1ebfu b\u1ea1n \u0111i n\u00f3i chuy\u1ec7n v\u1edbi b\u1ed9 ph\u1eadn quan h\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 gi\u00e1m \u0111\u1ed1c t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft, \u0111i\u1ec1u m\u00e0 t\u00f4i \u0111\u00e3 l\u00e0m trong ph\u1ea7n l\u1edbn s\u1ef1 nghi\u1ec7p c\u1ee7a m\u00ecnh, th\u00e0nh th\u1eadt m\u00e0 n\u00f3i, \u0111i\u1ec1u \u0111\u1ea7u ti\u00ean h\u1ecd s\u1ebd n\u00f3i v\u1edbi b\u1ea1n l\u00e0 h\u1ecd \u0111ang m\u00f9 m\u1ecbt th\u00f4ng tin, r\u1eb1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng l\u1ed3ng gh\u00e9p \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng \u1edf \u0111\u1ea5t n\u01b0\u1edbc n\u00e0y trong h\u01a1n 200 n\u0103m qua c\u00f3 ngh\u0129a l\u00e0 h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c r\u1ea5t, r\u1ea5t \u00edt th\u00f4ng tin,&#8221; \u00f4ng n\u00f3i. &#8220;Ch\u00fang t\u00f4i, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft, c\u0169ng tr\u1ea3i nghi\u1ec7m \u0111i\u1ec1u \u0111\u00f3. Th\u1eadt n\u1ef1c c\u01b0\u1eddi khi ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c qu\u00e1 \u00edt th\u00f4ng tin v\u1ec1 ch\u00ednh c\u00e1c c\u1ed5 \u0111\u00f4ng c\u1ee7a m\u00ecnh. V\u00ec v\u1eady, vi\u1ec7c m\u00e3 h\u00f3a t\u00e0i s\u1ea3n, l\u1eddi h\u1ee9a v\u1ec1 vi\u1ec7c cung c\u1ea5p nhi\u1ec1u th\u00f4ng tin h\u01a1n, l\u00e0 r\u1ea5t, r\u1ea5t h\u1ea5p d\u1eabn.&#8221;<\/p>\n\n\n\n<p>T\u1eeb g\u00f3c \u0111\u1ed9 nh\u00e0 \u0111\u1ea7u t\u01b0, c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a mang l\u1ea1i nhi\u1ec1u c\u01a1 h\u1ed9i giao d\u1ecbch h\u01a1n v\u00e0o cu\u1ed1i tu\u1ea7n ho\u1eb7c nh\u1eefng gi\u1edd m\u00e0 th\u1ecb tr\u01b0\u1eddng truy\u1ec1n th\u1ed1ng c\u1ee7a M\u1ef9 \u0111\u00f3ng c\u1eeda, \u00f4ng n\u00f3i, l\u1ea5y v\u00ed d\u1ee5 v\u1ec1 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u1edf ch\u00e2u \u00c1 c\u00f3 th\u1ec3 mu\u1ed1n giao d\u1ecbch ch\u1ee9ng kho\u00e1n M\u1ef9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">K\u1ebf to\u00e1n \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a<\/h2>\n\n\n\n<p>Nh\u01b0ng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh l\u1edbn hi\u1ec7n c\u00f3, c\u00e1c c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u00e1c nh\u00e0 cung c\u1ea5p ch\u1ec9 s\u1ed1 hi\u1ec7n \u0111ang ph\u1ea3i v\u1eadt l\u1ed9n v\u1edbi nh\u1eefng c\u00e2u h\u1ecfi c\u01a1 b\u1ea3n kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0: \u0111i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra khi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a b\u1eaft \u0111\u1ea7u giao d\u1ecbch tr\u1ef1c ti\u1ebfp v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng?<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi FTSE Russell, v\u1ea5n \u0111\u1ec1 n\u00e0y kh\u00f4ng c\u00f2n ch\u1ec9 l\u00e0 l\u00fd thuy\u1ebft n\u1eefa. Kristine Mierzwa, ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u b\u1ed9 ph\u1eadn t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a c\u00f4ng ty, cho bi\u1ebft c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a (tokenized equity) \u0111ang bu\u1ed9c c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u1ea3i th\u1ea3o lu\u1eadn v\u1ec1 c\u00e1ch t\u00ednh to\u00e1n t\u00ednh thanh kho\u1ea3n, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u00e0 vi\u1ec7c \u0111\u01b0a v\u00e0o ch\u1ec9 s\u1ed1.