EIB 發行 1 億歐元數位債券，以批發 CBDC 結算

歐洲投資銀行 (EIB) 發行了第五支數位債券：1 億歐元（1.056 億美元）的固定利率三年期債券，以批發央行數位貨幣 (CBDC) 結算，作為整個歐洲正在進行的 CBDC 試驗的一部分歐洲聯盟。

European Investment Bank Issues €100M Digital Bond to Settle in Wholesale CBDC

歐洲投資銀行發行 1 億歐元數位債券以批發 CBDC 結算

The European Investment Bank (EIB) has issued its fifth digital bond: a €100 million ($105.6 million) fixed-rate three-year bond that settles in a wholesale central bank digital currency (CBDC) as part of the ongoing CBDC trials across the European Union.

歐洲投資銀行 (EIB) 發行了第五支數位債券：1 億歐元（1.056 億美元）的固定利率三年期債券，以批發央行數位貨幣 (CBDC) 結算，作為整個歐洲正在進行的 CBDC 試驗的一部分歐洲聯盟。

The bond was issued on the Digital Assets Platform, a tokenization platform owned by Goldman Sachs, and is the first to be settled in a wholesale CBDC. The pilot wCBDC tokens were issued by the Banque de France through its D3LS platform, which is being used to test the interoperability of wholesale CBDCs with existing financial networks.

該債券在高盛旗下的數位資產平台上發行，是首個以批發 CBDC 結算的債券。試點 wCBDC 代幣由法蘭西銀行透過其 D3LS 平台發行，該平台用於測試批發 CBDC 與現有金融網路的互通性。

EIB's use of D3LS comes days after state-owned French bank Caisse des Dépôts settled a $108 million digital bond through wCBDC tokens issued through D3LS.

歐洲投資銀行使用 D3LS 幾天前，法國國有銀行 Caisse des Dépôts 透過 D3LS 發行的 wCBDC 代幣結算了 1.08 億美元的數位債券。

Banque de France remains the European leader in using wCBDC for digital bonds. Its peers, such as Germany and Italy, have opted for customized solutions, such as Trigger for the Deutsche Bundesbank.

法蘭西銀行仍然是使用 wCBDC 進行數位債券的歐洲領導者。德國和義大利等同行選擇了客製化解決方案，例如德意志聯邦銀行的 Trigger。

As Banque de France's Emmanuelle Assouan noted in her comments, one key advantage of the wCBDC over other solutions is that it eliminates counterparty risk through atomic settlements.

正如法蘭西銀行的 Emmanuelle Assouan 在評論中指出的那樣，wCBDC 相對於其他解決方案的一個關鍵優勢是，它透過原子結算消除了交易對手風險。

EIB's bond was also the first to be issued on Orion, the tokenization and digital assets platform by HSBC (NYSE:HSBC). Orion, a permissioned blockchain solution, has gained popularity with many banks across Europe and Asia for issuing digital bonds. HSBC, UBS, SBI (NASDAQ:SBHGF), Germany's WIBank, and more have launched digital bonds on Orion.

EIB 的債券也是在匯豐銀行（NYSE：HSBC）的代幣化和數位資產平台 Orion 上發行的首張債券。 Orion 是一種經過許可的區塊鏈解決方案，因發行數位債券而受到歐洲和亞洲許多銀行的歡迎。匯豐銀行、瑞銀集團、SBI（納斯達克股票代碼：SBHGF）、德國 WIBank 等都已在 Orion 上推出了數位債券。

“The new EIB blockchain bond is a major step forward in our drive to modernize capital markets and harness innovative technologies in finance,” commented Cyril Rousseau, EIB's Director of General Finance.

歐洲投資銀行總財務總監西里爾·盧梭 (Cyril Rousseau) 評論道：“新的歐洲投資銀行區塊鏈債券是我們推動資本市場現代化和利用金融創新技術的重要一步。”

The issuance also involved Europe's largest bank, BNP Paribas (OTC:BNPQY), the U.K,'s NatWest (NYSE:RBSPF), and the French subsidiary of HSBC as joint lead managers. London-based multinational law firm Clifford Chance advised the EIB on the issuance.

此次發行還涉及歐洲最大的銀行法國巴黎銀行（場外交易代號：BNPQY）、英國國民西敏寺銀行（NYSE：RBSPF）以及匯豐銀行法國子公司作為聯席牽頭經辦人。總部位於倫敦的跨國律師事務所高偉紳律師事務所就此次發行向歐洲投資銀行提供了諮詢服務。

Steve Jacoby, a partner at the law firm, noted that the expansion of EIB's digital bonds projects shows the “continued strong interest of market participants in digital capital markets transactions.”

