貝萊德推出機構數位流動性基金，點燃代幣化市場

貝萊德和 Securitize 合作創建數位資產基金標誌著美國受監管的代幣化市場的重大發展。貝萊德的機構數位流動性基金是Securitize上最大的資產，持有現金、美國國庫券和回購協議，將其歸類為數位貨幣市場產品。 BUIDL 第一週的資金流入量為 1.75 億美元，預計將成為貨幣市場中的第二大產品，並可能吸引其他藍籌基金經理人加入 Securitize 生態系統和鏈上金融。

BlackRock's Institutional Digital Liquidity Fund Launches on Securitize, Catalyzing Tokenization Market

貝萊德機構數位流動性基金推出證券化，促進代幣化市場

In a significant development for the burgeoning regulated tokenization market in the United States, investment behemoth BlackRock has partnered with blockchain-based asset tokenization platform Securitize to launch the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

美國新興的受監管代幣化市場取得了重大發展，投資巨頭貝萊德與基於區塊鏈的資產代幣化平台 Securitize 合作推出了貝萊德美元機構數位流動性基金 (BUIDL)。

BUIDL, a digital money market product, will invest 100% of its assets in cash, U.S. Treasury bills, and repurchase agreements (repos). The fund's listing on Securitize follows the platform's previous role as the transfer agent and issuance platform for Arca's US Treasury Fund (RCOIN).

BUIDL是一種數位貨幣市場產品，將把其100%的資產投資於現金、美國國庫券和回購協議（repos）。該基金在 Securitize 上市之前，該平台曾擔任 Arca 美國國庫基金 (RCOIN) 的轉讓代理商和發行平台。

While Arca pioneered the concept of tokenizing ultra-liquid funds in 2020, BlackRock's substantial presence in the financial sector is expected to ignite broader adoption of tokenized assets among institutional investors and money managers.

雖然 Arca 在 2020 年率先提出了超流動性基金代幣化的概念，但貝萊德在金融領域的大量業務預計將引發機構投資者和基金經理更廣泛地採用代幣化資產。

According to data from Security Token Market (STM.co), the lifetime volume of tokenized assets traded on Alternative Trading Systems (ATSs) reached over $110 million by March 2024. BlackRock's $100 million seed funding for BUIDL makes it the largest asset on Securitize. Within a week, inflows of approximately $175 million have positioned BUIDL as the second-largest product in the money market cohort, with $275 million in assets under management (AUM), trailing only Franklin Templeton's money market fund with over $360 million in AUM.

根據Security Token Market (STM.co) 的數據，到2024 年3 月，另類交易系統(ATS) 上交易的代幣化資產的生命週期數量已超過1.1 億美元。貝萊德為BUIDL 提供的1 億美元種子資金使其成為Securitize 上最大的資產。一週之內，約1.75 億美元的資金流入使BUIDL 成為貨幣市場中第二大產品，管理資產(AUM) 為2.75 億美元，僅次於富蘭克林鄧普頓(Franklin Templeton) 的貨幣市場基金（AUM 超過3.6 億美元）。

Initially available to Qualified Purchasers (QPs) in primary markets, BUIDL offers investors the opportunity to earn yield while evaluating other tokenized alternative investments, such as Securitize's listed KKR and Hamilton Lane funds, all within a single platform.

BUIDL 最初是針對一級市場的合格購買者(QP) 提供，為投資者提供了在評估其他代幣化另類投資（例如Securitize 上市的KKR 和Hamilton Lane 基金）的同時賺取收益的機會，所有這些都在一個平台內進行。

As noted by Security Token Advisors in its 2023 State of Security Tokens report series, money markets and treasuries represent a gateway for asset managers to become familiar with tokenization technology and its potential. BlackRock's liquidity fund is expected to serve as a benchmark for other blue-chip money managers to park capital and familiarize themselves with the benefits of on-chain finance.

正如 Security Token Advisors 在其 2023 年安全代幣狀況報告系列中指出的那樣，貨幣市場和國債是資產管理者熟悉代幣化技術及其潛力的門戶。貝萊德的流動性基金預計將成為其他藍籌基金管理公司停放資金和熟悉鏈上金融優勢的基準。

On March 27, 2024, Ondo Finance reallocated $95 million from its own tokenized short-term bond fund to BUIDL. This move underscores the growing confidence among fiduciaries in Securitize and its access to BUIDL. As more fiduciaries join the platform, a substantial influx of capital is anticipated, benefiting not only BUIDL but also other alternative investment products and listings on Securitize Markets' primary and secondary trading venues.

2024 年 3 月 27 日，Ondo Finance 將自有的代幣化短期債券基金中的 9,500 萬美元重新分配給 BUIDL。此舉凸顯了受託人對 Securitize 及其進入 BUIDL 的信心不斷增強。隨著越來越多的受託人加入該平台，預計將有大量資本湧入，這不僅有利於 BUIDL，也有利於其他另類投資產品以及在 Securitize Markets 的一級和二級交易場所上市。

The launch of BUIDL and the subsequent surge in activity on Securitize Markets is expected to set a precedent for other broker-dealers, alternative trading systems, and comparable regulated venues in terms of issuer structuring and tokenization strategies.

BUIDL 的推出以及隨後 Securitize Markets 活動的激增預計將為其他經紀自營商、另類交易系統和類似受監管場所在發行人結構和代幣化策略方面樹立先例。