<\/p>\n\n\n\n<p>\u201cNh\u01b0 ch\u00fang ta th\u1ea5y c\u00e1c c\u00f4ng ty nh\u01b0 Galaxy ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu d\u01b0\u1edbi d\u1ea1ng token, v\u1eady l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u00ednh to\u00e1n ch\u00fang v\u00e0o t\u1ed5ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng?\u201d Mierzwa n\u00f3i trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi CoinDesk. \u201cNh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u00f3 c\u00f3 \u0111\u01b0\u1ee3c t\u00ednh v\u00e0o t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu&nbsp;<a href=\"https:\/\/www.investopedia.com\/ask\/answers\/what-is-companys-float\/\" target=\"_blank\" rel=\"noreferrer noopener\">l\u01b0u h\u00e0nh<\/a>&nbsp;t\u1ef1 do kh\u00f4ng ?\u201d<\/p>\n\n\n\n<p>C\u00e2u h\u1ecfi \u0111\u00f3 ch\u1ea1m \u0111\u1ebfn tr\u1ecdng t\u00e2m c\u1ee7a c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n hi\u1ec7n \u0111\u1ea1i.<\/p>\n\n\n\n<p>C\u00e1c ch\u1ec9 s\u1ed1 nh\u01b0 Russell 3000 x\u1ebfp h\u1ea1ng c\u00e1c c\u00f4ng ty m\u1ed9t ph\u1ea7n d\u1ef1a tr\u00ean v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec1u ch\u1ec9nh theo s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu l\u01b0u h\u00e0nh t\u1ef1 do, \u0111o l\u01b0\u1eddng gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 s\u1eb5n \u0111\u1ec3 giao d\u1ecbch c\u00f4ng khai. N\u1ebfu c\u00e1c c\u00f4ng ty b\u1eaft \u0111\u1ea7u ph\u00e1t h\u00e0nh m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu th\u00f4ng qua c\u00e1c s\u00e0n giao d\u1ecbch truy\u1ec1n th\u1ed1ng trong khi c\u00e1c c\u1ed5 phi\u1ebfu kh\u00e1c t\u1ed3n t\u1ea1i d\u01b0\u1edbi d\u1ea1ng m\u00e3 th\u00f4ng b\u00e1o d\u1ef1a tr\u00ean blockchain, c\u00e1c nh\u00e0 cung c\u1ea5p ch\u1ec9 s\u1ed1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh xem li\u1ec7u c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a \u0111\u00f3 c\u00f3 n\u00ean \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o t\u00ednh to\u00e1n ch\u00ednh th\u1ee9c hay kh\u00f4ng.<\/p>\n\n\n\n<p>C\u00e2u tr\u1ea3 l\u1eddi kh\u00f4ng h\u1ec1 \u0111\u01a1n gi\u1ea3n. Hi\u1ec7n nay, nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng v\u1eabn ch\u01b0a th\u1ec3 tr\u1ef1c ti\u1ebfp l\u01b0u gi\u1eef c\u00e1c ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. C\u00e1c qu\u1ef9 h\u01b0u tr\u00ed, qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c l\u1edbn th\u01b0\u1eddng d\u1ef1a v\u00e0o c\u00e1c \u0111\u01a1n v\u1ecb l\u01b0u k\u00fd \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd, v\u1ed1n kh\u00f4ng \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf cho c\u00e1c t\u00e0i s\u1ea3n d\u1ef1a tr\u00ean c\u00f4ng ngh\u1ec7 blockchain.