{
  "id": "registry",
  "as_of": "2026-11-03",
  "title_zh": "机构与产品名录",
  "title_en": "Institutions and products",
  "scope_zh": "这是一张研究底稿加公开文件的收录表，不是全市场普查，也不是市场份额。行数只说明本档案写进了多少条。基金和国债代币不在表内。",
  "scope_en": "A register drawn from the research note and public documents, not a census and not a market-share table. Row counts say how many entries this archive carries. Fund and Treasury tokens are excluded.",
  "rows": [
    {
      "id": "okxice",
      "track": "real",
      "status_group": "notice",
      "has_gap": true,
      "org": "OKXICE LLC（ICE × OKX）",
      "role": "TSV",
      "product": "代币化 NMS 股票的许可 AMM 二级交易",
      "rights": "豁免条件要求与同类别传统 NMS 股票同等权利。第三方代币化为 1:1 证券权益，不是合成敞口。",
      "audience": "通知所称的零售与机构；须 KYC 与灵魂绑定代币。对美国人是否普遍开放：未获取。",
      "chain": "XLayer（公开无许可）上的 Uniswap v4，外加许可钩子",
      "status": "2026-10-04 已发通知并列入 SEC 名单。开业日与可交易符号：未获取。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "德州有限责任公司，ICE 与 OKC USA 各 50%。场所不托管用户资产。入表不等于 SEC 认定已满足豁免。",
      "sources": [
        {"label": "SEC 名单", "url": "https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption"},
        {"label": "OKXICE 通知 2026-10-04", "url": "https://www.okx.com/cdn/assets/files/2610/885D864537A8DF6D.pdf"}
      ]
    },
    {
      "id": "tsv-llc",
      "track": "real",
      "status_group": "notice",
      "has_gap": true,
      "org": "TSV LLC",
      "role": "拟运营 TSV",
      "product": "未获取",
      "rights": "若要落在豁免内，须提供同等 NMS 权利。实际文件未获取。",
      "audience": "未获取",
      "chain": "未获取",
      "status": "SEC 名单提交日 2026-09-23。列入名单不等于达标。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "本行已证实的只有「向 SEC 提交了运营意向」。产品、链、权利文本都还是空的。",
      "sources": [
        {"label": "SEC 名单", "url": "https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption"}
      ]
    },
    {
      "id": "kephas",
      "track": "real",
      "status_group": "notice",
      "has_gap": true,
      "org": "Kephas Corporation（Perpetuals.com）",
      "role": "拟运营 TSV",
      "product": "未获取",
      "rights": "若要落在豁免内，须提供同等 NMS 权利。实际文件未获取。",
      "audience": "未获取",
      "chain": "未获取",
      "status": "SEC 名单提交日 2026-10-14。列入名单不等于达标。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "SEC 页面写的法律名称是 Kephas Corporation d/b/a Perpetuals.com。",
      "sources": [
        {"label": "SEC 名单", "url": "https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption"}
      ]
    },
    {
      "id": "superstate",
      "track": "real",
      "status_group": "live",
      "has_gap": true,
      "org": "Superstate",
      "role": "SEC 注册过户代理",
      "product": "Opening Bell",
      "rights": "真实公司股份，走发行人路径，而不是第三方价格证书。",
      "audience": "发行人与合规钱包",
      "chain": "研究底稿记 Ethereum、Solana 等。合约地址与在册发行人清单：未获取。",
      "status": "发行人路径已上线（研究底稿，2026-11-03）。上线日期：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "本行跟随项目研究底稿。构建本站时没有重抓 Opening Bell 的产品页，所以不补任何规模数字。",
      "sources": [
        {"label": "superstate.com/opening-bell", "url": "https://superstate.com/opening-bell"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "robinhood",
      "track": "synthetic",
      "status_group": "live",