該律師事務所合夥人史蒂夫‧雅各比指出，歐洲投資銀行數位債券計畫的擴張顯示「市場參與者對數位資本市場交易的持續濃厚興趣」。

SBI, UBS automate tokenized fund management

SBI、瑞銀自動化代幣化基金管理

In Singapore, two of the world's largest banks have completed the implementation of a tokenized fund that demonstrated how smart contracts can automate asset management.

在新加坡，全球最大的兩家銀行已經完成了代幣化基金的實施，該基金展示了智慧合約如何實現資產管理自動化。

The pilot was part of Project Guardian, a tokenization and digital asset initiative by the Monetary Authority of Singapore (MAS). This is not the first tokenization project between the Japanese and Swiss banks; a week ago, they issued a tokenized fund accessible through authorized distribution partners to accredited investors.

該試點是新加坡金融管理局（MAS）發起的代幣化和數位資產計劃 Project Guardian 的一部分。這並不是日本和瑞士銀行之間的第一個代幣化項目；一週前，他們透過授權分銷合作夥伴向合格投資者發行了代幣化基金。

In their latest project, the two sought to prove that implementing an ‘onchain format’ in the fund administration industry can unlock efficiencies and cut costs. They limited the scope of their project to integrating existing fund management systems with tokenized funds “once they are made compatible with blockchains and smart contracts.”

在他們最新的專案中，兩人試圖證明在基金管理行業實施「鏈上模式」可以提高效率並降低成本。他們將專案範圍限制為“一旦與區塊鏈和智慧合約相容”，即可將現有的基金管理系統與代幣化基金整合。

Citing a study from automation firm Quantios, the banks noted that 93% of fund managers have yet to fully automate even the most basic processes. This results in consistent manual interventions, delayed settlements, and a lack of transparency for investors.

銀行引述自動化公司 Quantios 的一項研究指出，93% 的基金經理人甚至還沒有完全實現最基本的流程自動化。這導致持續的人工幹預、延遲結算以及投資者缺乏透明度。

Their pilot concluded that blockchain, tokenization, and smart contracts could resolve this. Benefits included fewer errors or manual interventions—saving time and costs—and enhanced efficiencies. Investors also enjoyed higher levels of transparency.

他們的試點得出的結論是，區塊鏈、代幣化和智能合約可以解決這個問題。好處包括減少錯誤或人工幹預（節省時間和成本）以及提高效率。投資者也享有更高水準的透明度。

The solution is currently active on testnets on multiple blockchains and is expected to transition to mainnets over the next few weeks.

該解決方案目前在多個區塊鏈的測試網上活躍，預計將在未來幾週內過渡到主網。

“This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new onchain financial products and lower operational costs to investors, both things they are actively looking for,” commented SBI's Winston Quek.

SBI 的Winston Quek 評論道：「這種推出基金結構並透過智慧合約對其進行管理的新方式使基金經理及其服務提供者能夠向投資者提供新的鏈上金融產品並降低營運成本，而這正是他們正在積極尋求的。

The pilot is the latest to prove the transformative impact that tokenization can deliver in the financial sector. However, as each financial institution races to become the industry leader, the risk of siloed and limited solutions threatens progress. The two banks, for instance, have their own tokenization platforms: SBI has its Digital Markets subsidiary, while UBS Tokenize is the Swiss bank's in-house tokenization service.

該試點是證明代幣化可以在金融領域帶來變革性影響的最新試點。然而，隨著每個金融機構競相成為行業領導者，孤立和有限的解決方案的風險威脅著進步。例如，這兩家銀行都有自己的代幣化平台：SBI 擁有其數位市場子公司，而 UBS Tokenize 是這家瑞士銀行的內部代幣化服務。

EIB, which launched its €100 million digital bond on HSBC Orion, has used four different platforms for its five bonds from Societe Generale, HSBC, Goldman Sachs, and Credit Agricole (OTC:CRARY).

EIB 在 HSBC Orion 上發行了 1 億歐元的數位債券，並使用了法國興業銀行、匯豐銀行、高盛和法國農業信貸銀行（場外交易代碼：CRARY）的 5 種債券的四個不同平台。