Securitize Corp (SECZ) 2026 Q2 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to Securitize second-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位參與，歡迎收聽 Securitize 2026 年第二季財報電話會議。(接線員指示)

I will now hand the conference over to Sam Ross, Head of Investor Relations. Sam, please go ahead.

現在我將把會議交給投資人關係主管 Sam Ross。Sam，請開始。

Thank you, Chase. Good morning, and thank you all for joining Securitize's second-quarter 2026 earnings call. For our prepared remarks today, I am joined by our Chairman and Chief Executive Officer, Carlos Domingo; our Chief Financial Officer, Francisco Flores; and our President, Brett Redfearn, who will be joining us for the Q&A portion of the call.

謝謝你，Chase。各位早安，也感謝各位參與 Securitize 2026 年第二季財報電話會議。今天的預先準備發言，我與董事長兼執行長 Carlos Domingo、財務長 Francisco Flores，以及總裁 Brett Redfearn 一同出席；Brett 將在問答環節加入我們。

I'd like to remind you that today's presentation, which is available for download. On our Investor Relations website, investors.securitize.io, may contain forward-looking statements, which are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings.

提醒各位，今天的簡報可供下載。在我們的投資人關係網站 investors.securitize.io 上，內容可能包含前瞻性陳述；此等陳述係基於管理層目前的預期，並可能因風險、不確定性及情勢變化而有所影響。由於多項因素，實際結果可能與這些陳述有重大差異，包括我們財報資料以及向 SEC 提交文件中所述者。

And with that, I'll turn the call over to Carlos.

那麼，接下來我把電話交給 Carlos。

Good morning, everyone, and thank you for joining us on our first earnings call as a public company.

各位早安，感謝各位參與我們成為上市公司後的第一場財報電話會議。

Close to nine years ago when I started the company with my co-founders, this moment was a very distant dream. Today, it has become a reality, and I'm incredibly excited to be here. Before I discuss the quarter, I want to thank the Securitize team, our customers and partners and investors who believe in Securitize and the opportunity from the start.

將近九年前，當我與共同創辦人創立公司時，這一刻仍是非常遙遠的夢想。今天，它已成為現實，我非常興奮能站在這裡。在我談本季表現之前，我想感謝 Securitize 團隊、我們的客戶與合作夥伴，以及從一開始就相信 Securitize 與這項機會的投資人。

Now, let me tell you why this moment matters for more than just at Securitize. For years, the debate about tokenization was whether it was real. Will financial assets move on to blockchains? Will this remain a crypto experiment at the edge or of the financial system? That debate is largely over.

現在，讓我說明為什麼這一刻的重要性不僅僅在於 Securitize。多年來，關於代幣化的辯論在於它是否真實可行。金融資產是否會移轉到區塊鏈上？這會一直只是金融體系邊緣的加密實驗，還是會進入金融體系核心？這場辯論基本上已經結束。

The question is no longer whether capital markets move on chain. It's how fast and which companies will build a regulating infrastructure that enables that transition. We believe this represents one of the largest shifts in financial market infrastructure in a generation and we intend to be the company that leads that shift.

問題不再是資本市場是否會上鏈。而是速度有多快，以及哪些公司將打造受監管的基礎設施以促成這項轉型。我們相信，這代表一個世代以來金融市場基礎設施最大的變革之一，而我們打算成為引領這場變革的公司。

In an emerging industry like ours, and particularly as a newly public company, numbers alone do not tell the full story. What matters is what those numbers tell us about our progress toward a much larger goal, the adoption of tokenization across global capital markets.

在像我們這樣的新興產業中，尤其是作為一家新上市公司，單靠數字並不能講完整個故事。真正重要的是，這些數字反映我們朝向更宏大目標的進展——也就是代幣化在全球資本市場的採用。

With that in mind, I want to begin somewhere different than where most Sterling calls typically begin. First, I want to walk you through who we are and what we do. Then I'll discuss the size of the opportunity ahead of us and our strategy to win. From there, we'll move into our second-quarter business highlights.

基於這點，我想從一個不同於多數 Sterling 電話會議通常的開場方式開始。首先，我想帶各位了解我們是誰、我們做什麼。接著我會談談我們面前機會的規模，以及我們致勝的策略。然後，我們將進入第二季的業務重點。

Given how large and diversified this industry is, we will break those highlights across the key areas of the market where we're focusing our efforts. Finally, I'll provide an update on the regulatory environment before handling the presentation over to our CFO to walk through the financials.

鑑於這個產業規模龐大且高度多元，我們會把重點分拆到我們聚焦投入的幾個關鍵市場領域來說明。最後，在把簡報交給財務長帶各位檢視財務數字之前，我會先更新監管環境的最新情況。

So let's start with our stated mission, tokenize the world. Capital markets today still run on outdated ledger technology. A single transaction can require updates across multiple siloed ledgers, all of which need to be reconciled and coordinated through a web of intermediaries before that transaction can successfully settle.

那就從我們的使命開始：讓世界代幣化。當今的資本市場仍運行在過時的帳本技術之上。單一交易可能需要在多個彼此孤立的帳本上更新，而這些帳本都必須在交易成功交割前，透過一張由中介機構構成的網絡進行對帳與協調。

Our thesis is very simple. The underlying plumbing of global finance comes from the '70s, archaic ledgers, manual settlement cycles and the constant need to reconcile silo systems was built for a world of couriers and physical document transmission.

我們的論點非常簡單。全球金融的底層管線源自 1970 年代：陳舊的帳本、人工交割週期，以及持續需要對帳的孤島式系統，都是為了快遞與紙本文件傳遞的世界而打造。

That world has disappeared, but the infrastructure remains. It persists not because it's sufficient, but because it's deeply entrenched and because many institutions have been incentivized to equate that entrenchment with quality.

那個世界已經消失，但基礎設施仍然存在。它之所以延續，不是因為它足夠好，而是因為它根深蒂固，且許多機構被激勵去把這種根深蒂固等同於品質。

For years, skeptics argued that blockchain was a technology looking for a problem. They insisted that major incumbents will never adopt it and the regulation will stifle the industry from growing. These claims were made with absolute certainty, but the market has already changed dramatically and they're no longer true.

多年來，懷疑者認為區塊鏈是一種在找問題的技術。他們堅稱主要既有業者永遠不會採用它，而且監管將扼殺產業成長。這些說法曾以絕對的確定性提出，但市場已經發生巨大變化，如今已不再成立。

Our technology and regulated stack is modernizing how capital is raised, managed and traded. That means broader access, always on market, significant operational efficiencies, lower structural cost, fewer intermediaries and more transparent ownership.

我們的技術與受監管的完整堆疊，正在現代化資本募集、管理與交易的方式。這意味著更廣泛的可及性、全天候市場、顯著的營運效率、更低的結構性成本、更少的中介機構，以及更透明的所有權。

Securitize provides the most comprehensive regulatory stack for assets issuers looking to move their securities on chain. It begins with our regulated transfer agent, our first in the industry register back in July 2019. Before, transfer agents were sexy, and crypto companies were purchasing them or registered new ones.

Securitize 為希望將其證券上鏈的資產發行人提供最完整的監管堆疊。其起點是我們受監管的過戶代理（transfer agent），我們在 2019 年 7 月成為業界首家完成註冊者。在那之前，過戶代理並不「性感」，而加密公司也不會去收購它們或註冊新的過戶代理。

We complement this with the largest digital fund administration business in the industry. We have further expanded our stack through our investment advisor, which became a fully registered investment advisor in early Q3. That give us the ability to manage or co-manage tokenized assets alongside our customers.

我們並以業界最大的數位基金行政管理（fund administration）業務作為補強。我們也透過投資顧問業務進一步擴展堆疊，並在第三季初成為完全註冊的投資顧問（RIA）。這使我們能夠與客戶一起管理或共同管理代幣化資產。

Together, these capabilities allow us to provide an end-to-end service to asset managers and issuers for the tokenized assets. But issuing assets on a blockchain is only one side of the story. Tokenized assets also need to reach investors. This is why Securitas has operated a broker dealer and alternative trading system since late 2020.

綜合這些能力，我們得以為資產管理人與發行人提供代幣化資產的端到端服務。但在區塊鏈上發行資產只是故事的一半。代幣化資產也需要觸達投資人。這就是為什麼 Securitas 自 2020 年底起便營運一家券商（broker-dealer）與另類交易系統（ATS）。

These capabilities support both primary distribution and secondary market trading of our customers tokenized assets, giving investors the ability to access them with a strong regulatory framework and the protections they expect from traditional markets.

這些能力同時支援我們客戶代幣化資產的初級發行與次級市場交易，讓投資人能在健全的監管框架下取得這些資產，並享有其在傳統市場所期待的保護。

But tokenizing an asset and putting on a blockchain is only the beginning. To become truly useful for investors, tokenized assets need to be integrated throughout the on-chain financial ecosystem. Over the years, Securitize has built the most comprehensive ecosystem of integrations in the tokenization industry.

但將資產代幣化並放到區塊鏈上只是開始。要對投資人真正有用，代幣化資產必須整合進整個鏈上金融生態系。多年來，Securitize 已建立代幣化產業中最全面的整合生態系。

We've integrated with 23 different blockchains, including all the major ecosystems. We work with many of the largest qualified custodians as well as the leading oracles providers that bring asset pricing on chain.

我們已與 23 條不同的區塊鏈完成整合，涵蓋所有主要生態系。我們與多家最大的合格託管機構（qualified custodians）合作，也與將資產定價帶上鏈的領先預言機（oracle）供應商合作。

We've also built integrations across major DeFi protocols and stablecoins with support from leading prime brokers and market makers. And all of that is surrounded by an interoperability, security and compliance layer designed for Web3 markets.

我們也在主要 DeFi 協議與穩定幣上建立整合，並獲得領先的主經紀商（prime brokers）與造市商的支援。而所有這些都由一個為 Web3 市場設計的互通性、安全與合規層所環繞。

And this is how we win. Since 2018, we have been building the largest and most comprehensive technology platform in the tokenization industry, a platform that is supported by the broadest and most compliant regulatory stack. That combination has helped us attract the largest institutions in the world.

這就是我們致勝的方式。自 2018 年以來，我們一直在打造代幣化產業中最大且最全面的技術平台，並由最廣泛、最合規的監管堆疊所支撐。這樣的組合幫助我們吸引了全球最大的機構。

Companies like Apollo, BNY, BlackRock or Hamilton Lane have chosen to issue their assets with our technology and put their trust with us. That creates a flywheel. Having high-quality assets drives investor adoption of our platform. Ready investor adoption creates additional demand from issuers that in turn brings more assets onto the platform. We're very proud of our work today, but the real opportunity lies ahead of us.

像 Apollo、BNY、BlackRock 或 Hamilton Lane 這樣的公司，選擇使用我們的技術發行其資產，並把信任交付給我們。這會形成一個飛輪效應。高品質資產帶動投資人對我們平台的採用。既有的投資人採用又會為發行人帶來額外需求，進而把更多資產帶上平台。我們對目前的成果深感自豪，但真正的機會仍在前方。

Let's now focus on how we're tangling this accelerated market. Tokenization is growing faster than any other part of the digital asset ecosystem, but the industry is still at its infancy. Today, there are roughly $38 billion of asset tokenized on public blockchains, excluding stablecoins. However, most analysts predict that that figure will grow into a multi-trillion-dollar market over the next five years.

現在讓我們把焦點放在我們如何應對這個加速發展的市場。代幣化的成長速度超過數位資產生態系的任何其他部分，但整個產業仍處於起步階段。目前，扣除穩定幣後，公有區塊鏈上約有 380 億美元的資產已完成代幣化。然而，多數分析師預測，未來五年這個數字將成長為數兆美元規模的市場。

With that growth distributed across multiple asset classes. So let's talk about that and where we see that growth happening. As we stated, our long-term ambition is to tokenize the world, which means every single financial asset. But not every asset class is equally ready today to benefit from tokenization.

而這樣的成長將分布在多種資產類別之中。因此我們來談談這點，以及我們認為成長會發生在哪裡。如同我們所說，我們的長期抱負是將全世界代幣化，也就是每一項金融資產。但並非每個資產類別在今天都同樣準備好從代幣化中受益。

Some categories like treasuries are already growing at a meaningful scale. We have established a leadership position there that I will expand on shortly. Other categories like equities, bonds and credit are early in the adoption curve but are ready to scale. Some others like alternative assets or real estate, we believe will take longer.

有些類別，例如美國公債，已經在具規模的層級上成長。我們在那裡已建立領先地位，我稍後會進一步說明。其他類別如股票、債券與信貸，仍處於採用曲線的早期，但已具備擴張條件。還有一些如另類資產或不動產，我們認為需要更長時間。

The rate of adoption, the size of the addressable market and the opportunity we see over the next five years informs our strategy and focus. Today, much of the tokenization economy revolves around the $2 trillion crypto market. Think about the participants in that market.

採用速度、可觸及市場的規模，以及我們在未來五年看到的機會，決定了我們的策略與聚焦方向。今天，代幣化經濟的很大一部分仍圍繞著 2 兆美元的加密市場。想想這個市場的參與者。

These are retail and institutional users who are already familiar with managing wallets, signing transactions, using stablecoins and other crypto-native tools. That makes it easier for them to benefit from tokenized assets today. But as we mentioned, the much larger opportunity is the shift to traditional financial institutions and investors. That expands the addressable market 200x from $2 trillion to $400 trillion.

這些是零售與機構用戶，他們已熟悉管理錢包、簽署交易、使用穩定幣及其他原生加密工具。這讓他們更容易在今天就從代幣化資產中受益。但如我們提到的，更大的機會在於轉向傳統金融機構與投資人。這會把可觸及市場從 2 兆美元擴大 200 倍至 400 兆美元。

So while we continue to scale our business with crypto-native markets, we're also preparing for much broader adoption of tokenized assets by traditional financial participants. From a monetization perspective, our strategy is also evolving.

因此，在我們持續於原生加密市場擴大業務規模的同時，我們也在為傳統金融參與者更廣泛採用代幣化資產做準備。從變現角度來看，我們的策略也在演進。

Today, we primarily monetize the creation and servicing of assets through our transfer agent and fund administration business. Over time, we see an opportunity to move upstream and capture more value from the growing transaction activity these assets generate, that includes trading and on and off ramping as examples. We have started to do a bit of that, but there is a larger opportunity ahead.