      "has_gap": true,
      "org": "Robinhood Assets (Jersey) Limited",
      "role": "离岸债务证券发行",
      "product": "Stock Tokens",
      "rights": "债务证券。价格敞口，无投票，无对底层发行人的法律或受益权利。分红以乘数再投资，不发现金。",
      "audience": "非美国人士。官网同时排除加拿大、英国、瑞士居民。",
      "chain": "Robinhood Chain，ERC-20（研究底稿）。可在 Wallet、DEX、CEX 发现。",
      "status": "在售。注册表约 203（二次统计）。逐条核对与发行日：未获取。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "官网称 1:1 抵押、托管方为美国持牌机构，但营销页不点名。研究底稿将底层买卖记为 Alpaca。发行人无力偿付时，独立安全代理出售底层股份并支付现金。",
      "sources": [
        {"label": "Robinhood Stock Tokens", "url": "https://robinhood.com/rhj/stocktokens/"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "ondo",
      "track": "synthetic",
      "status_group": "live",
      "has_gap": true,
      "org": "Ondo Global Markets (BVI) Limited",
      "role": "离岸铸赎",
      "product": "Ondo Stocks（后缀 on，前称 Ondo Global Markets）",
      "rights": "BVI 结构化票据 / 债务工具，瑞士法销售条款。经济敞口，无投票、无法定股东权利。股息再投资进敞口（扣除预提税）。1:1 另加缓冲。",
      "audience": "Regulation S 下的非美国人士。",
      "chain": "Ethereum、BNB Chain、Solana。部分代币可桥到 HyperEVM 与 Robinhood Chain。",
      "status": "在售。总锁仓研究底稿记官网约 $1.37B（2026-11-03，未复算）。资产只数：未获取。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "资产只数留空，是因为研究底稿记官网 470+，Ondo 文档概述页另有 “100+ assets”。两句都公开出现过，本站不挑一个当成定值。Security Agent 持有第一优先担保权益。生态伙伴名单含 Alpaca Markets。",
      "sources": [
        {"label": "Ondo 法律说明", "url": "https://docs.ondo.finance/ondo-stocks/legal-and-regulatory"},
        {"label": "Ondo 概述", "url": "https://docs.ondo.finance/ondo-stocks/overview"},
        {"label": "ondo.finance/ondo-stocks", "url": "https://ondo.finance/ondo-stocks"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "coinbase",
      "track": "synthetic",
      "status_group": "live",
      "has_gap": true,
      "org": "Coinbase Onchain SPV Ltd（ADGM）",
      "role": "证书发行",
      "product": "Tokenized Stocks（后缀 c）",
      "rights": "信托受益权益证书，不是直接持股。",
      "audience": "Regulation S / 非美国人士。",
      "chain": "Base（研究底稿记 B20 标准）。",
      "status": "在售（研究底稿）。发行日与在册只数：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "法律形式与链的写法跟随研究底稿及其所列产品页。构建本站时未重读 coinbase.com/tokenize 全文，因此不添加规模数字。",
      "sources": [
        {"label": "coinbase.com/tokenize", "url": "https://www.coinbase.com/tokenize"},
        {"label": "base.org/stocks", "url": "https://www.base.org/stocks"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "backed",
      "track": "synthetic",
      "status_group": "live",
      "has_gap": true,
      "org": "Backed Assets（泽西）/ Backed",
      "role": "追踪证书发行",
      "product": "xStocks",
      "rights": "追踪证书，无投票。",
      "audience": "非美国人士。",
      "chain": "Solana 等多链。完整链清单：未获取。",
      "status": "在售。研究底稿记 Backed 已由 Kraken 收购。收购日期与发行日：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "本行没有单独的收购公告链接。收购一事只按研究底稿记载，不补交易对价。",
      "sources": [
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "bstocks",
      "track": "synthetic",
      "status_group": "live",
      "has_gap": true,
      "org": "BTech Holdings（ADGM）",
      "role": "币安生态证书发行",
      "product": "bStocks",