<\/p>\n\n\n\n<p>B\u00e0 Mierzwa cho bi\u1ebft m\u1ed9t s\u1ed1 \u1ee7y ban t\u01b0 v\u1ea5n c\u1ee7a FTSE Russell hi\u1ec7n \u0111ang th\u1eadn tr\u1ecdng v\u1edbi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a v\u00ec l\u00fd do \u0111\u00f3. B\u00e0 n\u00f3i: \u201cN\u1ebfu nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ee9 m\u00e0 m\u1ed9t nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n l\u1edbn c\u00f3 th\u1ec3 l\u01b0u gi\u1eef hi\u1ec7n nay, th\u00ec h\u1ecd s\u1ebd kh\u00f4ng mu\u1ed1n ch\u00fang t\u00f4i xem x\u00e9t ch\u00fang trong c\u00e1c t\u00ednh to\u00e1n\u201d.<\/p>\n\n\n\n<p>Quan \u0111i\u1ec3m \u0111\u00f3 c\u00f3 th\u1ec3 kh\u00f4ng k\u00e9o d\u00e0i l\u00e2u. C\u00e1c t\u1ed5 ch\u1ee9c l\u01b0u k\u00fd v\u00e0 ng\u00e2n h\u00e0ng l\u1edbn \u0111\u00e3 \u0111\u1ea9y nhanh c\u00e1c d\u1ef1 \u00e1n blockchain trong hai n\u0103m qua khi vi\u1ec7c m\u00e3 h\u00f3a token chuy\u1ec3n t\u1eeb giai \u0111o\u1ea1n th\u1eed nghi\u1ec7m ti\u1ec1n \u0111i\u1ec7n t\u1eed sang m\u1ed9t cu\u1ed9c \u0111ua x\u00e2y d\u1ef1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng r\u1ed9ng l\u1edbn h\u01a1n.<\/p>\n\n\n\n<p>\u201cT\u00f4i ngh\u0129 ch\u00fang ta s\u1ebd ti\u1ebfn \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m m\u00e0 m\u1ecdi ng\u01b0\u1eddi qu\u1ea3n l\u00fd s\u1ebd \u0111\u1ec1u qu\u1ea3n l\u00fd token,\u201d Mierzwa n\u00f3i.<\/p>\n\n\n\n<p>Cu\u1ed9c tranh lu\u1eadn \u0111\u00e3 tr\u1edf n\u00ean gay g\u1eaft h\u01a1n sau m\u1ed9t lo\u1ea1t c\u00e1c th\u00f4ng b\u00e1o g\u1ea7n \u0111\u00e2y v\u1ec1 vi\u1ec7c m\u00e3 h\u00f3a t\u00e0i s\u1ea3n t\u1eeb c\u1ea3 c\u00e1c c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng.<\/p>\n\n\n\n<p>BlackRock, Franklin Templeton v\u00e0 Apollo \u0111\u1ec1u \u0111\u00e3 m\u1edf r\u1ed9ng c\u00e1c s\u1ea3n ph\u1ea9m qu\u1ef9 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. Robinhood (HOOD) v\u00e0 Kraken \u0111\u00e3 nghi\u00ean c\u1ee9u v\u1ec1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. C\u00e1c d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c Coinbase h\u1eadu thu\u1eabn ti\u1ebfp t\u1ee5c th\u00fac \u0111\u1ea9y vi\u1ec7c s\u1eed d\u1ee5ng stablecoin v\u00e0 thanh to\u00e1n d\u1ef1a tr\u00ean blockchain s\u00e2u h\u01a1n v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u1ed1n.<\/p>\n\n\n\n<p>Mark Wendland, CEO c\u1ee7a Canton Strategic Holdings, m\u00f4 t\u1ea3 s\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y l\u00e0 gi\u1eefa \u201cph\u00e1t h\u00e0nh b\u1ea3n g\u1ed1c th\u1ef1c s\u1ef1\u201d v\u00e0 c\u00e1c b\u1ea3n sao gi\u1ea3 m\u1ea1o.<\/p>\n\n\n\n<p>\u201cCh\u1ee9ng kho\u00e1n n\u00e0o c\u0169ng nh\u01b0 nhau,\u201d Wendland n\u00f3i trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi CoinDesk, \u0111\u1ec1 c\u1eadp \u0111\u1ebfn nh\u1eefng tuy\u00ean b\u1ed1 g\u1ea7n \u0111\u00e2y t\u1eeb c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd ch\u1ee9ng kho\u00e1n c\u1ee7a M\u1ef9 r\u1eb1ng ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a n\u00ean \u0111\u01b0\u1ee3c \u0111\u1ed1i x\u1eed t\u01b0\u01a1ng t\u1ef1 nh\u01b0 ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng theo c\u00e1c quy t\u1eafc v\u1ec1 v\u1ed1n.