目前，我們主要透過移轉代理（transfer agent）與基金行政管理（fund administration）業務，對資產的發行與服務進行變現。隨著時間推進，我們看到機會可以往上游移動，從這些資產所帶動、日益成長的交易活動中擷取更多價值，例如交易以及出入金（on-ramp / off-ramp）。我們已開始做一部分，但前方仍有更大的機會。

We also see a large opportunity to become a more active participant on the on-chain economy where tokenized assets can be lent, traded and used as collateral. As we mentioned, tokenization creates new opportunities depending on each asset class. In the next section, we'll walk you through the three areas where most focus today, treasuries, yield-bearing assets and public equities.

我們也看到一個很大的機會：在鏈上經濟中成為更積極的參與者，讓代幣化資產可以被出借、交易並作為抵押品使用。如我們所提到，代幣化會依不同資產類別創造新的機會。在下一部分，我們將帶您了解目前最受關注的三個領域：公債、具收益資產，以及公開股票。

And I'll explain why we believe each category matters, how we're approaching it and the progress we've made in each area. Before we dive in each area, I want to quickly highlight how productive the second quarter and overall, this year has been so far for Securitize.

我也會說明為什麼我們認為每個類別都很重要、我們如何切入，以及我們在各領域取得的進展。在深入各領域之前，我想先快速強調一下，對 Securitize 而言，今年截至目前第二季以及整體而言有多麼高產出。

We expanded major institutional partnerships, continue building the utility of our assets across DeFi and OnSane Markets and other important regulatory and market infrastructure capabilities. These are all important building blocks for the business, and we'll walk through each of them in more detail over the next several slides.

我們擴大了重要的機構合作夥伴關係，持續在 DeFi 與 OnSane Markets 上建立我們資產的效用，並強化其他重要的監管與市場基礎設施能力。這些都是業務的重要基石，我們將在接下來幾張投影片中更詳細地逐一說明。

First, I want to emphasize that Securitize continues to be the largest tokenization platform in the industry. We were the only platform with more than $4 billion assets at the end of Q2 and in early Q3, we surpassed $5 billion, becoming the first tokenization platform to reach that milestone as well.

首先，我要強調 Securitize 仍然是業界最大的代幣化平台。我們是唯一一個在第二季末資產規模超過 40 億美元的平台，而在第三季初我們突破了 50 億美元，也成為第一個達到該里程碑的代幣化平台。

Currently, no other platform has surpassed the $4 billion AUM market except us. We've mentioned the diversity of the products we strive to provide. Well, we're also the only platform with more than seven individual assets that exceeded $100 million in AUM products that expand multiple asset classes.

目前，除了我們之外，沒有任何平台的資產管理規模（AUM）超過 40 億美元。我們曾提到我們致力於提供產品的多樣性。同樣地，我們也是唯一一個擁有超過七項單一資產、其產品 AUM 均超過 1 億美元，且涵蓋多個資產類別的平台。

We are the leader in permission tokenized treasuries. We have the largest tokenized equity in the industry, SEC, our own New York Stock Exchange listed stock, one on that lake. We have the largest tokenized institutional fund, BCAP, at close to $1 billion of AUM.

我們是許可型（permissioned）代幣化公債的領導者。我們擁有業界最大的代幣化股票，SEC，也就是我們自己在紐約證券交易所上市的股票，一個在那個湖上。我們擁有最大的代幣化機構基金 BCAP，AUM 接近 10 億美元。

We also have one of the largest tokenized credit platforms with more than $450 million in AUM. We're not only the largest platform, we're also winning in many categories. As you can see in this chart from the gray line, crypto market cap peaked in late Q3 2025 and has since then continued declining each quarter to be now at around 50% of the size that it was back then.

我們也擁有規模名列前茅的代幣化信貸平台之一，AUM 超過 4.5 億美元。我們不僅是最大的平台，也在許多類別中持續勝出。如您在這張圖表的灰線所見，加密市場市值在 2025 年第三季末達到高峰，之後每一季持續下滑，目前約為當時規模的 50%。

While we saw some outflows during Q4 and Q1 as a result of the market downturn, our AUM has recovered successfully and in Q2, we're back at $4.3 billion. And as I mentioned in Q3, we already exceeded $5 billion, which is our all-time high in tokenized asset. So we have now basically decoupled from the crypto market direction and we're now growing while crypto is declining.

雖然在市場下行期間，我們在第四季與第一季出現一些資金流出，但我們的 AUM 已成功回升，第二季回到 43 億美元。而如我提到的，在第三季我們已經超過 50 億美元，創下代幣化資產的歷史新高。因此，我們現在基本上已與加密市場走勢脫鉤；在加密下跌時，我們仍在成長。

We're also closely tracking transaction volume across our platform because it's important for two reasons. First, it is an indicator of the health and utility of our products. Second, we believe it represents an important future monetization opportunity that we have started to explore.

我們也密切追蹤平台上的交易量，因為這有兩個重要原因。第一，它是我們產品健康度與效用的指標。第二，我們相信它代表一個重要的未來變現機會，而我們已開始探索。

There was an unusually large increase in Q4 last year when one of our customers generated significantly peer-to-peer transaction activity across its holdings, followed by a decline in Q1. Outside of that event. Transaction volume across the platform has been growing steadily and in Q2 we had $5.3 billion in volume and an up to 170% growth from last quarter.

去年第四季出現一次異常的大幅增加，原因是我們的一位客戶在其持倉之間產生了顯著的點對點交易活動，之後在第一季回落。撇除該事件之外。平台整體交易量一直穩定成長，第二季交易量達 53 億美元，較上一季成長最高達 170%。

Our fund services business was also initially impacted by the decline in crypto prices and activity that followed the October 2025 crash. That was driven by lower digital asset prices, which reduced the value of the assets in the funds and therefore the assets under administration.

我們的基金服務業務也在 2025 年 10 月崩盤後、加密價格與活動下滑的影響下，最初受到衝擊。這主要是由於數位資產價格較低，降低了基金內資產的價值，因而使受管理資產（AUA）下降。

Also, few funds have to close as a result of deteriorated market conditions. However, since then, our assets under administration has remained relatively steady at around $24 billion for the past three quarters. It's very important to note that our asset administration stay consistent even as the larger crypto market continue to decline that you can see here on the gray line on this chart.

此外，也有少數基金因市場狀況惡化而不得不關閉。然而，自那之後，我們的受管理資產（AUA）在過去三個季度大致維持穩定，約在 240 億美元左右。非常重要的一點是，即使更大的加密市場仍持續下滑（如圖表灰線所示），我們的資產管理服務仍保持一致。

We believe that it speaks of the quality and resilience of the fund managers that use Securitize to serve this business. Since we recently went public, we had to overhaul our Board of Directors. As you can see, we have assembled a very strong Board with a combination of both TradFi and crypto as well as company veterans and Fresh Blood that we think will strongly help us on this new stage as a publicly traded company.

我們相信，這反映了使用 Securitize 來服務此業務的基金管理人之品質與韌性。由於我們最近上市，我們必須全面改組董事會。如您所見，我們組建了一個非常強大的董事會，結合了傳統金融（TradFi）與加密領域的人才，以及公司資深成員與我們認為能在作為上市公司新階段中大力協助我們的新血。

Let's now look at the business through the lens of each major asset category. I started with yield-bearing assets and treasuries. Yield-bearing assets are in high demand among crypto market participants. They can be used as a reserve asset or treasury management tool for protocols.

現在讓我們從各主要資產類別的角度來審視這項業務。我先從具收益資產與美國公債談起。具收益資產在加密市場參與者之間需求旺盛。它們可用作儲備資產或協議的金庫管理工具。

It can also be used as collateral for trading and lending across centralized and decentralized markets. This is why we focus on building a broad spectrum of products in this category. At one end are the highly liquid lower-risk products such as treasuries. We'll go in more detail on our work with BlackRock and Vanectar shortly.

它也可在中心化與去中心化市場中，用作交易與借貸的抵押品。這就是為什麼我們專注於在此類別打造廣泛的產品光譜。在光譜的一端是高度流動、風險較低的產品，例如美國公債。我們稍後會更詳細說明與 BlackRock 及 Vanectar 的合作。

At the other end of the spectrum are higher yielding products with greater risk up or duration, including private credit strategies from firms like Apollo and Hamilton Lane. Early this year, we began filling the gap between those categories with the launch of a AAA CLO product with BMY and more recently in Q2 with the USAFI product with Atlas.

在光譜的另一端，則是收益更高、但承擔更高上行風險或久期風險的產品，包括來自 Apollo 與 Hamilton Lane 等公司的私募信貸策略。今年年初，我們與 BMY 推出 AAA 級 CLO 產品，開始填補這兩類之間的空白；而在最近的第二季，我們又與 Atlas 推出 USAFI 產品。

For the rest of the year, we will continue to expand that spectrum with products across areas like corporate bonds, asset-backed securities and other high yield strategies. Tokenized treasures have been one of the fastest growing categories in the entire digital asset and tokenization ecosystem.

在今年剩餘時間，我們將持續擴展該光譜，推出涵蓋公司債、資產擔保證券及其他高收益策略等領域的產品。代幣化美國公債一直是整個數位資產與代幣化生態系中成長最快的類別之一。

The major catalyst for this growth came in March 2024 when BlackRock chose Securitize to launch Bido. The chart speaks for itself. When Bido launched, the total AUM in tokenized treasures had not even reached $1 billion.

這波成長的主要催化劑出現在 2024 年 3 月，當時 BlackRock 選擇 Securitize 來推出 Bido。圖表本身已說明一切。Bido 推出時，代幣化美國公債的總 AUM 甚至尚未達到 10 億美元。

Today, the market has grown to over $16 billion across a total of 87 products. That represents market growth of 20 times or a CAGR of 250%. As that market has grown, Securitize has solidified its leadership. Today, tokenized treasuries by securitized represent around 20% of the entire market.

如今，市場已成長至超過 160 億美元，合計共有 87 檔產品。這代表市場成長 20 倍，或年複合成長率（CAGR）達 250%。隨著市場擴張，Securitize 也鞏固了其領導地位。目前，由 Securitize 代幣化的美國公債約占整體市場的 20%。

And while the growth of that market has been impressive, we believe there is still significant room to grow. If you look at the stablecoins today, they represent around a $300 billion market. In traditional finance, the treasury market is considerable larger than the amount of dollars in circulation. So we expect tokenized treasuries to continue growing with that pattern in mind.

儘管該市場的成長令人印象深刻，我們仍相信還有相當大的成長空間。若看今日的穩定幣，其市場規模約為 3,000 億美元。在傳統金融中，美國公債市場的規模遠大於流通中的美元數量。因此，我們預期代幣化美國公債將依循這一模式持續成長。

As mentioned, we have established a leadership position through our work with BlackRock, and now we're expanding our product portfolio from private treasury funds into registered funds through the launch of BlackRock's second tokenized fund, the daily reinvestment stablecoin reserve vehicle or B-Reserve.

如前所述，我們透過與 BlackRock 的合作建立了領導地位；現在，我們正從私募公債基金擴展至註冊基金，推出 BlackRock 的第二檔代幣化基金——每日再投資的穩定幣儲備載體（B-Reserve）。

This is the second BlackRock fund tokenized by Securitize, and it's a registered fund designed to be used as a stablecoin reserve asset to address the opportunity created by the Genius Act. Servicing register funds is a significantly more complex and demanding task for a transfer agent, so we're very pleased that we managed to meet BlackRock requirements to manage this newly created register fund.

這是由 Securitize 代幣化的第二檔 BlackRock 基金，且為註冊基金，旨在作為穩定幣的儲備資產，以把握《Genius Act》所帶來的機會。對過戶代理而言，服務註冊基金是一項顯著更複雜且要求更高的工作，因此我們非常高興能滿足 BlackRock 的要求，管理這檔新設立的註冊基金。

One detail that is particularly interesting is BlackRock's decision to include the word daily reinvestment in the name of the product. That capability illustrates one of the advantages of putting the assets on chain. Using our infrastructure, interest can be efficiently reinvested on a daily basis with a simple blockchain transaction. That process requires significantly less manual intervention and reduces the potential for reconciliation errors.

其中一個特別有趣的細節，是 BlackRock 決定在產品名稱中加入「每日再投資」一詞。這項能力展現了將資產上鏈的其中一項優勢。透過我們的基礎設施，利息可藉由一筆簡單的區塊鏈交易有效率地每日再投資。此流程需要的人工介入大幅更少，並降低對帳錯誤的可能性。

Bidwell and Navi Reserve are differentiated within BlackRock's treasury-based product portfolio, which typically allows for monthly reinvestment, only with our two funds being the only ones that do daily reinvestments. Our ability to support daily reinvestments allows interest to compound more frequently and can enhance the resulting return for investors, making the product more attractive.

在 BlackRock 以公債為基礎的產品組合中，Bidwell 與 Navi Reserve 具有差異化；該組合通常僅允許每月再投資，而只有我們的兩檔基金提供每日再投資。我們支援每日再投資的能力，使利息能更頻繁地複利，並可提升投資人的最終報酬，使產品更具吸引力。

We also announced our partnership with Allas Capital funded by renowned economist and longtime crypto skeptic, Nuriel Rubini. Allas has developed a product called USFI under a novel concept of a techno-dollar, a diversified strategy combining treasuries, gold, real assets and strategic commodities that is designed to be resilient across different macroeconomic environments because it's not just backed by dollars and T-bills.

我們也宣布與 Allas Capital 建立合作夥伴關係；Allas Capital 由知名經濟學家、長期加密貨幣懷疑論者 Nuriel Rubini 創立。Allas 開發了一項名為 USFI 的產品，採用一個新穎的「科技美元（techno-dollar）」概念：以多元化策略結合美國公債、黃金、實體資產與策略性大宗商品，旨在因其不僅由美元與國庫券支撐，而能在不同的總體經濟環境下保持韌性。

The planned USFI token will provide a digital representation data strategy under the novel Dubai's VARA framework. For Securitize, this is significant for two reasons.First, it brings another differentiated yield-guiding asset on chain with a structured design, as we mentioned, to be reselling across different macroeconomic environments.