      "rights": "金融工具证书，不是直接持股。",
      "audience": "合资格的非美国人士。",
      "chain": "BNB Chain，以及 Binance / Nest。",
      "status": "在售（研究底稿）。发行日与在册只数：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "Nest 在基础设施里另有一行，角色是多边交易设施。两行不要并成「币安自己在发行股票」。",
      "sources": [
        {"label": "项目研究底稿 2026-11-03（引 Binance bStocks FAQ）", "url": ""}
      ]
    },
    {
      "id": "dinari",
      "track": "synthetic",
      "status_group": "live",
      "has_gap": true,
      "org": "Dinari / Dinari Securities",
      "role": "美国经纪铸币，伙伴分发",
      "product": "dShares",
      "rights": "美区：经纪商街名下的经济权利。欧区：底稿提示可能是场外衍生，须另读 KID。两套不要混写。欧区权利文本：未获取。",
      "audience": "美国合资格投资者，以及多个司法辖区的伙伴渠道。具体资格门槛：未获取。",
      "chain": "伙伴链。名单：未获取。",
      "status": "在售，权利随司法辖区变化（研究底稿）。",
      "confidence": "已证实",
      "layer": "report",
      "note": "底稿要求欧区以 KID 复核。在那份文件读完之前，本档案不给欧区填写投票或分红。",
      "sources": [
        {"label": "dinari.com/dshares", "url": "https://dinari.com/dshares"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "swarmx",
      "track": "synthetic",
      "status_group": "sunset",
      "has_gap": true,
      "org": "SwarmX GmbH",
      "role": "曾发行证书",
      "product": "Stock Certificate Tokens",
      "rights": "证书。赎回多为 USDC。",
      "audience": "完成 KYC 的钱包。",
      "chain": "Polygon",
      "status": "已日落，约 2026-09-30。精确到日的公告：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "保留在表内，避免把已经停止的证书还当成在售渠道。日期带「约」，因为底稿如此书写。",
      "sources": [
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "sec-exemption",
      "track": "infra",
      "status_group": "rule",
      "has_gap": false,
      "org": "SEC Innovation Exemption",
      "role": "监管豁免",
      "product": "TSV 与特定做市商的临时条件豁免",
      "rights": "条件包括同等 NMS 权利、发行人 30 日反对、分档符号与成交量上限、与主市场停牌联动。",
      "audience": "提交通知并遵守条件的 TSV 及其参与者。",
      "chain": "公开、无许可的分布式账本。具体用哪一条链由各 TSV 自己写。",
      "status": "2026-09-17 生效，命令中的到期日为 2031-09-17。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "第一档最多 75 个符号、上一月日均成交的 0.25%；第二档最多 250 个符号、2.5%。数字见对照卷的豁免表。",
      "sources": [
        {"label": "SEC 新闻稿 2026-90", "url": "https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment"},
        {"label": "Federal Register", "url": "https://www.federalregister.gov/documents/2026/09/22/2026-19388/order-granting-temporary-conditional-exemptive-relief-pursuant-to-section-36a1-of-the-securities"}
      ]
    },
    {
      "id": "alpaca",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "Alpaca Securities",
      "role": "底层买卖与托管",
      "product": "美国经纪服务，不是面向持有人的股票代币",
      "rights": "不把持有人登记成上市公司股东。它站在发行方背后完成底层股票的买卖和托管。",
      "audience": "发行方与经纪客户。研究底稿点名 RHJ、Ondo、Coinbase、Backed、Dinari。",
      "chain": "不适用",
      "status": "在服务（研究底稿）。各家合同文本：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "Ondo 文档单独把 Alpaca Markets 列为生态伙伴，可与底稿相互参见。Robinhood 营销页只写「美国持牌托管方」，没有出现 Alpaca 的名字。",
      "sources": [
        {"label": "Ondo 概述（伙伴名单）", "url": "https://docs.ondo.finance/ondo-stocks/overview"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "rh-chain",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "Robinhood Chain",
