貝萊德的代幣化企業增加了公共區塊鏈的可信度

伯恩斯坦分析師表示，貝萊德計畫推出的代幣化基金將使以太坊等公共區塊鏈合法化。全球最大的資產管理公司貝萊德最近宣布推出首個代幣化基金——美元機構數位流動性基金，該基金在以太坊區塊鏈上運行。此舉擴大了機構客戶在以前僅用於零售投機的領域的互通性和可編程性。

BlackRock's Tokenized Fund Injects Legitimacy into Public Blockchains

貝萊德的代幣化基金為公共區塊鏈注入合法性

According to Bernstein analysts, the imminent launch of BlackRock's tokenized fund is poised to enhance the credibility of public blockchains, notably Ethereum.

伯恩斯坦分析師表示，貝萊德即將推出的代幣化基金有望提高公共區塊鏈（尤其是以太坊）的可信度。

BlackRock: A Colossal Force in Asset Management

貝萊德：資產管理領域的巨大力量

BlackRock, a global behemoth in asset management, has announced the establishment of its inaugural tokenized fund, the USD Institutional Digital Liquidity Fund.

全球資產管理巨頭貝萊德宣布成立其首個代幣化基金——美元機構數位流動性基金。

Leveraging the Ethereum Blockchain

利用以太坊區塊鏈

BlackRock's pioneering tokenized fund utilizes the Ethereum blockchain as its underlying platform. Bernstein analysts posit that this decision underscores the growing legitimacy of public blockchains. Unlike private chains such as JPMorgan's Onyx, Ethereum offers enhanced interoperability and programmability, extending the reach of this technology beyond its perceived role as a playground for retail investors.

貝萊德開創性的代幣化基金利用以太坊區塊鏈作為其基礎平台。伯恩斯坦分析師認為，這項決定凸顯了公共區塊鏈日益增長的合法性。與摩根大通的 Onyx 等私有鏈不同，以太坊提供增強的互通性和可編程性，將這項技術的範圍擴展到散戶投資者的遊樂場之外。

Encouraging Institutional Adoption

鼓勵機構採用

The Bernstein report suggests that BlackRock's embrace of public blockchains may pave the way for traditional institutional investors to embrace on-chain funds. The report emphasizes the potential for tokenized fund redemption through on-chain integration with stablecoins, such as USDC. This integration could facilitate the emergence of new asset classes (e.g., bonds, equities, FX stablecoins) within the on-chain realm, opening up avenues for interoperability and programmable features based on specific contract conditions.

伯恩斯坦的報告表明，貝萊德對公共區塊鏈的擁抱可能為傳統機構投資者擁抱鏈上基金鋪平道路。該報告強調了透過與 USDC 等穩定幣進行鏈上整合來贖回代幣化基金的潛力。這種整合可以促進鏈上領域內新資產類別（例如債券、股票、外匯穩定幣）的出現，為基於特定合約條件的互通性和可編程功能開闢途徑。

BlackRock's Foray into Tokenized Markets

貝萊德進軍代幣化市場

The planned tokenized fund is just one facet of BlackRock's growing presence in the digital asset landscape. Following the launch of its Bitcoin spot ETF in January, the company has expressed its intention to further its involvement in the space. The USD Institutional Digital Liquidity Fund, awaiting regulatory approval, will be a liquid fund investing in US Treasury Bills, repurchase agreements, and cash.

計畫中的代幣化基金只是貝萊德在數位資產領域不斷增長的影響力的一個面向。繼一月推出比特幣現貨 ETF 後，該公司表示有意進一步涉足該領域。正在等待監管部門批准的美元機構數位流動性基金將是投資於美國國庫券、回購協議和現金的流動性基金。

Strategic Partnerships Enhance Execution

策略夥伴關係增強執行力

To execute its digital asset strategy, BlackRock has forged alliances with key players in the financial services and blockchain sectors. Securitize will serve as the tokenization platform, transfer agent, and placement agent. Ecosystem partners include Anchorage, Coinbase, BitGo, and Fireblocks, providing custody and settlement services for digital assets. BNY Mellon will bridge the gap with traditional markets by safeguarding the fund's assets.

為了執行其數位資產策略，貝萊德與金融服務和區塊鏈領域的主要參與者建立了聯盟。 Securitize 將充當代幣化平台、轉讓代理和配售代理。生態系統合作夥伴包括Anchorage、Coinbase、BitGo、Fireblocks等，為數位資產提供託管和結算服務。紐約梅隆銀行將透過保護基金資產來縮小與傳統市場的差距。

The BUIDL Token: A Novel Offering

BUIDL 代幣：一種新穎的產品

Ethereum blockchain records indicate the creation of a token dubbed BUIDL. With a maximum supply of 100, the token is currently limited to a single holder. The BUIDL token targets a stable value of $1, remunerating qualified investors with dividends in the form of tokens representing the US Dollar yield.

以太坊區塊鏈記錄表明創建了一個名為 BUIDL 的代幣。該代幣的最大供應量為 100 個，目前僅限單一持有者。 BUIDL 代幣的目標是 1 美元的穩定價值，以代表美元收益率的代幣形式向合格投資者支付股息。

Impact on the Cryptocurrency Ecosystem

對加密貨幣生態系的影響

Bernstein analysts maintain that while tokenized funds are not entirely novel, BlackRock's entry into the arena, coupled with its partnerships across traditional and crypto ecosystems, may catalyze the adoption of on-chain funds by established institutional players. This convergence is anticipated to serve as a litmus test for institutional investors seeking to harness the advantages of blockchain technology, including 24/7 instant settlement, enhanced transparency, and improved capital efficiency.

伯恩斯坦分析師認為，雖然代幣化基金並不完全新穎，但貝萊德進入該領域，加上其在傳統和加密生態系統中的合作夥伴關係，可能會促進成熟機構參與者採用鏈上基金。這種融合預計將成為尋求利用區塊鏈技術優勢（包括 24/7 即時結算、增強透明度和提高資本效率）的機構投資者的試金石。

Furthermore, tokenized funds present a potential growth opportunity for asset managers, expanding their role beyond passive investment through ETFs to the creation of on-chain products that offer commercial revenue streams and cost optimization opportunities.

此外，代幣化基金為資產管理公司提供了潛在的成長機會，將其作用從透過 ETF 的被動投資擴展到創建提供商業收入流和成本優化機會的鏈上產品。