規劃中的 USFI 代幣將在杜拜全新的 VARA 架構下，提供該策略的數位化表徵。對 Securitize 而言，這之所以重要有兩個原因。第一，它將另一項具差異化、可產生收益的資產以結構化設計帶上鏈；如我們所述，其設計可在不同的總體經濟環境中展現韌性。

Second, this marks our first collaboration under VARA in Dubai and give us a foothold to expand our insurance business in one of the world's leading digital asset jurisdictions. It's another example of how can we expand both the types of assets we tokenize and the markets in which we operate.

第二，這標誌著我們在杜拜首次於 VARA 之下展開合作，並讓我們在全球領先的數位資產司法管轄區之一取得立足點，以擴展我們的保險業務。這也是我們如何同時擴展代幣化資產的類型，以及我們營運市場版圖的另一個例子。

As I mentioned earlier, one of the reasons we are investing heavily in yield bearing assets is that we believe they can become a superior form of collateral. That applies to both centralized derivatives exchanges across crypto and traditional finance and to DeFi protocols.

如我先前提到，我們大力投資具收益資產的原因之一，是我們相信它們可以成為更優越的抵押品形式。這同時適用於加密與傳統金融中的中心化衍生品交易所，以及 DeFi 協議。

In some cases, the advantages come from bringing high-quality assets like treasuries on chain. In other cases, it comes from enhanced collateral mobility. Tokenized assets can be posted, transferred and redeemed on chain 24/7 and near instantly.

在某些情況下，優勢來自於將美國公債等高品質資產上鏈。在其他情況下，優勢則來自於抵押品流動性的提升。代幣化資產可在鏈上 24/7 近乎即時地提交、轉移與贖回。

Decentralized trading opportunity is very large, potentially reaching $2 trillion by 2028 with potentially $600 billion of that coming from treasuries and tokenized money market funds. On the decentralized finance side, the Standard Charter projects that the market could reach $2.7 trillion by 2030.

去中心化交易的機會非常龐大，至 2028 年可能達到 2 兆美元，其中可能有 6,000 億美元來自美國公債與代幣化貨幣市場基金。在去中心化金融方面，渣打銀行（Standard Chartered）預測該市場到 2030 年可能達到 2.7 兆美元。

Tokenized assets to date represent a very small percentage of collateral used across lending protocols, but that percentage is growing. If tokenized assets make up 10% of that market, that will be a $270 billion market cap.

迄今為止，代幣化資產在各借貸協議所使用的抵押品中仍占極小比例，但該比例正在上升。若代幣化資產占該市場的 10%，其市值將達 2,700 億美元。

We believe this creates significant opportunity as DeFi protocols are already building mechanisms to integrate tokenized assets into permissionless environments and we're actively supporting this effort with our regulatory expertise. This shift is already happening as you can see from this chart. While Stablecom reserves and crypto derivative exchanges have been stagnant or even declining, the use of Treasury is increasing.

我們相信這帶來了重大機會，因為 DeFi 協議已在建立機制，將代幣化資產整合進無需許可（permissionless）的環境中，而我們也正以自身的監管專業積極支持這項工作。如你從這張圖表所見，這一轉變已在發生。當穩定幣儲備與加密衍生品交易所的活動停滯甚至下滑時，美國公債的使用正在增加。

Securitize has already secured integrations for BlackRock's Bitel across major crypto derivative exchanges, including Crypto.com, Deribit, Binance, and more recently in this quarter, OKX using Standard Chartered Custody Solution. These integrations increase the utility of Bitel and have like further adoption. The next step is to extend that model to traditional finance derivative exchanges, like CME, following CFTC's recognition of tokenized treasures and acceptable form of collateral.

Securitize 已為 BlackRock 的 Bitel 在多家主要加密衍生品交易所完成整合，包括 Crypto.com、Deribit、Binance 等；而在本季更與 OKX 完成整合，採用渣打的託管解決方案（Standard Chartered Custody Solution）。這些整合提升了 Bitel 的效用，並有助於進一步採用。下一步是在 CFTC 認可代幣化美國公債為可接受的抵押品形式之後，將此模式延伸至傳統金融的衍生品交易所，例如 CME。

We also continue making progress on the DeFi side. For some time, we have been working to integrate tokenized assets compliantly with all the major DeFi lending protocols, including Aave and Morfun. This quarter, we unveiled two unchained liquidity facilities through our partnership with Finland Growth, which is part of the Sky ecosystem.

我們在 DeFi 端也持續取得進展。一段時間以來，我們一直致力於以合規方式，將代幣化資產與所有主要 DeFi 借貸協議整合，包括 Aave 與 Morfun。本季，我們透過與 Finland Growth 的合作（其為 Sky 生態系的一部分），揭露了兩項鏈上流動性工具（unchained liquidity facilities）。

We also make progress through integrations with Lutske and Zarta to enable recursive lending. This allows yield-bearing assets to be leveraged multiple times in an efficient manner, while maintaining controls around the collateral and its liquidation. This is a process that is extremely difficult to achieve in traditional finance markets, where lending and issuance process remain much more manual.

我們也透過與 Lutske 與 Zarta 的整合取得進展，以實現遞迴借貸。這使得可產生收益的資產能以高效率的方式被多次加槓桿，同時維持對抵押品及其清算的控管。在傳統金融市場中，這是一個極難達成的流程，因為放貸與發行流程仍然更偏向人工操作。

On the previous slide, I mentioned our ability to integrate with Permissionless DeFi ecosystem in a compliant way. A key part of that capability is the technology called Vault Register, which we released publicly during this quarter. Vault Register allows investors to create vaults that function as a smart scroll for collateral.

在上一張投影片中，我提到我們能以合規的方式與無許可（Permissionless）的 DeFi 生態系整合。該能力的一個關鍵部分是名為 Vault Register 的技術，我們已在本季對外公開發布。Vault Register 讓投資人能建立可作為抵押品「智慧卷軸」運作的金庫（vault）。

But we believe this opportunity goes much faster as two super trends; tokenization and AI converge together. We see this technology as part of the foundation for a compliance layer supporting agent-based tokenized finance. We believe AI-powered agents will increasingly become a standard way that trading occurs on the Internet.

但我們相信，當兩大超級趨勢——代幣化與 AI——匯聚時，這個機會將加速發展。我們將這項技術視為支援以代理（agent）為基礎之代幣化金融的合規層基礎之一。我們相信，由 AI 驅動的代理將日益成為網際網路上交易發生的標準方式。

And that will be particularly relevant for tokenized assets because those assets are natively digital and programmable. And we intend to help lead the industry development toward that future.

而這對代幣化資產尤其重要，因為這些資產天生就是數位化且可程式化的。我們也打算協助引領產業朝向那樣的未來發展。

Finally, let's move to tokenized equities. This is one of the largest opportunities in the market given that US equities and ETF markets alone exceed $100 trillion. Think about that. If only 2% of that market moves on chain, it will double the size of the crypto market today.

最後，讓我們談談代幣化股票。鑑於僅美國股票與 ETF 市場就超過 100 兆美元，這是市場上最大的機會之一。想想看。如果其中只有 2% 轉移到鏈上，就會使當今加密市場的規模翻倍。

But tokenized equities currently represent around $2 billion. This is still a rounding error relative to the size of the underlying market. And many of the activities currently synthetic exposure that is offered outside of the United States regulatory framework.

但目前代幣化股票的規模約為 20 億美元。相較於底層市場的規模，這仍然只是四捨五入的誤差。而目前許多活動是透過美國監管框架之外所提供的合成曝險。

The SEC recently outlined a taxonomy that divides tokenized equities into three broad categories. First is issuer-sponsored tokenized equities. In this model, the issuer chooses to tokenize his shares through his registered transfer agent. The token represents the share itself, preserving the applicable shareholder rights without introducing counterparty risks. This is the model security that is demonstrated with our own equity, which I will discuss in a moment.

美國證券交易委員會（SEC）近期提出一套分類法，將代幣化股票分為三大類。第一類是由發行人主導的代幣化股票。在此模式下，發行人透過其已註冊的過戶代理（transfer agent）選擇將其股份代幣化。代幣代表的就是該股份本身，在不引入交易對手風險的情況下，保留適用的股東權利。這就是我們以自家股權所示範的「模型證券」，我稍後會談到。

The second category is the custodial third-party model. Here, the token does not represent the underlying share. Instead, it represents a claim on an asset held by a regulated intermediary. This is also a regulated model available in the United States that is the approach that the DTCC is pursuing.

第二類是託管的第三方模式。在此情況下，代幣並不代表底層股份。相反地，它代表對由受監管中介機構持有之資產的請求權。這同樣是在美國可行的受監管模式，也是 DTCC 正在推動的做法。

We welcome the involvement of a major incumbent like DTC in the space. Their entrance into tokenization expands awareness of the opportunity and encourages traditional financial institutions to think seriously about tokens and wallets.

我們樂見像 DTC 這樣的重要既有機構參與此領域。他們進入代幣化領域，能提升市場對此機會的認知，並鼓勵傳統金融機構認真思考代幣與錢包。

At the same time, we believe this model remains more closely tied to the existing intermediary architecture of traditional finance. Long-term, we continue to believe that there is significant benefits to bring assets directly onto public blockchains and enable permissionless innovation around them.

同時，我們認為此模式仍與傳統金融既有的中介架構更為緊密相連。長期而言，我們仍相信，將資產直接帶到公有區塊鏈上，並在其周邊實現無許可創新，具有顯著的好處。

Third category is the synthetic exposure we've seen through offshore wrappers. These structures are generally not available in the United States, given that they are not compliant with US regulations. They introduce additional intermediaries and counterparty risk, while potentially creating multiple derivatives representations of the underlying asset fragmenting liquidity.

第三類是我們透過境外包裝（offshore wrappers）所見到的合成曝險。由於不符合美國法規，這些結構通常無法在美國提供。它們引入額外的中介機構與交易對手風險，同時可能為同一底層資產創造多重衍生性表示，進而分散流動性。

We do not believe regulatory arbitrage is the most durable long-term model for tokenized securities, and it is not the approach we're pursuing. So what is Securitize doing to position itself to win in this large but still emerging market?

我們不認為監管套利是代幣化證券最具持久性的長期模式，這也不是我們正在採取的方法。那麼，Securitize 正在做什麼，以讓自己在這個龐大但仍在萌芽的市場中取得勝利？

We have assembled what we believe is the most comprehensive and consequential set of partnerships in the tokenized equities industry, and we are only at the beginning of connecting tokenized equities and ETFs with existing capital market infrastructure. First, Securitize has been selected as the tokenization partner for the first and the third largest transfer agency in the industry.

我們已建立我們認為在代幣化股票產業中最全面且最具影響力的一組合作夥伴關係，而我們也才剛開始把代幣化股票與 ETF 連結到既有的資本市場基礎設施。首先，Securitize 已被選為業界第一大與第三大過戶代理機構的代幣化合作夥伴。

ComputerShare is the largest global transfer agent and serves closely to 60% of the Standard & Poor 500 as well as more than 2,500 US publicly traded companies. Continental Stock Transfer is the third largest transfer agent and has the particular strength among small and mid-cap companies, IPOs and SPACs. Together, these relationships give us access to very different segments of the public company market.

ComputerShare 是全球最大的過戶代理，為接近 60% 的標普 500 成分股以及超過 2,500 家美國上市公司提供服務。Continental Stock Transfer 是第三大過戶代理，並在小型與中型市值公司、IPO 與 SPAC 方面具備特別優勢。這些合作關係合在一起，使我們能接觸到上市公司市場中截然不同的區隔。

Second, we have partnered with the New York Stock Exchange, the world's largest equity exchange, as it develops a digital ATS designed to support 24/7 trading and instant settlement of tokenized equities and ETFs alongside this traditional business. Securitize has been selected as the design partner for the ATS, as well as an initial transportation and tokenization partner. Our broker dealer is also expected to connect to their ATS and provide investor flow.

第二，我們與紐約證券交易所（NYSE）——全球最大的股票交易所——合作；NYSE 正在開發一個數位 ATS，旨在支援代幣化股票與 ETF 的 24/7 交易與即時交割結算，並與其傳統業務並行。Securitize 已被選為該 ATS 的設計合作夥伴，以及初始的運輸與代幣化合作夥伴。我們的券商交易商（broker-dealer）也預期將連接到他們的 ATS 並提供投資人流量。

Third, we have partnered with Jam Trading. The largest crypto market maker and one of the largest proprietary trading firms in the world. Jump is acting as a market maker for tokenized equities, beginning with our own stock.

第三，我們與 Jump Trading 合作。它是最大的加密市場造市商之一，也是全球最大的自營交易公司之一。Jump 正擔任代幣化股票的造市商，並從我們自家股票開始。

And finally, we want tokenization to extend beyond secondary trading into capital formation. We want investors with digital wallets to be able to participate in IPOs and secondary offerings in tokenized form. This is why we've partnered with Cantor Fitzerald, one of the leading investment banks in SPACs and digital assets to explore enabling these offerings through our infrastructure and recently expanded regulatory capabilities.

最後，我們希望代幣化不僅止於次級市場交易，而是延伸到資本形成。我們希望擁有數位錢包的投資人能以代幣化形式參與 IPO 與增發（secondary offerings）。因此，我們與 Cantor Fitzerald 合作；其為 SPAC 與數位資產領域的領先投資銀行之一，並共同探索透過我們的基礎設施與近期擴增的監管能力來促成這些發行。

And I want to emphasize that the partnership we've announced so far are only the beginning. We continue to have conversations with many of the largest participants in the industry that are highly interested in tokenization, and we look forward to building a broader ecosystem for bringing capital markets on the chain through tokenization, but we also believe in walking the talk.

我想強調，我們迄今宣布的合作夥伴關係都只是開始。我們仍在與業界許多最大型的參與者對話，他們對代幣化高度感興趣；我們期待建立更廣泛的生態系，透過代幣化把資本市場帶到鏈上，但我們也相信要言行一致。

So when Securitize became a public company, we did something that had never been done before. We made our own equity available on chain on the same day our shares began trading on the New York Stock Exchange, the same share and the same rights but in token format issue on a public blockchain.

