隨著數位資產的成長，國債需求在代幣化避風港中找到力量

美國財政部週三發布了 2024 年第四季國債借款諮詢委員會（TBAC）季度報告，研究了數位資產如何

A recent U.S. Treasury report suggests that tokenized assets, such as bitcoin and stablecoins, could drive demand for Treasuries, particularly during periods of downturn in the crypto market.

美國財政部最近的一份報告表明，比特幣和穩定幣等代幣化資產可能會推動對國債的需求，特別是在加密貨幣市場低迷時期。

The Treasury Department's Q4 2024 Treasury Borrowing Advisory Committee (TBAC) Quarterly Report, released Wednesday, examines how digital assets are impacting demand for U.S. Treasury securities and broader market dynamics.

美國財政部週三發布的 2024 年第四季國債借款諮詢委員會 (TBAC) 季度報告研究了數位資產如何影響美國國債需求和更廣泛的市場動態。

The report specifically investigates how innovations in financial technology could reshape Treasury issuance, especially regarding short-term securities, and how the growth of digital assets could influence liquidity and hedging strategies.

該報告專門研究了金融科技創新如何重塑國債發行，特別是短期證券，以及數位資產的成長如何影響流動性和避險策略。

As digital markets continue to expand, the report examines whether institutional investments in bitcoin and other crypto assets could increase demand for Treasuries during periods of market instability.

隨著數位市場的不斷擴張，該報告研究了比特幣和其他加密資產的機構投資是否會在市場不穩定期間增加對國債的需求。

"To date, growth in digital assets has created marginal incremental demand for short-dated Treasuries," the report states, adding that "This has so far come primarily through increased use and prevalence of stablecoins."

報告指出：“迄今為止，數位資產的增長已經創造了對短期國債的邊際增量需求。”並補充說，“到目前為止，這主要是通過穩定幣的使用和普及增加來實現的。”

"Institutional adoption of ‘high-beta’ bitcoin and crypto might lead to increased future hedging demand for Treasuries," the report continues, especially during periods of substantial crypto market declines.

報告繼續說道：「機構採用『高貝塔』比特幣和加密貨幣可能會導致未來對國債的對沖需求增加，」特別是在加密貨幣市場大幅下跌期間。

"Growth in, and institutionalization of, crypto markets (bitcoin) could create additional hedging and flight-to-quality demand for tokenized Treasuries in periods of heightened downside volatility," the report further states.

報告進一步指出：“加密貨幣市場（比特幣）的增長和製度化可能會在下行波動加劇時期創造額外的對沖和對代幣化國債的優質需求。”

However, the report warns that "Flight-to-quality demand can be hard to predict. Hedging demand could be structural, but depends on how well Treasuries continue to hedge downside crypto-volatility."

然而，該報告警告說，“轉向高品質的需求可能很難預測。對沖需求可能是結構性的，但取決於美國國債如何繼續對沖下行的加密貨幣波動性。”

The report also highlights that "the benefits of tokenization extend far beyond and are independent of native crypto assets like bitcoin."

該報告還強調，“代幣化的好處遠遠超出了比特幣等本地加密資產的範圍，並且獨立於比特幣等本地加密資產。”

"Tokenization allows for diverse assets - from financial instruments to real-world assets - to be represented across interoperable ledger systems," the report explains. "By fostering new economic efficiencies and connections, tokenization could enable deeper integration between traditional finance and digital assets."

報告解釋說：“代幣化允許多種資產——從金融工具到現實世界資產——在可互操作的帳本系統中表示。” “透過促進新的經濟效率和聯​​繫，代幣化可以實現傳統金融和數位資產之間更深層的整合。”

"If widely adopted, tokenization could reshape market strategies, enhancing agile asset management and potentially driving demand for Treasuries as both a safe-haven asset and a tokenized portfolio component," the report concludes.

報告總結道：“如果廣泛採用，代幣化可能會重塑市場策略，增強靈活的資產管理，並可能推動對國債作為避險資產和代幣化投資組合組成部分的需求。”