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市場調查報告書
商品編碼
2059003
數位證券和安全符記發行市場預測至2034年-按代幣類型、資產類別、區塊鏈協議、發行形式、技術、最終用戶和地區分類的全球分析Digital Securities & Security Token Offering Market Forecasts to 2034 - Global Analysis By Token Type, Asset Class, Blockchain Protocol, Offering Type, Technology, End User and By Geography |
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根據 Stratistics MRC 的數據,預計到 2026 年,全球數位證券和證券型代幣發行 (STO) 市場規模將達到 6 億美元,到 2034 年將達到 52 億美元,在預測期內複合年成長率將達到 30.9%。
數位證券和證券型代幣發行(STO)將股票、債券、房地產和基金權益等傳統金融工具代幣化,並基於分散式帳本技術(DLT)基礎設施進行構建,從而創建具有可程式設計合規功能的受監管證券的區塊鏈原生表示。與實用型代幣不同,證券型代幣由現實世界的資產支持,並受證券法規的約束。這結合了傳統證券的所有權和投資者保護,以及基於區塊鏈的結算、自動化合規和透過股權所有權實現的營運效率。
機構投資者對實體資產代幣化的需求日益成長
全球領先的金融機構,包括大型投資銀行、資產管理公司和主權財富基金,正在積極探索和試點實體資產代幣化項目,將私募股權、房地產投資組合和基礎設施資產等流動性較差的資產數位化,並部署在受監管的區塊鏈基礎設施上。代幣化使機構投資者能夠擁有以往難以企及的資產類別,透過智慧合約實現可程式設計的股息分配,並支持全天候(24/7)的二級市場交易,突破了傳統交易時間的限制。智慧合約帶來的自動化結算、合規性檢驗和公司行為管理效率的提升,正在推動大規模機構投資者採用安全符記基礎設施。
全球數位證券發行法規結構的碎片化
由於缺乏統籌的國際法規來規範安全符記的發行、交易和託管,發行人和投資者在參與全球證券型代幣發行(STO)市場時面臨巨大的合規不確定性。包括美國、歐盟、新加坡和新興市場在內的主要金融司法管轄區證券法各不相同,這導致需要建立跨司法管轄區的法律結構,從而顯著增加了交易成本和法律諮詢需求。此外,基於智慧合約的企業管治治理、跨國代幣轉移以及投資者合格要求等方面的監管模糊性,也是限制機構投資者將安全符記發行作為主流資本市場產品的重要風險因素。
透過代幣化基金結構實現私人市場投資民主化
安全符記技術使得私募股權、創業投資和房地產基金的佔有率能夠分配給個人投資者和高淨值人士。先前,由於機構投資者必須滿足較高的最低投資額要求,這些人往往被排除在私募市場投資之外。代幣化基金結構透過智慧合約實現投資者資格確認、投資申請管理和分配計算等複雜管理流程的自動化,從而降低營運成本,並允許更小的投資單位。隨著代幣化基金分配法規結構的日益成熟,私募市場投資產品的目標市場可望呈指數級成長,為證券型代幣發行(STO)基礎設施提供者創造變革性的成長機會。
智慧合約基礎設施和數位託管中的網路安全漏洞
安全符記平台依賴智慧合約程式碼來實現關鍵合規功能和資產轉移機制的自動化,但這也帶來了系統性漏洞,容易遭受程式碼攻擊、重入攻擊和邏輯錯誤。這些漏洞可能導致欺詐性代幣轉移和投資者損失。鄰近的去中心化金融(DeFi)領域中一些引人注目的智慧合約漏洞利用案例凸顯了管理大量資產的金融應用程式中程式碼漏洞可能造成的災難性後果。為持有安全符記的機構投資者提供的數位託管解決方案需要複雜的私鑰管理基礎設施,包括多重簽章認證框架、冷資料儲存儲存協議和保險保障,這增加了營運複雜性,並提高了託管服務供應商的部署成本和風險敞口。
疫情凸顯了數位化和去中心化金融基礎設施的營運優勢,暴露了在遠距辦公環境下需要人工干預的實體證券結算流程的脆弱性。雖然新冠疫情導致投資者風險偏好下降,阻礙了證券型代幣發行(STO)市場的早期發展,但同時也加速了機構投資者對基於區塊鏈的資本市場基礎設施的興趣,將其視為提升營運韌性的途徑。監管機構和產業相關人員有效利用了這場危機,制定了更為清晰的數位證券框架,為後疫情時代機構投資者加速採用數位證券奠定了監管基礎。
在預測期內,房地產領域預計將佔據最大的市場佔有率。
預計在預測期內,房地產板塊將佔據最大的市場佔有率。這反映了全球範圍內存在大量流動性較差的房地產資產,使其成為極具吸引力的代幣化對象,能夠從持分所有權特性和次市場流動性的提升中獲益。商業房地產、住宅投資組合和基礎設施資產均為價值數兆美元的資產類別,但高額的資本要求和流動性限制歷來使其僅對機構投資者開放。代幣化正在從根本上改變房地產,使其成為一種高流動性、持分所有權的資產類別,從而吸引個人投資者和機構投資者對更有效率的房地產資本市場結構的關注。
在預測期內,股權幣板塊預計將呈現最高的複合年成長率。
在預測期內,股權幣領域預計將呈現最高的成長率,這主要得益於企業對區塊鏈原生股票上市(作為傳統IPO和私募配售流程的替代方案)的興趣日益濃厚。代表公司股份的證券型代幣使發行方無需傳統中介機構即可觸及全球投資者,實現股東名冊管理的自動化,並實施可程式設計管治功能,包括鏈上投票機制。受監管的數位證券交易所的出現,為代幣化股票在二級市場提供了流動性,從而消除了採用代幣化股票的重大障礙,並為投資者提供了與傳統股票市場類似的退出策略。
在預測期內,歐洲地區預計將佔據最大的市場佔有率。這主要得益於一系列完善的法規結構框架的訂定,包括歐盟的《加密資產市場監管條例》(MiCA)和分散式帳本技術試點項目,這些框架為數位證券的發行和交易提供了清晰的法律體制。瑞士、盧森堡、德國和法國正崛起為證券型代幣發行(STO)的領先司法管轄區,這些國家擁有成熟的監管沙盒和靈活的金融市場法律,能夠在既定的法律體制下發行代幣化證券。該地區成熟的機構投資者基礎和健全的金融市場基礎設施,為現有金融機構部署大規模證券型代幣項目創造了有利條件。
在預測期內,亞太地區預計將呈現最高的複合年成長率。這主要得益於新加坡、香港、日本和澳洲先進的法規結構,這些框架為數位證券的發行和交易提供了機構層面的法律確定性。特別是新加坡金融管理局,一直積極主動為代幣化資產市場創造有利環境,吸引全球金融機構,並鼓勵在其管轄範圍內設立證券型代幣發行(STO)計畫。該地區對替代投資產品的強勁機構需求、擁有先進技術的金融機構的集中以及新興市場房地產和私募股權代幣化的巨大機遇,都在加速STO市場的發展。