因此，當 Securitize 成為上市公司時，我們做了一件前所未有的事。在我們的股票於紐約證券交易所開始交易的同一天，我們也讓自家股權在鏈上可用——同一股份、同樣權利，但以在公有區塊鏈上發行的代幣形式呈現。

We do not believe on-chain markets yet have the same depth of liquidity as traditional markets, but we do believe that two markets can be complementary and can coexist. So we put our own stock on chain through our regulated structure using Continental as our transfer agent and securitized tokenization infrastructure.

我們不認為鏈上市場目前已具備與傳統市場同等深度的流動性，但我們確實相信兩個市場可以互補並且共存。因此，我們透過受監管的架構，使用 Continental 作為我們的過戶代理，並採用 Securitize 的代幣化基礎設施，將自家股票上鏈。

Tokenizing SECZ was available on listing day, including to eligible investors in the United States. It immediately became the largest tokenized equity in the industry. More importantly, we demonstrated that it's possible to tokenize US public equity within the existing regulatory framework. There is a tendency in crypto to assume that offshore synthetic structures are necessary because compliant organization cannot be done in the United States.

SECZ 的代幣化在上市當天即可使用，包括美國境內符合資格的投資人。它立即成為業界最大的代幣化股票。更重要的是，我們證明了在既有監管框架內將美國上市公司股權代幣化是可行的。加密領域常有一種傾向，認為必須依賴境外合成結構，因為在美國無法完成合規的組織安排。

We have always said this is not the case, and we have now demonstrated otherwise. We issued tokenized SEC on both Avalance and Solana, two of our long-standing ex-system partners. Doing so also demonstrated our ability to support multiple blockchain ecosystems simultaneously through our multi-chain infrastructure, but we did more than simply issue the shares on chain.

我們一直說事實並非如此，而我們現在也已證明相反。我們在 Avalance 與 Solana 兩條鏈上發行了代幣化的 SEC，這兩者都是我們長期的生態系合作夥伴。這也展示了我們透過多鏈基礎設施同時支援多個區塊鏈生態系的能力，但我們做的不僅僅是把股份發行到鏈上。

We enabled tokenized SEC to trade through atomic swaps, again, USDC from self-custody wallets with Jam Trading acting as a market maker using a very familiar process and UI for any person that has traded crypto on chain before. We did that while operating within the regulatory requirement governing public securities in the United States. So again, it's possible.

我們讓代幣化的 SEC 能夠透過原子交換進行交易，同樣是從自我託管錢包使用 USDC，由 Jam Trading 擔任做市商，對任何曾在鏈上交易加密資產的人而言，流程與使用者介面都非常熟悉。我們是在符合美國針對公開證券之監管要求的前提下完成這件事。所以再次強調，這是可行的。

The next step is to continue increasing the utility of tokenized SEC and to bring additional equities on chain. For anyone listening this call who wants to experience this directly, I encourage you to visit stocks.securitize.io. You can create a Securitize ID, complete a simple KYC process, connect your wallet and use USDC to begin trading.

下一步是持續提升代幣化 SEC 的效用，並把更多股票帶到鏈上。任何正在收聽本次電話會議、想要親自體驗的人，我鼓勵你造訪 stocks.securitize.io。你可以建立 Securitize ID，完成簡單的 KYC 流程，連接你的錢包，並使用 USDC 開始交易。

For anyone that has traded crypto before, the experience should feel very familiar. And if you haven't, we encourage new users to introduce themselves to the platform and technology we're so proud of. When you purchase tokenized SEC, you receive the shares directly in your wallet at pricing tied to the traditional markets. The key difference is that settlement happens immediately into your wallet, allowing you to hold, use or transfer the asset directly rather than relying entirely on a third-party broker dealer to cast it for you.

對任何曾交易過加密資產的人來說，這個體驗應該會非常熟悉。如果你尚未交易過，我們也鼓勵新用戶先熟悉我們引以為傲的平台與技術。當你購買代幣化的 SEC 時，你會以與傳統市場連動的價格，直接在你的錢包中收到股份。關鍵差異在於，交割會立即進入你的錢包，使你能直接持有、使用或轉移該資產，而不是完全依賴第三方券商替你保管。

Let me now close with a brief update on the regulatory environment. Under Chairman Paul Atkins, the SEC has taken a much more constructive approach towards tokenized securities. Over the past year, we've seen greater clarity around the use of public blockchains by transfer agents, broker-dealer custody and the different models for tokenized securities.

最後我以一段簡短更新來說明監管環境。在 Paul Atkins 主席領導下，SEC 對代幣化證券採取了更具建設性的態度。在過去一年，我們看到關於移轉代理人使用公有區塊鏈、券商自營商託管，以及代幣化證券不同模式等方面，有了更清晰的指引。

We have also continued expanding our own regulatory capabilities. Securitized market now has the ability to custody and facilitate trading of tokenized securities, supporting atomic settlement against stablecoins and participate in initial and secondary tokenized offerings.

我們也持續擴充自身的監管能力。Securitize 的市場平台現在具備託管並促進代幣化證券交易的能力，支援以穩定幣進行原子交割，並可參與代幣化的初級與次級發行。

There are additional regulatory developments and the discussion in Washington. That could make it easier for tokenized markets to grow, including an innovation exemption and more practically custody frameworks that the SEC has announced that some of these things are actually coming as soon as Friday this week. We will certainly welcome those developments. But importantly, our business would not depend on them, although it will benefit from them.

華盛頓方面也有其他監管進展與討論，可能讓代幣化市場更容易成長，包括創新豁免，以及更務實的託管框架；SEC 已宣布其中一些措施最快可能在本週五就會推出。我們當然樂見這些發展。但重要的是，我們的業務不依賴這些措施，儘管它們會帶來助益。

Securitas has spent years building within the existing US regulatory framework. We are already issuing, servicing, trading and setting tokenized securities today. So additional regulatory clarity can accelerate the market and expand our opportunity, but we don't need to wait for Washington to build the business, we're already operating.

Securitize 多年來一直在既有的美國監管框架內建設。我們今天已經在發行、服務、交易並交割代幣化證券。因此，額外的監管明確性可以加速市場並擴大我們的機會，但我們不需要等華盛頓才來建立業務——我們已在運作。

Okay, let me close where I started with our mission to tognize the world. When we founded Securitize nearly nine years ago, that ambition sounded incredibly bold. Today, some of the largest institutions in global finance increasingly share that vision. As BlackRock's Chairman and CEO, Larry Fink, has said, every stock, every bond, every fund, every asset can be tokenized. We agree with our partners at BlackRock.

好，最後我回到一開始提到的使命：將世界代幣化。近九年前我們創立 Securitize 時，這個抱負聽起來極其大膽。如今，全球金融界一些最大的機構愈來愈認同這個願景。正如貝萊德（BlackRock）董事長兼執行長 Larry Fink 所說，每一檔股票、每一檔債券、每一檔基金、每一項資產都可以被代幣化。我們同意我們在貝萊德的合作夥伴的看法。

And if that is where financial markets are going, the opportunity in front of securitize is enormous. We've spent nearly a decade building the technology, regulatory infrastructure, products and institutional partnerships required to make that future possible. We're still early, but the direction is becoming clearer every day. And we believe we've never better positioned to do it.

如果金融市場正朝這個方向前進，那麼 Securitize 面前的機會將非常龐大。我們花了將近十年打造技術、監管基礎設施、產品與機構合作關係，讓那個未來成為可能。我們仍處於早期階段，但方向每天都愈來愈清晰。我們相信，我們從未像現在這樣具備最佳條件去實現它。

With that, I will turn over to our CFO, Francisco Flores, to work you through our financial results. Thank you.

接下來我把時間交給我們的財務長 Francisco Flores，帶各位回顧我們的財務結果。謝謝。

Thank you, Carlos. Good morning.

謝謝你，Carlos。各位早安。

I'll just briefly echo Carlos' comments that it is great to be with you all for our first earnings call as a public company, and I look forward to engaging with all of our investors and analysts going forward. For my prepared remarks today, our reference growth rates are on a year-over-year basis unless I indicate otherwise.

我先簡短呼應 Carlos 的評論：很高興能與各位一起參與我們作為上市公司後的首次財報電話會議，未來也期待與所有投資人與分析師持續交流。在我今天的事先準備講稿中，除非另有說明，成長率皆以年對年為基準。

Now on to the second-quarter results. Total revenue was $14.4 million in the quarter, down 5% versus the prior year period, driven by lower tokenization revenue, partially offset by continued growth in asset servicing revenue. Despite the quarterly decline, total revenue for the first half of 2026 was $33.9 million, an increase of approximately 16% versus the prior year period and a record half for the company.

接著看第二季業績。本季總營收為 1,440 萬美元，較去年同期下降 5%，主因是代幣化營收較低，但部分被資產服務營收持續成長所抵銷。儘管單季下滑，2026 年上半年總營收為 3,390 萬美元，較去年同期約成長 16%，並創下公司半年度新高。

Tokenization revenue was $7.9 million, a decrease of 12% versus the prior year period, primarily due to fewer new on-chain integrations, as the prior year period had benefited from a number of new protocol launches. As you might recall, tokenization revenue tends to be a bit more volatile on a quarter-to-quarter basis, reflecting the project-based nature of on-chain integrations, which carry between periods based on the number, timing and mix of completed projects.

代幣化營收為 790 萬美元，較去年同期下降 12%，主要因為新的鏈上整合案較少；去年同期受惠於多個新協議上線。如各位所記得，代幣化營收在季度之間通常較為波動，反映鏈上整合屬於專案型態，會依已完成專案的數量、時點與組合而在各期間間移轉。

Asset servicing revenue was $6.6 million, an increase of 3% versus the prior year period, driven by growth in the underlying business.

資產服務營收為 660 萬美元，較去年同期成長 3%，主要由基礎業務成長所帶動。

Turning to expenses. Total operating costs and expenses were $24.1 million, an increase of $8.7 million or 56% driven by higher compensation and benefits, higher SG&A, including professional services fees as we prepare to become a public company and higher cost of revenue.

接著看費用。總營運成本與費用為 2,410 萬美元，增加 870 萬美元或 56%，主要由較高的薪酬與福利、較高的銷售、一般及管理費（SG&A）（包含我們為成為上市公司所做準備的專業服務費用），以及較高的營收成本所驅動。

Compensation and benefits were $10.5 million, an increase of $2.5 million versus the prior year period. The increase reflects continued headcount growth, including several senior hires added in connection with our transition to being a publicly traded company.

薪酬與福利為 1,050 萬美元，較去年同期增加 250 萬美元。增加反映人力持續成長，包括為轉型為公開交易公司而新增的多位資深聘用。

SG&A expenses were $8.2 million, an increase of $4.7 million versus the prior year period. The increase was largely attributable to the underlying growth of our businesses, increased conference and marketing expenses heading into our public listing, as well as approximately $1.9 million of one-time costs associated with our public listing, including professional and consulting fees.

SG&A 費用為 820 萬美元，較去年同期增加 470 萬美元。增加主要歸因於我們業務的基礎成長、在公開上市前增加的會議與行銷費用，以及約 190 萬美元與公開上市相關的一次性成本（包含專業與顧問費用）。

Cost of revenue in the second quarter was $4 million, an increase of approximately $0.5 million or 13%, predominantly driven by revenue-generating headcount expansion. As a reminder, cost of revenue consists largely of direct labor in our blockchain engineering and integration divisions, fund accounting and client-facing personnel. And capitalized software amortization. On a sequential quarter basis, cost of revenue decreased $0.5 million or 11%, consistent with the lower asset servicing revenue in the second quarter.

第二季營收成本為 400 萬美元，增加約 50 萬美元或 13%，主要由創造營收的人力擴編所帶動。提醒各位，營收成本主要由區塊鏈工程與整合部門的直接人力、基金會計與客戶面人員構成，以及資本化軟體攤銷。以季對季來看，營收成本減少 50 萬美元或 11%，與第二季資產服務營收較低一致。

Provision for credit losses increased by $1.2 million versus the prior year period, primarily related to a terminated contract with a single protocol, which was not able to meet its financial obligations. As a result, we do not anticipate any additional financial impact related to this contract going forward.

信用損失準備較去年同期增加 120 萬美元，主要與一項與單一協議終止的合約有關，該協議無法履行其財務義務。因此，我們預期未來不會再有與此合約相關的額外財務影響。

Turning to non-operating expenses in the second quarter. Interest expense was $1.1 million, a decrease of $0.3 million versus the prior year period. Recall on July 1, 2026, at the close of our business combination, all outstanding convertible notes, approximately $80 million in total, converted into equity. As a result, we do not expect any material interest expense in the third quarter of 2026.

接著看第二季的營業外費用。利息費用為 110 萬美元，較去年同期減少 30 萬美元。請回想，於 2026 年 7 月 1 日，在我們業務合併完成時，所有未償還的可轉換票據（合計約 8,000 萬美元）已轉換為股權。因此，我們預期 2026 年第三季不會有任何重大利息費用。

Adjustments to the fair value of complex financial instruments led to a combined expense of $11.7 million. This includes a $4.3 million loss associated with SAFE agreements and a $29.3 million charge for option liabilities, largely offset by a $21.9 million unrealized gain from derivative liabilities.

對複雜金融工具公允價值的調整導致合計費用為1,170萬美元。其中包括與SAFE協議相關的430萬美元損失，以及期權負債的2,930萬美元費用，並在很大程度上被衍生性負債的2,190萬美元未實現收益所抵銷。

While there are some moving pieces in each of these line items, in the aggregate, the total expense for complex financial instruments was driven by. A combination of actual shares exercised and issued as part of securitized going public versus prior estimates as well as the impact from the final price per share for these shares versus the previously modeled price per share.

雖然這些各項目中都有一些變動因素，但整體而言，複雜金融工具的總費用主要是由以下因素所驅動：實際行使並發行的股份（作為證券化上市流程的一部分）相較於先前估計的差異，以及這些股份的最終每股價格相較於先前模型假設每股價格的影響所共同造成。

Importantly, I'll point out that these line items do not have a cash impact. Obviously, given that these expenses were all related to us finalizing the business combination, we do not anticipate any material impact in these line items going forward.

