本文揭示加密货币交易所提供的“美股”产品本质——并非真实股票所有权，而是通过传统API、代币化和永续合约三种路径实现的差异化权益。重点剖析代币化模式下的五层架构：底层资产托管、代币发行、交易撮合、清算托管及前端展示，导致投票权完全蒸发、分红沦为契约化兑付、SIPC投资者保护彻底失效。同时曝光Alpaca垄断94%清算托管业务，造成流动性断层和风险转嫁隐患。

本文揭示加密交易所提供的美股交易产品并非真实美股所有权，而是通过传统API、代币化和永续合约三条路径实现的差异化权益暴露。重点拆解代币化模式下的五层架构导致的投票权蒸发、分红契约化及SIPC保护失效，并揭露Alpaca垄断94%清算托管所引发的流动性断层与风险转嫁问题。

This article dissects the nature of US stock trading products offered by crypto exchanges (CEX), revealing that they are not actual stock ownership but differentiated exposure through three paths: traditional API, tokenization, and perpetual contracts. It highlights the five-layer architecture in tokenized models that leads to voting rights evaporation, contractualized dividends, and loss of SIPC protection, and exposes how Alpaca's 94% clearing monopoly creates liquidity gaps and risk shifting.

本文揭示加密交易所（CEX）提供的美股交易产品本质并非真实美股所有权，而是通过传统API、代币化和永续合约三条路径实现的差异化权益暴露。重点分析代币化模式下的五层架构导致投票权蒸发、分红契约化及SIPC保护失效，并揭露Alpaca垄断94%清算托管所引发的流动性断层与风险转嫁问题。

This article reveals that the so-called "US stock" products offered by crypto exchanges (CEXs) are not genuine equity ownership but are risk exposures realized through three paths: traditional API, tokenization, and perpetual contracts. It focuses on how the five-layer architecture under tokenization leads to voting right evaporation, dividend contractualization, and loss of SIPC protection, and exposes the liquidity fault line and risk shifting caused by Alpaca's monopoly of 94% clearing and custody.

This article reveals the true nature of US equity products offered by centralized crypto exchanges (CEXs). They are not actual stock ownership but price exposure through three channels: traditional API, tokenized assets, and perpetual swaps. It focuses on the 5-layer structure of tokenized stocks that strips voting rights, monetizes dividends, and voids SIPC insurance. Additionally, it exposes how Alpaca Securities' monopoly on 94% of clearing and custody creates liquidity gaps and risk transfer to end users.

This article reveals that the so-called 'US stock trading' products offered by centralized crypto exchanges (CEX) are not real stock ownership. Instead, they provide differentiated exposure through traditional API, tokenization, and perpetual contracts. The analysis highlights how the five-layer structure of tokenized stocks results in loss of voting rights, contractual dividend treatment, and absence of SIPC protection. Additionally, Alpaca's monopoly of 94% clearing and custody services creates liquidity gaps and risk transfer to end users.

本文拆解加密交易所提供的美股产品本质，指出其通过传统API、代币化和永续合约三条路径实现差异化权益暴露，并非真实美股所有权。重点揭示代币化模式下五层架构导致投票权蒸发、分红契约化及SIPC保护失效，并揭露Alpaca垄断94%清算托管所引发的流动性断层与风险转嫁问题。