According to Stratistics MRC, the Global Digital Securities & Security Token Offering (STO) Market is accounted for $0.6 billion in 2026 and is expected to reach $5.2 billion by 2034, growing at a CAGR of 30.9% during the forecast period. Digital Securities and Security Token Offerings (STOs) represent the tokenization of traditional financial instruments including equities, debt instruments, real estate, and fund interests on distributed ledger infrastructure, creating blockchain-native representations of regulated securities with programmable compliance features. Unlike utility tokens, security tokens are backed by real-world assets and are subject to securities regulations, combining the ownership rights and investor protections of conventional securities with the operational efficiencies of blockchain-based settlement, automated compliance, and fractional ownership capabilities.
Growing institutional demand for tokenization of real-world assets
Leading global financial institutions including major investment banks, asset managers, and sovereign wealth funds are actively exploring and piloting real-world asset tokenization programs that digitize illiquid assets such as private equity, real estate portfolios, and infrastructure assets onto regulated blockchain infrastructure. Tokenization enables fractional ownership of previously inaccessible institutional asset classes, creates programmable dividend distributions through smart contracts, and enables 24/7 secondary market trading beyond traditional exchange hours. The efficiency gains from automating settlement, compliance verification, and corporate actions through smart contracts are compelling large-scale institutional adoption of security token infrastructure.
Fragmented global regulatory framework for digital securities issuance
The absence of harmonized international regulations governing security token issuance, trading, and custody creates significant compliance uncertainty for issuers and investors seeking to participate in global STO markets. Divergent securities laws across major financial jurisdictions including the United States, European Union, Singapore, and emerging markets require multi-jurisdictional legal structuring that substantially increases transaction costs and legal advisory requirements. Regulatory ambiguity regarding the treatment of smart contract-based corporate governance, cross-border token transfers, and investor qualification requirements creates risk exposure that constrains institutional adoption of security token offerings as a mainstream capital markets instrument.
Democratization of private market investment through tokenized fund structures
Security token technology enables the fractional distribution of private equity, venture capital, and real estate fund interests to retail and mass-affluent investors previously excluded from institutional-grade private market investments by high minimum subscription thresholds. Tokenized fund structures automate complex administrative processes including investor accreditation verification, capital call management, and distribution calculations through smart contracts, reducing operational overhead while enabling smaller investment ticket sizes. As regulatory frameworks mature to accommodate tokenized fund distribution, the addressable market for private market investment products could expand by orders of magnitude, creating transformative growth opportunities for STO infrastructure providers.