重要的是，我要指出這些項目不會產生現金影響。顯然，鑑於這些費用都與我們完成業務合併相關，我們預期未來這些項目不會有任何重大影響。

Looking at adjusted EBITDA. Adjusted EBITDA was negative $5.5 million, compared to positive $1.8 million in the prior year period, a decrease of $7.3 million. The decrease was primarily driven by higher compensation and benefits as we continue to scale the business, higher SG&A expenses, including professional and consulting costs associated with becoming a public company and a modest decline in total revenue.

來看調整後EBITDA。調整後EBITDA為負550萬美元，相較於去年同期為正180萬美元，減少了730萬美元。下降主要由於我們持續擴大業務規模而帶來較高的薪酬與福利支出、較高的銷售、一般及行政（SG&A）費用（包括成為上市公司所需的專業服務與顧問成本），以及總營收小幅下滑。

For the second quarter of 2026, Securitas reported a GAAP net loss of $21.7 million, compared to a net loss of $6.1 million in the prior year period, an increase of $15.5 million. The higher year-over-year net loss was primarily driven by higher expenses, including headcount growth to support the expansion of our business and prepare for being a publicly traded company, along with non-recurring costs associated with the company's public filing process.

2026年第二季，Securitas依GAAP口徑報告淨損2,170萬美元，相較於去年同期淨損610萬美元，增加了1,550萬美元。淨損年增主要由於費用上升，包括為支持業務擴張並為成為公開交易公司做準備而增加的人力編制，以及與公司公開申報流程相關的一次性成本。

The higher net loss also reflected higher non-cash fair value losses resulting from the periodic remeasurement of our financing instruments, as well as lower revenue versus the prior year period. Net loss per diluted share in the second quarter was $2.37, compared with a loss per share of $0.72 in the prior year period.

較高的淨損亦反映出因定期重新衡量我們的融資工具而產生較高的非現金公允價值損失，以及相較去年同期較低的營收。第二季稀釋後每股淨損為2.37美元，相較於去年同期每股虧損0.72美元。

From a capital and balance sheet perspective, let me remind you that when we closed our business combination on July 1. It resulted in approximately $350 million in net cash and liquid securities on our pro forma balance sheet with zero debt or roughly $2 per share in net cash.

從資本與資產負債表角度來看，提醒各位我們於7月1日完成業務合併時，在備考資產負債表上形成約3.5億美元的淨現金與流動性證券，且零負債，或約每股2美元的淨現金。

Now, before I discuss our updated financial outlook for 2026, I thought it would be helpful to ground everyone on where the industry is now versus where it was when we last provided our outlook back in November 2025.

在我討論我們更新後的2026年財務展望之前，我認為先讓大家了解目前產業狀況相較於我們上一次在2025年11月提供展望時的差異會很有幫助。

There were several macro assumptions that were embedded into our outlook, which so far are playing out well short of our initial expectations. For instance, in the fall of 2025, the overall crypto market was nearing all-time high of $4 trillion. We had assumed at the time that the overall crypto market would continue to grow to roughly $5 trillion by the end of 2026.

我們的展望中納入了若干宏觀假設，而迄今這些假設的實際發展明顯不如我們最初預期。例如，在2025年秋季，整體加密市場接近4兆美元的歷史高點。當時我們假設整體加密市場將持續成長，至2026年底約達5兆美元。

However, the market has clearly taken a step back with the overall crypto market below $2.2 trillion. Similarly, we had assumed that the overall stablecoin market would grow from approximately $300 billion at the time to around $450 billion by the end of 2026. So this market has been largely stagnant, currently sitting at roughly $300 billion.

然而，市場顯然已回落，整體加密市場規模低於2.2兆美元。同樣地，我們曾假設整體穩定幣市場將由當時約3,000億美元成長至2026年底約4,500億美元。但該市場大致停滯，目前約為3,000億美元。

Lastly, we assumed that the overall RWA market would grow to roughly $77 billion by year-end 2026, and this market has also experienced more modest growth than we had hoped, now sitting at approximately $38 billion. All of these factors have impacted our AUM growth expectations, which we were initially targeting $9 billion by year-end 2026.

最後，我們假設整體RWA市場將在2026年底成長至約770億美元，而該市場的成長也比我們希望的更為溫和，目前約為380億美元。上述因素皆影響了我們對AUM成長的預期；我們原先目標是在2026年底達到90億美元。

And while we have seen a good rebound of the bottom earlier this year, we sit here today in August with AUM of roughly $5 billion. However, despite these industry headwinds, we continue to see very healthy levels of engagement with asset issuers and a strong demand for products both from tokenized funds and equities.

儘管今年稍早自底部出現不錯的反彈，但我們在8月的今天，AUM約為50億美元。然而，儘管面臨這些產業逆風，我們仍持續看到與資產發行人之間非常健康的互動水準，以及對代幣化基金與股票等產品的強勁需求。

You see this momentum with the announcements Carlos mentioned, such as the NYSE partnership, the ComputerShare agreement and Continental announcement, as well as several other initiatives we have in the pipeline that we believe will accelerate our growth trajectory.

你可以從Carlos提到的公告中看到這股動能，例如與NYSE的合作夥伴關係、與ComputerShare的協議以及與Continental的公告，此外我們還有數項正在推進的計畫，我們相信將加速我們的成長軌跡。

And so, while we are managing our business through this volatility on the crypto side of the industry, momentum on the TrustFile. And tokenized equity side of things provide some solid tailwind to support the business. As you may recall, when we provided our initial 2026 revenue outlook, we indicated that we had expected $85 million in revenue that was either contracted or based on AUM at the time.

因此，雖然我們在產業加密端的波動中經營業務，但在TrustFile以及代幣化股權端的動能，提供了支持業務的穩健順風。如各位所記得，當我們提供最初的2026年營收展望時，我們表示預期有8,500萬美元的營收已簽約或是基於當時的AUM。

And while we continue to expect to recognize the vast majority of this revenue, given the lower AUM trends and the other industry headwinds I just mentioned, we now expect total revenue to be in a range of $70 million to $80 million for the full year 2026. And note that at the midpoint of this range, it still implies a growth rate of more than 20%, which is quite strong against the current macro backdrop.

雖然我們仍預期將認列其中絕大部分營收，但鑑於AUM趨勢較低以及我剛提到的其他產業逆風，我們目前預期2026年全年總營收將落在7,000萬至8,000萬美元區間。請注意，以該區間中點計算，仍意味著超過20%的成長率，在目前的宏觀背景下相當強勁。

In conclusion, the pipeline remains very strong across our businesses, and we see healthy organic growth ahead despite the industry headwinds I just outlined. When we look at the industry-leading firms we're already working with, the key partnerships we have entered into so far this year and the strength of our balance sheet, we believe that Securitize is well-positioned to capitalize on the secular tailwinds towards tokenization, which we believe is still in its infancy.

總結而言，我們各項業務的管線仍然非常強勁，儘管我剛概述的產業逆風存在，我們仍看到前方有健康的有機成長。當我們檢視已合作的產業領先公司、今年迄今所建立的關鍵合作夥伴關係，以及我們資產負債表的強度時，我們相信Securitize已具備良好定位，可把握朝向代幣化的長期結構性順風；我們認為這仍處於早期階段。

And with that, we'll be happy to take your questions. Operator, please go ahead and open the line for Q&A.

接下來，我們很樂意回答各位的問題。接線員，請開始開放問答。

We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. (Operator Instructions)

我們現在開始問答環節。請每位僅限一個問題以及一個追問。(接線員指示)

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Good morning, Carlos, Francisco and Brett. Congratulations on getting to the public markets here and on your first call. I want to start with a big picture question on the opportunity. You made obviously tremendous progress getting to 5 billion of tokenized AUM and you mentioned 7 assets above 100 million.

早安，Carlos、Francisco和Brett。恭喜你們成功進入公開市場，也恭喜首次電話會議。我想先從機會的宏觀問題開始。你們在代幣化AUM達到50億美元方面顯然取得了巨大進展，並且提到有7項資產規模超過1億美元。

At the same time, that's very small relative to your current customer base, which has tens of trillions in AUM, and many of them are vocal about wanting a lot of their assets to move on chain over time, so when you talk with your existing asset management partners today, what is driving the decision to think about launching that second or third tokenized product? What are the decision points? What are the gating factors?

同時，相較於你們目前的客戶基礎（其AUM達數十兆美元）而言，這仍然非常小；而且其中許多客戶也公開表示希望隨時間推移將大量資產上鏈。因此，當你們今天與既有的資產管理合作夥伴交流時，是什麼在驅動他們決定考慮推出第二或第三個代幣化產品？決策要點是什麼？有哪些關鍵門檻因素？

And then if you can just weave in, how you think about the incremental economics as additional funds launch relative to that kind of initial launch with those partners.

另外，如果可以的話，也請你們順帶談談：隨著更多基金推出，相較於與這些合作夥伴的初次發行，你們如何看待新增發行所帶來的邊際經濟效益。

Thank you. I think most of our partners want to launch one first and then see it move successfully and get familiar with the entire process. And also one thing you need to think about is when we launch a product, the product doesn't just stay there.

謝謝。我認為我們的大多數合作夥伴都希望先推出一個，然後看到它順利運作，並熟悉整個流程。另外，你需要考慮的一點是，當我們推出一個產品時，該產品不會只是停留在那裡。

So if you think about BlackRock BUIDL even though it launched in March 2024, until we announced the second one recently, the BUIDL Reserve we actually have been making a lot of progress in increasing the features of the fund. So it eventually launched on Ethereum only. It was a monthly dividend.

所以如果你想想 BlackRock 的 BUIDL，儘管它是在 2024 年 3 月推出，但直到我們最近宣布第二個之前，BUIDL Reserve 其實在提升基金功能方面已經取得了很大進展。因此它最終先只在以太坊上線。當時是按月配息。

Over time, we moved it to multiple different chains. We also moved it from monthly to daily dividend, which now the BUIDL Reserve, as we mentioned in the call, is also daily dividend reinvestment. We added on chain data, integrating with Oracle. So there's been a lot of progress in the product itself, improving it to integrate more features before they make the decision to launch the second one.

隨著時間推移，我們把它擴展到多條不同的鏈。我們也把配息從按月改為按日，而現在如同我們在電話會議中提到的，BUIDL Reserve 也提供每日股息再投資。我們加入了鏈上數據，並與 Oracle 整合。因此在產品本身上有很多進展，在他們決定推出第二個之前，先把更多功能整合進來並加以改善。

So with the rest of the partners that we have, it's kind of like the same journey. They want to launch something first, see how it's being consumed, how the features can be improved over time before they move into the second one. But obviously, we think that most of these products, because they've been successful in the market, will lead to other launches in the future with the same partners.

所以對於我們其餘的合作夥伴來說，旅程也差不多。他們希望先推出一個產品，看看市場如何使用、功能如何隨時間改進，之後再推第二個。但很明顯，我們認為這些產品因為在市場上很成功，未來會與同樣的合作夥伴帶來更多的發行。

Yeah, Carlos, if I could add. Hi, Devin, thank you for your question. In terms of incremental economics, it's important to understand that our platform exhibits high operating leverage. We have already made most of the investments needed to support the infrastructure. So as we continue to scale in terms of AUM and transactions, we will see improved margins flowing down to the bottom line.

是的，Carlos，我補充一下。嗨，Devin，謝謝你的提問。就增量經濟效益而言，重要的是要理解我們的平台具有很高的營運槓桿。我們已經完成了支援基礎設施所需的大部分投資。因此，隨著我們在 AUM 與交易量方面持續擴張，我們將看到利潤率改善並反映到最終盈餘。

Also, as Carlos mentioned, as our business becomes more mature, onboarding new asset managers becomes more efficient because we require less resources. It’s the same dynamic whenever we try to launch new products with existing clients or the second type of an existing product category, we become more efficient. So as we continue to launch products, we will improve our economics considerably

另外，如 Carlos 所提到的，隨著我們的業務更成熟，導入新的資產管理公司會更有效率，因為我們需要的資源更少。同樣的動態也適用於：我們嘗試與既有客戶推出新產品，或在既有產品類別中推出第二種產品時，我們會變得更有效率。因此，隨著我們持續推出產品，我們的經濟效益將顯著改善。

It's easier for us to launch another product with an existing asset manager that we already have a contractual relationship than to onboard a new one. The process of onboarding to become a service provider for a large asset manager is very lengthy. Most people don't realize that it's very demanding.

對我們而言，與已經有合約關係的既有資產管理公司再推出另一個產品，比起導入一家新的要容易得多。要完成導入、成為大型資產管理公司的服務供應商，流程非常冗長。多數人沒有意識到這個過程要求非常高。

There is a lot of due diligence involved, a lot of legal red tape to negotiate contracts, terms, et cetera. So this is why we're looking at not launching with hundreds of different asset managers, but launching with few selected ones and then try to scale from there.

其中涉及大量盡職調查，還有許多法律程序與繁文縟節，需要協商合約、條款等等。因此我們才會選擇不是與數百家不同的資產管理公司同時推出，而是與少數精選的合作夥伴推出，然後再從那裡擴張規模。

Excellent. Thank you so much. And then just my follow-up question, I want to dig in a little bit on tokenization revenue and some of the components that go within that because I think obviously there's a lot of drivers within that line item. And so, if you were just looking at kind of a yield on assets, it's kind of a kind of brute force modeling.

非常好。非常感謝。接著我的追問是，我想更深入了解一下代幣化收入以及其中包含的一些組成項目，因為我認為這個科目顯然有很多驅動因素。因此，如果你只是把它當作資產收益率來看，那有點像是用很粗暴的方式建模。

But based on the disclosure, I think that's the way some investors are looking at it. And so you had the first quarter yield over 140 basis points on AUM and then dropped down to a little bit over 70 basis points in the second quarter. It would seem to get to your full-year guidance on revenues that there's probably a step up from the second quarter.

但根據你們的揭露，我想有些投資人就是這樣看待的。所以第一季以 AUM 計算的收益率超過 140 個基點，而第二季則降到略高於 70 個基點。看起來若要達到你們全年營收指引，第二季之後可能需要再往上跳升。

So if you could just -- I appreciate that they're volatile, but just how we should be thinking about the components of tokenization revenue and how much to get to the $70 million to $80 million is based on kind of a spread on AUM growth versus transactional. That is going to fluctuate? Because again, like I think the second quarter is by a little bit lower yield, but also there's a lot of components that go into it.

