VANTAGE · S004
The Name Is on the Token. Where Are the Rights?
Three cards with familiar names: a bank deposit, an HKD stablecoin, a Microsoft stock token. A familiar name on a token is not the thing itself. Ask three questions: who owes me, what, and where is it written?
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Chapters
- 0:00Three cards with familiar names
- 0:20Tokens carry no rights by themselves
- 0:50Deposit card: the paperwork changes underneath
- 1:24Stablecoin card: redeemable is not interest-bearing
- 1:42Stock card: one more layer, and companies can object
- 2:31Next time, ask three things
About this video
Three cards with familiar names: a bank deposit, an HKD stablecoin, a Microsoft stock token. A familiar name on a token is not the thing itself. Ask three questions: who owes me, what, and where is it written?
Narrated in Chinese with burned-in Chinese subtitles. An English transcript is coming; the written version in English is linked below.
Sources
- BIS《Project Agorá》报告，第 60 页
- SoFi 代币化存款账户协议（2026-10-05 版）第 VI.C 节，第 18–19 页；利率表（2026-10-20 生效）
- 香港金融管理局《持牌稳定币发行人监管指引》（2025 年 8 月）
- OKXICE 代币化证券交易场所公告（2026-10-23）
- 美国证监会文件 34-106402
Visuals are illustrations; facts follow the cited sources. Not investment advice. IKOL · AI-assisted research, human-edited.