Cybersecurity vulnerabilities in smart contract infrastructure and digital custody
Security token platforms rely on smart contract code to automate critical compliance functions and asset transfer mechanisms, creating systemic vulnerability to code exploits, reentrancy attacks, and logic errors that can result in unauthorized token transfers or investor fund losses. High-profile smart contract exploits in adjacent DeFi environments have demonstrated the catastrophic potential of code vulnerabilities in financial applications managing substantial asset values. Digital custody solutions for institutional security token holdings require sophisticated private key management infrastructure with multi-signature authorization frameworks, cold storage protocols, and insurance coverage, creating operational complexity that increases implementation costs and risk exposure for custody service providers.
The pandemic demonstrated the operational advantages of digitized and distributed financial infrastructure by highlighting vulnerabilities in physical securities settlement processes that required manual intervention during remote working arrangements. While COVID-19 disrupted early-stage STO market development through reduced investor risk appetite, it simultaneously accelerated institutional interest in blockchain-based capital markets infrastructure as a pathway to operational resilience. The crisis period was productively utilized by regulatory bodies and industry participants to develop clearer digital securities frameworks, establishing the regulatory foundations that are enabling accelerating institutional adoption in the post-pandemic market environment.
The Real Estate segment is expected to be the largest during the forecast period
The Real Estate segment is expected to account for the largest market share during the forecast period, reflecting the enormous pool of illiquid real estate assets globally that represent compelling tokenization candidates capable of benefiting from fractional ownership capabilities and enhanced secondary market liquidity. Commercial real estate, residential portfolios, and infrastructure assets represent multi-trillion-dollar asset classes traditionally accessible only to institutional investors due to high capital requirements and illiquidity constraints. Tokenization fundamentally transforms real estate into a liquid, fractionally accessible asset class, attracting both retail investor demand and institutional interest in more efficient real estate capital market structures.
The Equity Tokens segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the Equity Tokens segment is predicted to witness the highest growth rate, driven by accelerating corporate interest in blockchain-native equity issuance as an alternative to conventional IPO and private placement processes. Security tokens representing corporate equity enable issuers to access global investor pools without traditional intermediary infrastructure, automate shareholder registry management, and implement programmable governance features including on-chain voting mechanisms. The emergence of regulated digital security exchanges providing secondary market liquidity for tokenized equity is removing a critical barrier to adoption by providing investors with exit mechanisms comparable to conventional equity markets.
During the forecast period, the Europe region is expected to hold the largest market share, driven by the implementation of comprehensive regulatory frameworks including the EU's Markets in Crypto-Assets Regulation (MiCA) and the DLT Pilot Regime that provide clear legal parameters for digital security issuance and trading. Switzerland, Luxembourg, Germany, and France have emerged as leading STO jurisdictions with established regulatory sandboxes and accommodating financial market laws that enable tokenized security issuance under defined legal parameters. The region's sophisticated institutional investor base and strong financial market infrastructure create favorable conditions for large-scale security token program deployment by established financial institutions.
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR, propelled by progressive regulatory frameworks in Singapore, Hong Kong, Japan, and Australia that provide institutional-grade legal certainty for digital security issuance and trading. Singapore's Monetary Authority has been particularly proactive in establishing a supportive environment for tokenized asset markets, attracting global financial institutions to establish STO programs within its jurisdiction. The region's strong institutional appetite for alternative investment products, high concentration of technology-forward financial institutions, and substantial real estate and private equity tokenization opportunities across emerging markets collectively drive accelerating STO market development.
Key players in the market
Some of the key players in Digital Securities & Security Token Offering (STO) Market include Securitize, tZERO, Polymath, Tokeny Solutions, INX Limited, ADDX, Securrency, Vertalo, BlockState, Harbor, Swarm, AlphaPoint, OpenFinance Network, Fireblocks, and BitGo.
In March 2026, Securitize announced the successful completion of a $500 million tokenized private credit fund issuance in partnership with a leading US asset manager, representing one of the largest institutional security token offerings to date and marking a significant milestone in the mainstream adoption of tokenized private market investment products.
In January 2026, ADDX expanded its digital securities platform to include tokenized infrastructure fund products, enabling accredited investors across Southeast Asia to access institutional-grade infrastructure assets through fractional digital security ownership with a minimum investment threshold substantially lower than conventional fund minimums.
Note: Tables for North America, Europe, APAC, South America, and Rest of the World (RoW) are also represented in the same manner as above.