所以如果你能——我理解它們會波動——但我們應該如何看待代幣化收入的組成，以及要達到 7,000 萬到 8,000 萬美元之中，有多少是基於 AUM 成長的利差、相對於交易型收入？那部分會波動嗎？因為再說一次，我覺得第二季不只是收益率稍低，還有很多組成因素在裡面。

This is a great question. Thank you, Devin. Let me start by saying that currently, our AUM based revenue is not material. It's still growing and it has grown in line with AUM growth. But the majority of the revenue from tokenization is still related to the expansion of our ecosystem by integrating new protocols.

這是一個很好的問題。謝謝你，Devin。我先說明，目前我們以 AUM 為基礎的收入並不重大。它仍在成長，且其成長與 AUM 成長一致。但代幣化的大部分收入仍與透過整合新協議來擴張我們的生態系有關。

Regarding transactional based revenue, this is an opportunity for the medium-to-long term. So currently very little of that volume is being monetized. In regard to the revenue guidance, I think it's important to understand that our revenue model separates tokenization and asset servicing.

至於以交易為基礎的收入，這是中長期的機會。因此目前只有很少一部分交易量被變現。就營收指引而言，我認為重要的是要理解，我們的營收模型將代幣化與資產服務分開。

Asset servicing provides a stable recurring source of revenue, which is growing modestly quarter by quarter. So that is a portion of the updated guidance. And then the remaining portion is currently driven by the protocol integrations, and a small portion of AUM based revenue that is going to become more meaningful in the medium term.

資產服務提供穩定、可重複的經常性收入來源，且每季溫和成長。因此這是更新後指引的一部分。而剩餘部分目前由協議整合所驅動，另有一小部分是以 AUM 為基礎的收入，這在中期將變得更具意義。

Excellent. If I could just squeeze one more because it's related. Just as we hopefully move to a world where tokenized equities are scaling materially, how will the economics on that look relative to the economics on the funds? If you could just walk through briefly for everyone, the revenue opportunities in a tokenized equity world, to the extent we see material scaling there over the next couple of years

很好。如果我可以再擠一個問題，因為它相關。當我們希望邁向一個代幣化股票大幅擴張的世界時，其經濟效益相對於基金的經濟效益會是什麼樣子？如果你能為大家簡要說明一下，在代幣化股票的世界裡，未來幾年若出現顯著擴張，你們有哪些營收機會。

I can take that one. So on the tokenized equity side, we think that because equities are very liquid assets, there will be a lot more trading than some of the other assets that we hold that don't move a lot because they're more reserve assets like Treasuries or credit or other things like that.

這題我來回答。在代幣化股票方面，我們認為由於股票是流動性很高的資產，交易活動會比我們持有的其他一些資產多得多；那些資產因為更像是準備資產，例如美國國債、信貸或其他類似資產，價格或部位變動不大。

So we think that transaction monetization is going to be more meaningful compared to just the pure tokenization and issuance and asset servicing portion of it.So as we announced in the past in the New York Stock Exchange relationship, we're not just the tokenization engine and the transfer agent, but we're also a broker dealer that can bring retail flow that obviously will monetize the transactions.

因此我們認為，相較於單純的代幣化、發行以及資產服務部分，交易變現將更具意義。正如我們過去在與紐約證券交易所的合作關係中所宣布的，我們不僅是代幣化引擎與過戶代理人（transfer agent），我們同時也是一家券商自營商（broker-dealer），能帶來零售流量，而這些交易當然可以被變現。

So we think on equities, transaction monetization will become a much bigger component of our revenue as opposed to other assets where is more based on the issuance and the asset servicing.

因此我們認為，在股票方面，交易變現將成為我們營收中更大的組成部分；相較之下，其他資產的收入則更多是基於發行與資產服務。

I will leave it there, but thanks so much for taking the questions.

我就先說到這裡，非常感謝讓我提問。

Mark Palmer, StoneX.

Mark Palmer，StoneX。

Good morning and thank you for taking my questions. Wanted to ask about the expense base in the second quarter and how we should think about expenses during the balance of the year. And I guess this question is for Francisco. You know, how do you view the portion of the expense base that is structural versus what is transitional and as you are thinking about reaching positive adjusted EBITDA, how does that mesh out with the company's revenue projection or revenue estimate? Thank you.

早安，謝謝你們回答我的問題。我想問第二季的費用基礎，以及我們應該如何看待今年剩餘期間的費用。我想這個問題是問 Francisco 的。你如何看待費用基礎中哪些部分是結構性的、哪些是過渡性的？以及當你們在思考達到正的調整後 EBITDA 時，這與公司的營收預測或營收估計之間會如何對應？謝謝。

Thank you, Mark. So we have disclosed that year-to-date we spent approximately $3.5 million in one-time expenses associated with going public. Those are the one offs that we could separate from the ongoing cost base that we shouldn't see many meaningful expenses going forward. There's still some of these one offs that we will report in Q3 as part of closing the transaction, but nothing meaningful in Q4. And again, going into 2027, we shouldn't expect any one offs associated to this.

謝謝你，Mark。我們已揭露年初至今，因上市而產生的一次性費用約為 350 萬美元。這些是一次性項目，我們可以把它們與持續性的成本基礎區分開來；未來我們不應該再看到太多重大的相關費用。在第三季，隨著交易完成結案，我們仍會有一些這類一次性項目需要揭露，但第四季就不會有任何重大的。同樣地，展望 2027 年，我們不應預期還會有與此相關的一次性費用。

Operating expenses are increasing with headcount growth, which we expect modest growth through the remaining months of 2026. But we believe that by the end of this year we will end with the headcount structure that will allow us to operate as a public company and also to take advantage of the market opportunities in front of us. So you should see a very stable cost base in 2027 and going forward with minor increases adjusted for inflation and modest headcount growth.

隨著人員編制成長，營運費用正在上升；我們預期在 2026 年剩餘月份將維持溫和成長。但我們相信，到今年年底，我們將形成一個能讓我們以上市公司身分運作、並同時把握眼前市場機會的人力結構。因此，您應該會在 2027 年及之後看到非常穩定的成本基礎，僅有依通膨調整與溫和人員成長帶來的小幅增加。

In terms of profitability, I think it's important to understand that most of our costs are fixed. So as we continue to scale volumes, AUM, and transactions, we will convert that directly into improved margins and improved adjusted EBITDA.

就獲利能力而言，我認為重要的是要理解，我們的大多數成本是固定的。因此，隨著我們持續擴大規模（包括量能、AUM 與交易量），我們將能把這些直接轉化為更佳的利潤率與更高的調整後 EBITDA。

I think the only other comment that's important to add around the fact that we are no longer expecting a positive adjusted EBITDA in 2026 is that it’s not related to the economics of the business model itself. It's more related to the structural revenue disruptions caused by the events in the crypto market at the end of 2025. The operating model is pretty efficient in its core structure.

我認為，關於我們不再預期 2026 年會有正的調整後 EBITDA，唯一還需要補充的重要說明是：這與商業模式本身的經濟性無關。這更多是與 2025 年底加密市場事件所造成的結構性營收干擾有關。我們的營運模式在核心結構上相當有效率。

Very good. As a follow up question, just wanted to get your take on the state of the competitive environment in the tokenization space. And in particular when you are going after customer mandates for fund launches or equity tokenization, who are you typically bumping into? Are these standalone tokenization platforms that are specifically focused on this service or are you seeing larger entities such as exchanges and custody platforms that are getting involved in tokenization? Thanks very much

非常好。作為追問，我想請教您對代幣化（tokenization）領域競爭環境現況的看法。特別是當你們爭取客戶授權（mandates）來進行基金發行或股權代幣化時，通常會遇到哪些競爭對手？是專注於此服務的獨立代幣化平台，還是你們也看到像交易所與託管平台等較大型機構也開始參與代幣化？非常感謝

Thank you. So obviously we are at a point in the market and I've been doing this for nine years, longer than anybody else probably, that there is a lot of talk about tokenization. So pretty much every company in the crypto space out there is figuring out how to participate in the tokenization space as well as all the tradfi companies, both service providers as well as asset managers.

謝謝。很明顯，我們正處於市場的一個階段——我做這件事已經九年了，可能比任何人都久——現在大家都在談代幣化。因此，加密領域幾乎每家公司都在思考如何參與代幣化領域；同時，所有傳統金融（tradfi）公司也一樣，包括服務提供者與資產管理公司。

We focus on issuer-led tokenization. So we talk to issuers, whether they are issuers of equities or ETFs, or they are issuers of asset managers that issue funds. We do not directly compete with people that are doing, let's say, third-party tokenization where they create derivatives and synthetics, et cetera. Those do not compete for the same business that we do because they do not approach the issuers. So we don't see them there. We see them in the market with our products, but not in the competitive processes to win mandates with issuers.

我們專注於由發行人主導的代幣化。因此我們與發行人對話，不論他們是股票或 ETF 的發行人，或是發行基金的資產管理公司。我們不會直接與那些所謂第三方代幣化（例如建立衍生品、合成品等）的人競爭。那些業者不會與我們爭奪相同的業務，因為他們不會去接觸發行人。所以我們不會在那裡看到他們。我們會在市場上看到他們的產品與我們同場出現，但在爭取發行人授權的競標流程中不會遇到他們。

For that part, I'm going to break down the asset managers for the funds versus equity because it's completely two different segments of the market that are approached differently. On the equity side of things, we have struck the partnerships with Computershare and with Continental.

在這部分，我會把基金的資產管理公司與股權這兩塊拆開來談，因為它們是完全不同的市場區隔，接觸方式也不同。在股權方面，我們已與 Computershare 以及 Continental 建立合作夥伴關係。

So obviously, within those we don't see any competition. It's just more about convincing the issuer that they need to tokenize because they already have their existing relationship with the existing transfer agent and we've already been chosen as the tokenization platform. And as you know, the other part of the market currently is Equiniti which is in the process of being acquired by Bullish. So that's on equity tokenization.

因此，很明顯，在這些合作關係之下我們看不到任何競爭。更多是要說服發行人他們需要進行代幣化，因為他們已經與既有的過戶代理（transfer agent）維持既有關係，而我們也已被選定為代幣化平台。而如您所知，市場上另一個參與者目前是 Equiniti，正在被 Bullish 收購的過程中。以上是股權代幣化的情況。

On the funds side of things, I think we're very focused on the tier one asset managers. We don't go after smaller ones. I think our strength is precisely in being able, as I mentioned, to go through the lengthy and complicated process of being accepted and onboarded by a very large, tradfi company like, for instance, BlackRock and others. So we don't get to see a lot of competition to be honest with you.

在基金方面，我認為我們非常聚焦於第一梯隊（tier one）的資產管理公司。我們不會去追逐較小的業者。我認為我們的優勢正是在於——如我提到的——我們能夠完成冗長且複雜的流程，讓像 BlackRock 等非常大型的傳統金融公司接受並完成導入（onboard）。所以老實說，我們不太會看到很多競爭。

I don't think that there is anybody out there that has the capabilities and the credibility and experience to be able to compete in this space. It's more about convincing to do it, identifying which product we want to launch, going through the onboarding process, et cetera.Some banks now are launching RFQs. These are competitive processes. We don't get to see who else gets invited there, but we're participating in those. So hopefully soon we will see who else can compete there.

我不認為市場上有人具備足夠的能力、可信度與經驗，能在這個領域與我們競爭。更多是關於說服對方去做、辨識我們要推出哪一個產品、完成導入流程等等。有些銀行現在開始發出 RFQ（詢價）。這些是競爭性的流程。我們不會看到還有哪些人也被邀請，但我們正在參與其中。因此希望不久後我們就能看到還有誰能在那裡競爭。

But as I mentioned, there's not many companies because some of them may have a tokenization platform with transfer agents, but if they don't have a broker dealer they cannot participate in distribution. Some others are not regulated entities, so they're just not suitable for working with those companies.

但如我所說，這類公司不多，因為其中一些可能有與過戶代理合作的代幣化平台，但如果沒有券商（broker-dealer），就無法參與分銷（distribution）。另一些則不是受監管的實體，因此不適合與那些公司合作。

And then on the transfer agency side, I want to emphasize that just registering as a transfer agent is not going to make you eligible to actually work with a large asset manager. It's a very complicated process. You have to have the experience, you have to have the operational capabilities, et cetera, to do it. We just went through the process of onboarding with BlackRock for the second fund, which is a registered fund.

另外在過戶代理這一端，我想強調：僅僅註冊成為過戶代理，並不代表你就有資格實際與大型資產管理公司合作。這是一個非常複雜的流程。你必須具備經驗、必須具備營運能力等等，才能做到。我們剛完成與 BlackRock 導入第二檔基金的流程，那是一檔註冊基金（registered fund）。

As I mentioned in my remarks, it is a much more complicated process to manage a registered fund than a private fund. I don't think that there are many of the new tokenization platforms that have registered as transfer agents that can match our experience doing so.

如我在發言中提到，管理一檔註冊基金比管理私募基金要複雜得多。我不認為有很多新興的代幣化平台，即便已註冊為過戶代理，也能在這方面匹敵我們的經驗。

And then, of course, there's a little bit of the traditional providers that are trying to get into the space. They have good brand names and existing relationships. I think that they lag behind us in terms of technical capabilities because obviously we've been building this for longer and we're a smaller, more nimble company that can move faster when it comes to developing technology.

當然，還有一些傳統供應商也在嘗試進入這個領域。他們有不錯的品牌與既有關係。但我認為他們在技術能力上落後於我們，因為很明顯我們建置這套系統的時間更久，而且我們是一家規模較小、更靈活的公司，在技術開發上能更快推進。

Carlos, I would jump in for one second and thanks for that question, Mark. It's a great question. I think it's really important to point out that you have a global market and what we're seeing offshore is this synthetic product, which is being put out there, which is a very different kind of model than what we've been leaning into as Carlos suggested. That introduces counterparty risk and just won't fly in the US.