<\/p>\n\n\n\n<p>S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y r\u1ea5t quan tr\u1ecdng v\u00ec vi\u1ec7c thanh to\u00e1n b\u1eb1ng blockchain l\u00e0m thay \u0111\u1ed5i c\u00e1ch th\u1ee9c chuy\u1ec3n giao quy\u1ec1n s\u1edf h\u1eefu tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>Hi\u1ec7n nay, h\u1ea7u h\u1ebft c\u00e1c giao d\u1ecbch ch\u1ee9ng kho\u00e1n v\u1eabn d\u1ef1a v\u00e0o nhi\u1ec1u l\u1edbp trung gian v\u00e0 h\u1ec7 th\u1ed1ng thanh to\u00e1n ch\u1eadm tr\u1ec5. Ngay c\u1ea3 sau khi giao d\u1ecbch ho\u00e0n t\u1ea5t, vi\u1ec7c chuy\u1ec3n giao ch\u1ee9ng kho\u00e1n v\u00e0 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p gi\u1eefa c\u00e1c b\u00ean c\u0169ng c\u00f3 th\u1ec3 m\u1ea5t m\u1ed9t ho\u1eb7c hai ng\u00e0y. Ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a (tokenized securities) c\u00f3 th\u1ec3 r\u00fat ng\u1eafn ph\u1ea7n l\u1edbn quy tr\u00ecnh \u0111\u00f3 xu\u1ed1ng g\u1ea7n nh\u01b0 th\u1eddi gian th\u1ef1c.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&#8216;Nhanh h\u01a1n nhi\u1ec1u&#8217;<\/h2>\n\n\n\n<p>Wendland cho r\u1eb1ng c\u01a1 h\u1ed9i l\u1edbn nh\u1ea5t th\u1eadm ch\u00ed c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 giao d\u1ecbch 24\/7. Thay v\u00e0o \u0111\u00f3, \u00f4ng ch\u1ec9 ra t\u00ednh linh ho\u1ea1t c\u1ee7a t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p v\u00e0 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n.<\/p>\n\n\n\n<p>Trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng, c\u00e1c c\u00f4ng ty giao d\u1ecbch l\u1edbn li\u00ean t\u1ee5c chuy\u1ec3n t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p gi\u1eefa c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi, trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb v\u00e0 c\u00e1c \u0111\u1ed1i t\u00e1c. S\u1ef1 ch\u1eadm tr\u1ec5 trong vi\u1ec7c thanh to\u00e1n l\u00e0m t\u1eafc ngh\u1ebdn ngu\u1ed3n v\u1ed1n kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u1ea1i \u1edf n\u01a1i kh\u00e1c.<\/p>\n\n\n\n<p>\u201cN\u1ebfu th\u00f4ng th\u01b0\u1eddng t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c di chuy\u1ec3n theo chu k\u1ef3 T+1 ho\u1eb7c T+2, th\u00ec gi\u1edd \u0111\u00e2y n\u00f3 \u0111\u01b0\u1ee3c di chuy\u1ec3n theo th\u1eddi gian th\u1ef1c h\u01a1n, v\u00e0 t\u1ed1c \u0111\u1ed9 x\u1eed l\u00fd t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u00f3 s\u1ebd nhanh h\u01a1n nhi\u1ec1u\u201d, Wendland n\u00f3i.<\/p>\n\n\n\n<p>\u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00f9ng m\u1ed9t ngu\u1ed3n v\u1ed1n m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 h\u01a1n tr\u00ean nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>H\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng m\u1ed9t c\u00f4ng ty giao d\u1ecbch th\u1ebf ch\u1ea5p ch\u1ee9ng kho\u00e1n kho b\u1ea1c v\u00e0o bu\u1ed5i s\u00e1ng. Theo h\u1ec7 th\u1ed1ng hi\u1ec7n t\u1ea1i, vi\u1ec7c thu h\u1ed3i t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p d\u01b0 th\u1eeba c\u00f3 th\u1ec3 m\u1ea5t nhi\u1ec1u ng\u00e0y. Tr\u00ean n\u1ec1n t\u1ea3ng blockchain, v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft, nh\u1eefng t\u00e0i s\u1ea3n \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n tr\u1ea3 l\u1ea1i ch\u1ec9 trong v\u00e0i gi\u1edd ho\u1eb7c v\u00e0i ph\u00fat.