      "role": "RWA 二层网络",
      "product": "链，以及 Wallet / DEX 入口",
      "rights": "链不决定代币权利。同链上可以同时出现债务证券和从别处桥过来的敞口。",
      "audience": "使用该链的应用及其用户。",
      "chain": "研究底稿记为 Arbitrum 技术栈。",
      "status": "已用于 Stock Tokens 的发行与分发。技术文档链接：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "Ondo 写明部分代币可桥到这条链。桥过来不会把 Ondo 的票据变成 OKXICE 那种证券权益。",
      "sources": [
        {"label": "Robinhood Stock Tokens", "url": "https://robinhood.com/rhj/stocktokens/"},
        {"label": "Ondo 概述", "url": "https://docs.ondo.finance/ondo-stocks/overview"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "base",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "Base",
      "role": "链",
      "product": "分发层。Coinbase 代币化股票使用这条链。",
      "rights": "未获取（链本身不产生股东权利）",
      "audience": "未获取",
      "chain": "Base",
      "status": "研究底稿列为分发与定价层。",
      "confidence": "已证实",
      "layer": "report",
      "note": "只记录它在这条价值链上的位置。Gas、排序器运营方等未单列。",
      "sources": [
        {"label": "base.org/stocks", "url": "https://www.base.org/stocks"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "nest",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "Nest",
      "role": "多边交易设施",
      "product": "币安生态里 bStocks 的交易层",
      "rights": "未获取",
      "audience": "未获取",
      "chain": "与 BNB Chain / Binance 一起出现在底稿中",
      "status": "在底稿的基础设施行里。牌照与规则文本：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "角色词「MTF」来自研究底稿，没有单独的牌照链接。",
      "sources": [
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "bitgo",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "BitGo",
      "role": "托管",
      "product": "分发与定价层中的托管",
      "rights": "未获取",
      "audience": "未获取",
      "chain": "未获取",
      "status": "底稿列为托管层。服务了哪一家股票代币、合同范围：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "Ondo 伙伴名单里也出现 BitGo。这只说明名字同场出现，不能推出它托管了表内每一家的底层股票。",
      "sources": [
        {"label": "Ondo 概述", "url": "https://docs.ondo.finance/ondo-stocks/overview"},
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "chainlink",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "Chainlink",
      "role": "预言机",
      "product": "定价层",
      "rights": "未获取",
      "audience": "未获取",
      "chain": "未获取",
      "status": "底稿列为预言机。哪一家产品在用、喂价的是哪条：未获取。",
      "confidence": "已证实",
      "layer": "report",
      "note": "没有预言机地址，就不写「已接入」。",
      "sources": [
        {"label": "项目研究底稿 2026-11-03", "url": ""}
      ]
    },
    {
      "id": "uniswap",
      "track": "infra",
      "status_group": "live",
      "has_gap": true,
      "org": "Uniswap",
      "role": "DEX / AMM",
      "product": "OKXICE 使用 XLayer 上的 Uniswap v4 池",
      "rights": "池子不改变代币的法律属性",
      "audience": "在 OKXICE，仅限持有其灵魂绑定代币的参与者",
      "chain": "已写明的是 XLayer。其他股票代币是否使用 Uniswap：未获取。",
      "status": "OKXICE 10-04 通知已写明。",
      "confidence": "已证实",
      "layer": "primary",
      "note": "底稿把 Uniswap 放在通用 DEX 层。本行把已经写进通知的那一次使用单独标明，避免说成「所有股票代币都在 Uniswap 交易」。",
      "sources": [
        {"label": "OKXICE 通知 2026-10-04", "url": "https://www.okx.com/cdn/assets/files/2610/885D864537A8DF6D.pdf"}
      ]
    }
  ]
}