Carlos，我插一句，也謝謝你這個問題，Mark。這是一個很好的問題。我認為非常重要的一點是：你面對的是全球市場，而我們在海外看到的是這種合成產品（synthetic product）被推出，這是一種與我們一直在推進的模式（如 Carlos 所說）非常不同的模型。那會引入交易對手風險（counterparty risk），而且在美國根本行不通。

And so, when we think about the opportunity in the United States, this is where what we have in particular is uniquely positioned as Carlos mentioned. We have a broker-dealer; we have a transfer agent; we have an alternative trading system, so we will be able to do this in a regulated framework through regulated entities in the U.S. I think that the way we're trading our own stock demonstrates that.

因此，當我們思考美國市場的機會時，正如 Carlos 提到的，我們在這方面具有獨特的定位。我們有券商（broker-dealer）；我們有過戶代理（transfer agent）；我們有替代交易系統（alternative trading system），因此我們能透過美國受監管的實體，在受監管的框架下完成這件事。我認為我們自家股票的交易方式就證明了這一點。

A lot of others didn't think you could even trade a security on chain in an NMS environment. So there's a really big difference in terms of just model composition. The other thing is obviously DTCC is trying to do things in the space as well. That is not native tokenization; but more of an entitlement model. We just don't think that has the same breadth of utility. So we think in the niche that we're in, we are particularly well positioned, uniquely.

很多其他人甚至不認為你能在 NMS 環境中於鏈上交易一種證券。因此在模型組成上存在非常大的差異。另外，DTCC 顯然也在嘗試在這個領域做一些事情。那不是原生代幣化（native tokenization）；而更像是一種權益記錄（entitlement）模型。我們不認為那具有同樣廣度的效用。因此我們認為，在我們所處的這個利基領域，我們的定位特別好，而且是獨一無二的。

Thanks very much.

非常感謝。

Aditi Balachandran, Citibank Group.

Aditi Balachandran，花旗集團。

Hi, thank you. Good morning and congrats on getting to the public markets. So I wanted to dig a little bit more into the DTCC October commercial launch and their tokenization program. So I think that your approach of owning the full stack is a key differentiator here. But do you see a scenario where tokenization is bifurcated, or I guess split by asset class?

嗨，謝謝。早安，恭喜你們進入公開市場。我想再深入了解一下 DTCC 10 月的商業化上線以及他們的代幣化計畫。我認為你們擁有全棧（full stack）的做法是這裡的一個關鍵差異化因素。但你們是否看到一種情境：代幣化會出現分岔，或者說按資產類別被切分？

So for example, Securitize would handle the private or foreign securities and DTCC would handle public or domestic equities. Is that something that you guys are thinking about or how you solve for that? Curious to know your thoughts. Thanks.

例如，Securitize 會處理私募或外國證券，而 DTCC 會處理公開或本國股票。這是你們正在思考的方向嗎？或你們會如何解決這個問題？想聽聽你們的看法。謝謝。

Good. Thanks for your question. So first, as I mentioned in my remarks, we command the fact that an incumbent in the industry and a very large company like DTCC is getting into tokenization. I think it's great. I think it's opening -- it's creating awareness towards the value proposition of tokenization. It's forcing all their market participants to think about getting and using tokens, et cetera.

好的。謝謝你的提問。首先，如我在發言中提到的，我們樂見（也肯定）像 DTCC 這樣的產業既有者、而且是非常大型的公司投入代幣化。我覺得這很棒。我認為這正在開啟——正在提升市場對代幣化價值主張的認知。也迫使他們所有的市場參與者去思考如何取得並使用代幣等等。

Their model is very different than our model and the two models will coexist. So the DTCC is tokenizing the entitlements while the shares continue residing in a centralized securities depository. They're not going to change the settlement cycle. They’re not going to change that only approved market participants can create wallets, and access is limited to a private chain so far.

他們的模式與我們的模式非常不同，而這兩種模式將會共存。DTCC 是把權益（entitlements）代幣化，但股票本身仍然存放在集中式證券存管機構中。他們不會改變交割結算週期。他們也不會改變「只有核准的市場參與者才能建立錢包」這件事，而且目前為止存取仍限制在私有鏈上。

Our model differs insofar as it basically takes the shares out of the centralized depository and puts them on a public blockchain, where permissionless innovation can actually happen. I think that the two models will coexist. Obviously, we're going to move forward with what we do.

我們的模式不同之處在於：基本上是把股票從集中式存管機構中移出，放到公有區塊鏈上，讓無需許可的創新（permissionless innovation）真正能發生。我認為這兩種模式會共存。當然，我們會持續推進我們正在做的事情。

As will the other companies in the space, like Bullish, that are doing the same thing. And then DTCC is going to move forward with what they do. I think both are kind of solving for different problems and going for different audiences. So I do see these two models coexisting in the market.

其他在這個領域的公司也會如此，例如 Bullish，他們也在做同樣的事。而 DTCC 也會推進他們的做法。我認為兩者其實是在解決不同的問題、面向不同的受眾。所以我確實看到這兩種模式會在市場上共存。

Got it. Thanks for that. And also, I know they’re building on the Canton network so how would Securitize's chain agnostic model hold up if Canton emerges as the de facto institutional settlement standard?

了解。謝謝你的說明。另外，我知道他們是在 Canton 網路上建置；如果 Canton 成為事實上的機構結算標準，Securitize 的鏈不可知（chain agnostic）模式會如何應對？

So we're focused primarily on public blockchains. That's where innovation today is happening. And where, as I mentioned, permissionless innovation, where anybody can create protocols or create mechanisms to benefit from tokenization. Canton is more focused on the private side of things. For institutions, that's fine. I think these two models will coexist.

我們主要聚焦在公有區塊鏈。目前創新就是在那裡發生。而且如我所說，無需許可的創新——任何人都可以建立協議或機制，從代幣化中受益。Canton 更偏向私有端。對機構而言那也沒問題。我認為這兩種模式會共存。

If you remember how other industries evolved over time, the Internet back in the day had the open Internet and it also had America Online and MSN, and those were closed ecosystems as opposed to an open ecosystem when the cloud emerged. And they also have intranets versus the Internet.

如果你回想其他產業隨時間演進的方式，早期的網際網路既有開放的 Internet，也有 America Online 和 MSN；那些是封閉生態系，相對於後來雲端出現時的開放生態系。而且也有企業內網（intranet）相對於 Internet。

Cloud also had private clouds versus the public clouds like AWS or Google Cloud or Azure from Microsoft, et cetera. So I think that's how industries evolve over time. When there is a new technology, the more traditional players and the incumbents tend to adopt the technology in a closed ecosystem environment as opposed to the new players that tend to move towards the most open environment where, as I mentioned, permissionless innovation can actually happen

雲端也有私有雲相對於公有雲，例如 AWS、Google Cloud 或微軟的 Azure 等等。所以我認為產業就是這樣隨時間演進。當出現新技術時，較傳統的玩家與既有者往往會在封閉的生態系環境中採用該技術；相對地，新玩家則傾向走向最開放的環境，在那裡，如我所說，無需許可的創新才能真正發生

Yeah, I would echo that. The reality is that there are a new set of intermediaries who are entering the space that will operate differently than what you're seeing with some of the traditional financial market intermediaries. As Carlos said, are going to just migrate to walk before you run, taking the baby steps approach.

是的，我也同意這點。現實是，會有一批新的中介機構進入這個領域，他們的運作方式會不同於你在一些傳統金融市場中介機構所看到的。如 Carlos 所說，他們會採取「先學走再學跑」的方式，先從小步快跑開始。

But the reality is that tokenized securities are going to provide global access to US securities on public chains to non DTCC members. And so this will start to expand outside of that ecosystem to a new market and to individuals who want to hold things on their wallets and do things with public chains that can't be done on Canton and some of the incremental steps that you're seeing now.

但現實是，代幣化證券將在公有鏈上，向非 DTCC 會員提供對美國證券的全球存取。因此，這將開始擴展到該生態系之外，進入新的市場，也面向那些想把資產放在自己錢包裡、並在公有鏈上做一些在 Canton 上做不到的事情的個人；而這些是你現在看到的那些漸進式步驟所無法達成的。

Chris Brendler, Rosenblatt Securities.

Chris Brendler，Rosenblatt Securities。

Hey, good morning folks. Thanks for taking my question and congrats on your first call as a public company. Wanted to drill down quickly on the revenue guide for this year. Certainly, appreciate the headwinds, but as you look out, I don't know if you mentioned this, but is there any sort of sense of where the second half rebound will be coming?

各位早安。謝謝讓我提問，也恭喜你們作為上市公司第一次召開電話會議。我想快速深入一下今年的營收指引。當然，我理解逆風因素；但往前看，我不確定你們是否提到過，下半年反彈大概會來自哪裡？

Because I think the $75 or so million is a little bit higher than the first half run rate. Is that going to be driven more on the tokenization side or are you expecting both asset servicing and tokenization to grow in the second half?

因為我認為約 7,500 萬美元的數字，比上半年年化的運行水準略高一些。這會更多由代幣化業務驅動，還是你們預期資產服務與代幣化在下半年都會成長？

And then how does that impact or what does that look like on the cost of revenue side? I know you don't look at it as a gross margin, but it did tick down a little bit this quarter with the pressure on revenues. Will we see that sort of bounce back up if we hit that midpoint of $75 million? Thanks.

另外，這對營收成本端有什麼影響，或會呈現什麼樣貌？我知道你們不把它視為毛利率，但在本季營收承壓下它確實略有下滑。如果我們達到 7,500 萬美元的指引中位數，是否會看到它回升？謝謝。

So I'll take part of this question and then I'll give it to Francisco to talk more about the numbers. I think the asset servicing side of business is more stable. So you probably see less volatility from that in the second half. And you'll see more volatility on the tokenization side because there's a little component that is transactions based.

我先回答這個問題的一部分，然後交給 Francisco 再多談數字。我認為資產服務這一端的業務比較穩定。所以你在下半年可能會看到較少的波動。而代幣化這一端會有較多波動，因為其中有一部分是以交易為基礎（transactions based）的。

It depends on new issuances of new products that drive tokenization revenue, protocol integrations, and things like that. So that's definitely going to be the case in the second half. In terms of why we provide a guidance range, we're still a small company playing in an emerging market. So it's very hard to forecast accurately a particular number.

它取決於新產品的新發行所帶動的代幣化營收、協議整合，以及諸如此類的事情。所以下半年確實會是這樣。至於我們為什麼提供一個指引區間，是因為我們仍是一家在新興市場中運作的小公司。因此要精準預測某個特定數字非常困難。

And there is a lot of moving parts on the projects that we're doing that actually have third-party dependencies because we work with large institutions and sometimes it's very hard to forecast exactly when they're going to release a product.

而且我們正在做的專案有很多變動因素，實際上也存在第三方依賴，因為我們與大型機構合作，而有時很難精準預測他們何時會推出產品。

Just to give you a simple example, the New York Stock Exchange has announced that they're going to launch their trading platform in Q4. If that happens in early Q4, it's great because we probably will see some revenue happening in Q4.

舉個簡單例子，紐約證券交易所已宣布他們將在第四季推出其交易平台。如果在第四季初發生，那很好，因為我們可能會在第四季看到一些營收。

However, if it slips or it happens at the end of Q4, then that revenue is not going to happen in 2026. And we have a number of projects like that with dependencies that could move quarter to quarter. So this is why we've provided a range of guidance. Depending on how quickly these projects come to fruition and convert into revenue, you'll either see the revenue in 2026 or you will see it coming in 2027.

然而，如果延後或是在第四季末才發生，那麼該營收就不會在 2026 年發生。我們有不少類似的專案，存在一些依賴因素，可能會在季度之間前後移動。這就是我們提供指引區間的原因。視這些專案多快落地並轉化為營收，你要嘛會在 2026 年看到營收，要嘛會在 2027 年才看到。

Yeah, I'm just going to add a few comments to Carlos' response. As he said, asset servicing is made of recurring revenue in its majority. We see a modest quarterly growth. Please just take into account that in Q1, asset servicing has a little bit of a seasonal impact with some services that are related to audited financial statements.

是的，我只是想在 Carlos 的回覆上補充幾點。如他所說，資產服務的收入大多由經常性收入構成。我們看到季度有溫和成長。請注意，在第一季，資產服務會受到一些季節性影響，因為有部分服務與經審計的財務報表相關。

But if you look at Q2 and factoring a modest quarterly growth, I think that will be a very good reference for the remainder of the year. The rest of the revenue to get to the guidance will come from tokenization, which has very low marginal cost. So what you should expect is to see a very stable asset servicing revenue alongside cost of revenue. And the majority of the revenue associated with tokenization will flow down to the bottom line.

但如果你看第二季，並假設季度溫和成長，我認為那會是今年剩餘時間非常好的參考基準。為了達到指引，其餘的收入將來自代幣化，而代幣化的邊際成本非常低。因此，你應該預期會看到非常穩定的資產服務收入以及相對應的收入成本。而與代幣化相關的大部分收入將會直接反映到最終盈餘。

That's super helpful, thank you. And then a bigger picture question. A lot of people, myself included, when you're thinking about tokenization of real-world assets, focus on equities just because it seems like a most obvious use case, but also fits their own core business of looking at stocks all day long.

這非常有幫助，謝謝。接著是一個更宏觀的問題。很多人（包括我自己）在思考現實世界資產的代幣化時，會把焦點放在股票上，因為那看起來是最明顯的使用案例，也符合他們整天研究股票的核心業務。

But it seems like the opportunity is much bigger. How would you characterize your current discussions? By asset class? Is there a lot of activity in equities or is it more broad across the different potential asset classes?

但看起來機會其實大得多。你會如何描述你們目前的討論？是按資產類別來看嗎？股票方面的活動很多，還是說在不同潛在資產類別上更為廣泛？

And then from a monetization standpoint, I'm pretty excited about Securitize Markets and having that launch in the fourth quarter, as I'm sure you are as well, and certainly we're early days in the monetization opportunity. So having an exchange and having a marketplace that will allow for trading revenue on a more recurring basis will be a big boost to the model.