<\/p>\n\n\n\n<p>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 tin r\u1eb1ng nh\u1eefng c\u1ea3i thi\u1ec7n v\u1ec1 hi\u1ec7u qu\u1ea3 \u0111\u00f3 cu\u1ed1i c\u00f9ng c\u00f3 th\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty ti\u1ebft ki\u1ec7m h\u00e0ng t\u1ef7 \u0111\u00f4 la tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, giao d\u1ecbch mua l\u1ea1i v\u00e0 ph\u00e1i sinh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kh\u00e1m ph\u00e1 gi\u00e1 c\u1ea3<\/h2>\n\n\n\n<p>Tuy nhi\u00ean, vi\u1ec7c m\u00e3 h\u00f3a t\u00e0i s\u1ea3n t\u1ea1o ra nh\u1eefng v\u1ea5n \u0111\u1ec1 ho\u00e0n to\u00e0n m\u1edbi v\u1ec1 c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng. M\u1ed9t trong nh\u1eefng v\u1ea5n \u0111\u1ec1 \u0111\u00f3 li\u00ean quan \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1.<\/p>\n\n\n\n<p>C\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng \u0111\u00f3ng c\u1eeda qua \u0111\u00eam v\u00e0 v\u00e0o cu\u1ed1i tu\u1ea7n. T\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i ng\u1eebng giao d\u1ecbch. Mierzwa \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t v\u00ed d\u1ee5 gi\u1ea3 \u0111\u1ecbnh li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu Apple \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng blockchain v\u00e0o cu\u1ed1i tu\u1ea7n. N\u1ebfu c\u1ed5 phi\u1ebfu Apple \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a giao d\u1ecbch \u1edf m\u1ed9t m\u1ee9c gi\u00e1 v\u00e0o th\u1ee9 B\u1ea3y nh\u01b0ng Nasdaq m\u1edf c\u1eeda gi\u1ea3m m\u1ea1nh v\u00e0o s\u00e1ng th\u1ee9 Hai, c\u00e1c c\u00f4ng ty ph\u1ea3i quy\u1ebft \u0111\u1ecbnh xem gi\u00e1 th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh \u1edf \u0111\u00e2u.<\/p>\n\n\n\n<p>\u201cTh\u1ef1c ra th\u00ec kh\u00f4ng n\u00ean c\u00f3 m\u1ee9c gi\u1ea3m gi\u00e1 l\u1edbn \u0111\u1ebfn th\u1ebf,\u201d c\u00f4 \u1ea5y n\u00f3i. \u201cNh\u01b0ng s\u1ebd r\u1ea5t th\u00fa v\u1ecb \u0111\u1ec3 xem gi\u00e1 c\u1ea3 s\u1ebd \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh nh\u01b0 th\u1ebf n\u00e0o.\u201d<\/p>\n\n\n\n<p>V\u1ea5n \u0111\u1ec1 c\u00e0ng tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p h\u01a1n n\u1ebfu c\u00f3 nhi\u1ec1u phi\u00ean b\u1ea3n m\u00e3 h\u00f3a c\u1ee7a c\u00f9ng m\u1ed9t lo\u1ea1i c\u1ed5 phi\u1ebfu t\u1ed3n t\u1ea1i \u0111\u1ed3ng th\u1eddi.<\/p>\n\n\n\n<p>M\u1ed9t s\u1ed1 token c\u00f3 th\u1ec3 bao g\u1ed3m quy\u1ec1n nh\u1eadn c\u1ed5 t\u1ee9c. M\u1ed9t s\u1ed1 kh\u00e1c th\u00ec kh\u00f4ng. M\u1ed9t phi\u00ean b\u1ea3n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c thanh to\u00e1n th\u00f4ng qua m\u1ed9t t\u1ed5 ch\u1ee9c l\u01b0u k\u00fd \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd, trong khi phi\u00ean b\u1ea3n kh\u00e1c \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ef1 do tr\u00ean c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng phi t\u1eadp trung. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 t\u1ea1o ra nhi\u1ec1u lo\u1ea1i c\u1ed5 ph\u1ea7n d\u1ef1a tr\u00ean blockchain g\u1eafn li\u1ec1n v\u1edbi c\u00f9ng m\u1ed9t c\u00f4ng ty. &#8220;Gi\u00e1 c\u1ea3 v\u00e0 t\u00ednh thanh kho\u1ea3n c\u00f3 th\u1ec3 kh\u00e1c nhau,&#8221; Mierzwa n\u00f3i.<\/p>\n\n\n\n<p>C\u00e1c nh\u00e0 cung c\u1ea5p ch\u1ec9 s\u1ed1 cu\u1ed1i c\u00f9ng c\u00f3 th\u1ec3 c\u1ea7n c\u00e1c ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u1ed5 phi\u1ebfu lo\u1ea1i A ho\u1eb7c lo\u1ea1i B truy\u1ec1n th\u1ed1ng, k\u1ebft h\u1ee3p t\u00ednh thanh kho\u1ea3n gi\u1eefa c\u00e1c phi\u00ean b\u1ea3n m\u00e3 h\u00f3a kh\u00e1c nhau c\u1ee7a c\u00f9ng m\u1ed9t lo\u1ea1i ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n<p>V\u1ea5n \u0111\u1ec1 v\u1ec1 th\u1eddi gian c\u0169ng g\u00e2y ra nh\u1eefng kh\u00f3 kh\u0103n trong kh\u00e2u v\u1eadn h\u00e0nh.<\/p>\n\n\n\n<p>Nhi\u1ec1u ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ed3ng b\u1ed9 h\u00f3a tr\u00ean nhi\u1ec1u lo\u1ea1i ti\u1ec1n t\u1ec7, c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh. Tuy nhi\u00ean, c\u00e1c th\u1ecb tr\u01b0\u1eddng \u1ea3o ho\u1ea1t \u0111\u1ed9ng li\u00ean t\u1ee5c c\u00f3 th\u1ec3 kh\u00f4ng ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi gi\u1edd giao d\u1ecbch truy\u1ec1n th\u1ed1ng.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, th\u1ecb tr\u01b0\u1eddng ph\u00f2ng h\u1ed9 ngo\u1ea1i h\u1ed1i v\u1eabn \u0111\u00f3ng c\u1eeda ph\u1ea7n l\u1edbn v\u00e0o cu\u1ed1i tu\u1ea7n. N\u1ebfu c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a giao d\u1ecbch li\u00ean t\u1ee5c trong khi ho\u1ea1t \u0111\u1ed9ng ph\u00f2ng h\u1ed9 ti\u1ec1n t\u1ec7 t\u1ea1m d\u1eebng, c\u00e1c nh\u00e0 cung c\u1ea5p ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 c\u1ea7n c\u00e1c m\u00f4 h\u00ecnh n\u1ed9i suy \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb chu\u1ea9n trong nh\u1eefng kho\u1ea3ng th\u1eddi gian gi\u00e1n \u0111o\u1ea1n \u0111\u00f3.<\/p>\n\n\n\n<p>Ngay c\u1ea3 stablecoin c\u0169ng mang \u0111\u1ebfn nh\u1eefng th\u00e1ch th\u1ee9c t\u01b0\u01a1ng t\u1ef1.<\/p>\n\n\n\n<p>Nhi\u1ec1u nh\u00e0 ph\u00e1t h\u00e0nh stablecoin h\u1ed7 tr\u1ee3 d\u1ef1 tr\u1eef c\u1ee7a h\u1ecd b\u1eb1ng tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9. Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng li\u00ean t\u1ee5c. N\u1ebfu ng\u01b0\u1eddi n\u1eafm gi\u1eef stablecoin y\u00eau c\u1ea7u r\u00fat ti\u1ec1n l\u1edbn v\u00e0o cu\u1ed1i tu\u1ea7n, c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng thanh kho\u1ea3n gi\u1eefa th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed ho\u1ea1t \u0111\u1ed9ng li\u00ean t\u1ee5c v\u00e0 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng.<\/p>\n\n\n\n<p>Nh\u1eefng lo ng\u1ea1i \u0111\u00f3 l\u00e0 m\u1ed9t ph\u1ea7n l\u00fd do t\u1ea1i sao c\u00e1c ng\u00e2n h\u00e0ng ng\u00e0y c\u00e0ng x\u00e2y d\u1ef1ng c\u00e1c h\u1ec7 th\u1ed1ng blockchain ri\u00eang t\u01b0 thay v\u00ec k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u00e0o c\u00e1c m\u1ea1ng l\u01b0\u1edbi t\u00e0i ch\u00ednh phi t\u1eadp trung m\u1edf.<\/p>\n\n\n\n<p>Mierzwa cho bi\u1ebft nhi\u1ec1u t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh l\u1edbn \u0111ang t\u1ea1o ra nh\u1eefng \u201cv\u01b0\u1eddn kh\u00e9p k\u00edn\u201d n\u01a1i c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a c\u00f3 th\u1ec3 di chuy\u1ec3n trong m\u00f4i tr\u01b0\u1eddng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd nh\u1eb1m duy tr\u00ec s\u1ef1 tu\u00e2n th\u1ee7, x\u00e1c minh danh t\u00ednh v\u00e0 c\u00e1c ti\u00eau chu\u1ea9n b\u1ea3o m\u1eadt.<\/p>\n\n\n\n<p>C\u00e1ch ti\u1ebfp c\u1eadn \u0111\u00f3 c\u00f3 th\u1ec3 g\u00e2y kh\u00f3 ch\u1ecbu cho m\u1ed9t b\u1ed9 ph\u1eadn v\u0103n h\u00f3a ch\u1ed1ng l\u1ea1i th\u1ec3 ch\u1ebf trong c\u1ed9ng \u0111\u1ed3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u01b0ng n\u00f3 ph\u1ea3n \u00e1nh c\u00e1ch th\u1ee9c t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng \u00e1p d\u1ee5ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng m\u1edbi. C\u00e1c ng\u00e2n h\u00e0ng nh\u1eadn th\u1ea5y l\u1ee3i \u00edch v\u1ec1 hi\u1ec7u qu\u1ea3 t\u1eeb vi\u1ec7c thanh to\u00e1n b\u1eb1ng blockchain trong khi v\u1eabn mu\u1ed1n c\u00f3 s\u1ef1 gi\u00e1m s\u00e1t, b\u1ea3o hi\u1ec3m v\u00e0 c\u00e1c \u0111\u1ed1i t\u00e1c \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd. \u0110\u1ed3ng th\u1eddi, c\u00e1c c\u00f4ng ty ra \u0111\u1eddi trong l\u0129nh v\u1ef1c ti\u1ec1n \u0111i\u1ec7n t\u1eed ti\u1ebfp t\u1ee5c th\u00fac \u0111\u1ea9y \u0111\u1ed5i m\u1edbi nhanh h\u01a1n nhi\u1ec1u so v\u1edbi d\u1ef1 \u0111o\u00e1n c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c truy\u1ec1n th\u1ed1ng.<\/p>\n\n\n\n<p>\u201cT\u00f4i kh\u00f4ng ngh\u0129 s\u1ebd m\u1ea5t \u0111\u1ebfn 10 n\u0103m,\u201d Mierzwa n\u00f3i. \u201cCh\u00fang ta s\u1ebd b\u1eaft \u0111\u1ea7u th\u1ea5y kh\u1ea3 n\u0103ng t\u01b0\u01a1ng t\u00e1c cao h\u01a1n trong v\u00f2ng hai \u0111\u1ebfn ba n\u0103m t\u1edbi.\u201d<\/p>","protected":false},"excerpt":{"rendered":"<p>Token h\u00f3a l\u00e0 xu h\u01b0\u1edbng ch\u1ee7 \u0111\u1ea1o c\u1ee7a n\u0103m 2026. Vi\u1ec7c hi\u1ec7n th\u1ef1c h\u00f3a xu h\u01b0\u1edbng n\u00e0y kh\u00e1 kh\u00f3 kh\u0103n, [&hellip;]<\/p>","protected":false},"author":5,"featured_media":80113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-79945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/79945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=79945"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/79945\/revisions"}],"predecessor-version":[{"id":80115,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/79945\/revisions\/80115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/80113"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=79945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=79945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=79945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}