然後從變現的角度來看，我對 Securitize Markets 以及它在第四季上線感到非常興奮，我相信你們也是，而且我們當然仍處於變現機會的早期階段。因此，擁有一個交易所與一個可帶來更經常性交易收入的市場，將會大幅提升這個模型。

But how do you juxtapose the opportunity to tokenize multiple different asset classes versus the monetization opportunity that could come with an ATS that I believe would be more equities focused and do you have similar venues or similar trading goals when it comes to non-equities, RWAs? Thank you

但你如何對照「將多種不同資產類別代幣化」的機會，與我認為會更偏向股票的 ATS 所可能帶來的變現機會？另外，當涉及非股票的 RWA（現實世界資產）時，你們是否也有類似的場域或類似的交易目標？謝謝

Thank you for your question. So as we described in the presentation, we have two distinct markets, One market is the asset managers that have funds and assets that want to tokenize them, to put them on chain. And where we are particularly focusing on yield bearing assets and treasuries because we think those are the ones that are more likely to get tokenized and consumed first and where you can drive utility faster. That's one side of the business which is less transactional and where we get a much bigger AUM.

謝謝你的提問。如我們在簡報中所描述，我們有兩個截然不同的市場：一個市場是擁有基金與資產、希望將其代幣化並上鏈的資產管理人。我們特別聚焦於具收益型資產與美國國債，因為我們認為這些最有可能最先被代幣化並被市場採用，也能更快推動效用落地。這是業務的一端，交易性較低，但我們能取得更大的資產管理規模（AUM）。

As you see, most of our $5 billion AUM comes from that part of the market. And that's where we have been focused on the last two years. So that's one side of the business. The second part of the business is the tokenization of equities, which is a very huge market that still is nascent. So including all these offshore synthetics and things, not much more than around $2 billion compared to $100 trillion plus that you could tokenize.

如你所見，我們 50 億美元的 AUM 大多來自這一部分市場。而這也是我們過去兩年專注的重點。這是業務的一端。業務的第二部分是股票的代幣化，這是一個非常龐大的市場，但仍處於萌芽階段。因此，即便把各種離岸合成品等都算進去，目前規模也不過約 20 億美元，相較之下，可被代幣化的市場規模可達 100 兆美元以上。

There, we obviously see the market behaving very differently because as you mentioned, there is a significant opportunity to monetize transactions that does not necessarily necessarily happen on the other market. So there has been more focus on bringing issuers on chain but also enabling trading as we've done with our own stock participating on other trading platforms like we're doing with the New York Stock Exchange, et cetera.

在那裡，我們顯然看到市場的運作方式非常不同，因為如你所提到，交易變現存在顯著機會，而這在另一個市場未必會發生。因此，我們更著重於把發行人帶上鏈，同時也像我們所做的那樣，透過讓我們自己的股票在其他交易平台上參與交易來促進交易，例如我們與紐約證券交易所等的合作。

Here, we will monetize not just the issuance but also the transactions of the assets. So there are two distinct markets, and I think, both are big opportunities. Both are growing and we have the capabilities to serve both. So we are currently focusing on both simultaneously, but they're very distinct and the approach we take in each one is different.

在這裡，我們不僅會在發行端變現，也會在資產的交易端變現。所以這是兩個截然不同的市場，而我認為兩者都是很大的機會。兩者都在成長，我們也具備服務兩者的能力。因此，我們目前同時聚焦於兩者，但它們非常不同，我們在各自市場採取的方法也不同。

That's great. Thank you so much for taking my questions.

太好了。非常感謝你回答我的問題。

John Todaro, Needham & Company.

Needham & Company 的 John Todaro。

Hey guys, thanks for taking my question and congrats on your first quarter here. My first question is around BlackRock. So how does the BlackRock launching or integrating BUIDL on Circle's ARC chain impact you guys, if at all?

各位好，謝謝讓我提問，也恭喜你們第一季的表現。我的第一個問題是關於貝萊德（BlackRock）。所以，貝萊德在 Circle 的 ARC 鏈上推出或整合 BUIDL，對你們有什麼影響嗎（如果有的話）？

And then on that second BlackRock fund, the stablecoin reserve product you mentioned, it was a little bit more complex or demanding of a product if I heard correctly. So does that suggest maybe a little bit higher take rate? How should we think about that? And then I have a follow up

接著關於你提到的第二檔貝萊德基金，也就是穩定幣準備金產品，如果我沒聽錯的話，它是一個更複雜或要求更高的產品。那是否意味著可能會有稍微更高的抽成率（take rate）？我們應該如何看待這點？然後我還有一個追問。

All right, so let me answer both questions separately. First, we are the tokenization partner for BlackRock for BUIDL so when it goes to ARC, it will be with us. So it's not just BlackRock doing that. So BUIDL is currently in multiple chains, and we are in active discussions with Circle on integrating with ARC. So when you see that happening, it will be done through us, not BlackRock itself doing it with Circle.

好的，我分別回答這兩個問題。首先，我們是貝萊德 BUIDL 的代幣化合作夥伴，所以當它上 ARC 時，也會是透過我們來完成。因此，不是只有貝萊德自己在做這件事。BUIDL 目前已在多條鏈上，我們也正與 Circle 積極討論與 ARC 的整合。所以當你看到這件事發生時，會是透過我們來完成，而不是貝萊德自己直接與 Circle 進行。

In terms of B-Reserve, what I mentioned is that B-Reserve is a registered fund, and it was designed to be GENIUS compliant, which requires 2a-7 money market funds as opposed to BUIDL, which is a private fund based on BVI. But registered funds have more demanding operational requirements from a transfer agent perspective.

至於 B-Reserve，我提到的是：B-Reserve 是一檔註冊基金，並且其設計是為了符合 GENIUS 規範；該規範要求採用 2a-7 貨幣市場基金，而不是像 BUIDL 那樣是基於英屬維京群島（BVI）的私募基金。但從過戶代理（transfer agent）的角度來看，註冊基金在營運上的要求更為嚴格。

So this is what I explained in my remarks that the process we had to go through to get onboarded and approved by BlackRock to be able to serve B-Reserve was a different one than what we had to go through when we did BUIDL, because they are fundamentally two different types of projects.

因此，正如我在發言中所解釋的，我們為了能夠上線並獲得貝萊德核准、以服務 B-Reserve 所必須走的流程，與我們當初做 BUIDL 時所走的流程不同，因為它們本質上是兩種不同類型的專案。

In terms of take rate, this is still treasuries, so it's not going to be significantly different. Our belief is that because B-Reserve is being designed for the backing of stablecoins, it has a potential of actually growing and scaling a lot faster given how many new stablecoins are being launched in the market. Y

就抽成率而言，這仍然是國債，所以不會有顯著差異。我們的看法是，由於 B-Reserve 的設計是用於穩定幣的儲備支撐，考量到市場上有這麼多新的穩定幣正在推出，它實際上有可能成長並擴張得更快。Y

ou might have seen the announcements of Open USD, where BlackRock is also a market participant, and many others that if B-Reserve were to be adopted as the reserve asset, it has the potential of actually growing a lot faster than BUIDL did.

你可能已經看到 Open USD 的公告，貝萊德也是市場參與者之一；以及其他許多案例——如果 B-Reserve 被採用作為儲備資產，它實際上有可能比 BUIDL 成長得快得多。

Okay, that's great. Thank you for that. And then my follow up, that second half 2026 guide, you mentioned some more pointed aspects to what's driving that. But just as we think about the second-half or even longer term, does there start to be some implicit assumption in crypto macro growth returning or should we think the tokenization business is just so decoupled that having a view on crypto markets really won't matter all that much?

好的，太好了。謝謝你的說明。然後我的追問是：你在 2026 年下半年指引中提到了一些更具體的驅動因素。但當我們思考下半年甚至更長期時，是否開始隱含假設加密市場的宏觀成長會回歸？還是我們應該認為代幣化業務與加密市場已經高度脫鉤，以至於對加密市場的看法其實不會那麼重要？

I think long-term, tokenization is completely decoupled from crypto and it shouldn't matter that much what happens with crypto and crypto prices, and that's our thesis. I think short term, they're still correlated because there's a lot of counterparties that we deal with that are crypto native companies that are the ones consuming these assets or driving transactions and activity, et cetera.

我認為從長期來看，代幣化與加密貨幣是完全脫鉤的，加密貨幣本身以及加密貨幣價格的走勢如何，其實不應該有那麼大的影響，這就是我們的論點。我認為短期內它們仍然相關，因為我們往來的許多交易對手方都是加密原生公司，而這些公司正是消費這些資產、或推動交易與活動等的主體。

We've seen the tradfi institutions coming a lot faster to tokenization than we would have expected even a year ago. But at the same time, some of those projects, as we mentioned before, they move at a different pace. So when that starts to become something that we monetize, that's kind of like the transition that we're going through now from revenue sources that are mainly driven by crypto institutions versus revenue that is driven by more tradfi institutions.

我們看到傳統金融（tradfi）機構投入代幣化的速度，比我們甚至在一年前所預期的還要快得多。但同時，如同我們先前提到的，其中一些專案的推進節奏不同。因此，當這開始成為我們可以變現的項目時，這就有點像我們現在正在經歷的轉換：從主要由加密機構驅動的營收來源，轉向由更多傳統金融機構驅動的營收。

The good news is when that happens, we think that the tradfi opportunity is significantly bigger. It's like several orders of magnitude bigger than the crypto opportunity, because crypto at the end of the day is now a $2 trillion economy that has developed a lot of interesting technology that we are consumers of. But, once the tradfi activity moves, it's going to dwarf the crypto activity.

好消息是，一旦發生這種情況，我們認為傳統金融的機會將顯著更大。它會比加密機會大好幾個數量級，因為加密最終是一個約 2 兆美元的經濟體，並發展出許多我們會使用的有趣技術。但一旦傳統金融的活動開始移動，它將會讓加密活動相形見絀。

Yes, that makes a ton of sense. Thank you for that.

是的，這非常合理。謝謝你的說明。

Gareth Gacetta, Cantor Fitzgerald.

Gareth Gacetta，Cantor Fitzgerald。

Hi guys. Thanks for taking the questions. I wanted to touch on the fund administration sector, and it seems like the acquisitions of Theorem and MG Stover provided a meaningful uplift to both assets under administration and revenue. So I was wondering if you could talk about how you think about M&A as a growth driver for that segment over the long term.

嗨，各位。謝謝讓我提問。我想談一下基金行政管理（fund administration）領域，看起來收購 Theorem 和 MG Stover，對受託管理資產（assets under administration）與營收都有顯著提升。所以我想請你們談談，長期來看你們如何看待併購（M&A）作為該部門的成長驅動因素。

Thank you. Well, we have said it publicly many times already that one of the reasons we wanted to go public is because we think that the crypto industry is now in a major transformational moment where I think that the fundamentals of how crypto companies have operated so far are rapidly changing and it's going to evolve more to be like the fintech space where a lot of the crypto infrastructure is being used to improve capital markets and tradfi, which is our thesis.

謝謝。嗯，我們已經多次公開表示，我們之所以想上市，其中一個原因是我們認為加密產業正處於一個重大的轉型時刻；我認為迄今為止加密公司運作方式的基本面正在快速改變，並且會更朝向金融科技（fintech）領域演進，也就是大量加密基礎設施被用來改善資本市場與傳統金融（tradfi），這就是我們的論點。

So going public is going to allow us to tap into those opportunities by adding capabilities faster from other companies in the space. And we hired a head of Corp Dev as soon as we announced the SPAC and knew that we were going to go public. We've been actively looking at many different opportunities.

因此，上市將使我們能夠透過更快地從同業公司補強能力，來把握這些機會。而且我們在宣布 SPAC、並確定要上市後，就立刻聘請了一位企業發展（Corp Dev）主管。我們一直在積極評估許多不同的機會。

We also think that there are some opportunities in the tradfi space where we can actually leverage our tokenization technology to improve tradfi operations. So we're kind of looking at both sides of the spectrum. But yes, you're going to see us being active on the M&A front in the second half of the year.

我們也認為在傳統金融領域存在一些機會，我們可以實際運用我們的代幣化技術來改善傳統金融的營運。所以我們大致上是在光譜的兩端都在看。但沒錯，你們會看到我們在今年下半年於併購方面會相當積極。

Great, thank you. And I know you touched on it briefly there, but how are you guys thinking about cross-selling in either direction? And I'm wondering if you could touch on within asset servicing what types of levels of tokenization adoption you see today and how you're thinking about that growth.

很好，謝謝。我知道你剛才有稍微提到，但你們如何思考雙向的交叉銷售（cross-selling）？另外我想請你們談談，在資產服務（asset servicing）之內，你們目前看到的代幣化採用程度大概到什麼水平，以及你們如何看待這方面的成長。

Yeah, definitely we see a cross-sell opportunity. One of the reasons we decided to buy a fund administration business versus building one just to serve our existing products was because we thought that by acquiring 600+ customers as well as around 24 billion of assets under administration, there will be cross-selling opportunities.

是的，我們確實看到交叉銷售的機會。我們之所以決定收購一家基金行政管理業務、而不是自行建立一個只為既有產品服務的團隊，其中一個原因是我們認為，透過收購 600+ 客戶以及約 240 億美元的受託管理資產（AUA），將會帶來交叉銷售機會。

We're already in the process of merging the investor accounts of the two platforms, the ones that Securitize had with Securitize ID with the investors that are on the fund platform. It obviously takes some time because you need to merge those into single accounts, provide the same functionality on both ends, et cetera. But we're now in the process of doing that, so we definitely see that as an opportunity moving forward.

我們已經在整合兩個平台的投資人帳戶：也就是 Securitize 透過 Securitize ID 所擁有的帳戶，與基金平台上的投資人。這顯然需要一些時間，因為你需要把它們合併成單一帳戶、在兩端提供相同的功能等等。但我們現在正在進行這件事，所以我們確實認為這是未來的一個機會。

And then in terms of asset servicing, the asset servicing portion of our business has two components; it's the transfer agent component as well as the fund administration.

接著就資產服務而言，我們業務中的資產服務部分有兩個組成：一個是過戶代理（transfer agent）部分，另一個是基金行政管理。

We have reached the end of the Q&A session. I will now turn the call back to Samuel Ross for closing remarks.

我們已到達問答環節的尾聲。我現在把電話會議交回給 Samuel Ross 作結語。

Great. Thank you. Well, if there's no further questions, thank you for joining today's call and we look forward to speaking with you again soon.

很好。謝謝。那麼，如果沒有進一步的問題，感謝各位參加今天的電話會議，我們期待很快再次與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。