富達投資悄悄地準備彌合傳統金融和分散技術

這就是資產的未來意味著什麼

Investment giant Fidelity Investments has quietly filed plans for a blockchain-based U.S. Treasury fund, aiming to launch by May 30 pending final approval from the U.S. Securities and Exchange Commission (SEC).

投資巨頭富達投資已悄悄地為基於區塊鏈的美國財政基金提交了計劃，旨在在5月30日之前啟動，待獲得美國證券交易委員會（SEC）的最終批准。

While applying for approval in March, the firm now faces a final decision from the regulator on whether to proceed with the fund, which would mark a significant entry point into the rapidly growing market for tokenised assets.

在3月份申請批准時，該公司現在面臨監管機構是否繼續使用該基金的最終決定，這將標誌著標記資產快速增長的市場的重要切入點。

This year alone, the market for tokenised assets is set to explode sixfold, reaching an impressive $4.8 billion, according to Global Optimum Data.

根據全球最佳數據，僅今年一年，就銀行資產的市場將爆炸六倍，達到48億美元。

While competitors like BlackRock (NYSE:) and Franklin Templeton have already taken the lead in specific segments of this burgeoning market, Fidelity’s entry could completely alter the competitive landscape.

雖然貝萊德（NYSE ：）和富蘭克林·鄧普頓（Franklin Templeton）等競爭對手已經在這個新興市場的特定部分領先，但富達的進入可能會完全改變競爭環境。

For instance, BlackRock’s tokenised Treasury fund has already managed to accumulate $1.5 billion, highlighting the strong demand for faster and more transparent transactions in this asset class.

例如，貝萊克（Blackrock）的標記財政基金已經設法累積了15億美元，並強調了該資產類別中對更快，更透明的交易的強勁需求。

Meanwhile, Franklin Templeton’s blockchain fund, launched in 2021, has attracted $689 million, showcasing investor confidence in this emerging investment vehicle.

同時，富蘭克林·鄧普頓（Franklin Templeton）的區塊鏈基金於2021年成立，吸引了6.89億美元，向投資者提供了對這款新興投資工具的信心。

However, despite this initiative, Fidelity is venturing into the market for tokenised assets relatively late.

然而，儘管採取了這種主動性，但富達仍在相對較晚的標記資產進入市場。

Banks and asset managers are increasingly turning to blockchain technology to streamline their operations and improve efficiency.

銀行和資產經理越來越多地轉向區塊鏈技術來簡化其運營並提高效率。

Tokenisation, the process of converting assets into digital tokens on a blockchain network, offers several advantages, such as reducing settlement times from days to minutes and administrative costs.

將資產轉換為區塊鍊網絡上的數字代幣的過程具有多種優勢，例如將和解時間從幾天減少到幾天和管理成本。

Fidelity’s proposed fund seeks to capitalize on these benefits, aiming to build on the success of existing tokenised Treasury products.

富達的擬議基金旨在利用這些利益，旨在以現有的令牌財政產品的成功為基礎。

Fidelity’s proposed fund will tokenise shares of its existing Treasury Digital Fund (ticker: FYHXX) on the Ethereum blockchain, with each token representing ownership, which will be tracked on the blockchain for real-time transparency.

Fidelity的擬議基金將在以太坊區塊鏈上以其現有的財政數字基金（股票：FYHXX）的股份來表達股票，每個代幣代表所有權，這將在區塊鏈上以實時透明度進行跟踪。

Crucially, the underlying Treasury bills themselves won’t be tokenised, only the shares of the fund investing in them.

至關重要的是，基本的財政賬單本身不會被標記，只有投資於基金的股票。

Daily reconciliations will be performed to align the blockchain records with the traditional ledgers, ensuring the accuracy of both systems.

每天將進行對帳，以使區塊鏈記錄與傳統分類帳保持一致，從而確保兩個系統的準確性。

Moreover, Fidelity plans to expand to other blockchains in the future, likely in response to concerns over Ethereum’s potential scalability issues as the mainnet becomes congested during periods of high activity.

此外，Fidelity計劃將來擴展到其他區塊鏈，這可能是為了應對對以太坊潛在的可伸縮性問題的擔憂，因為在高活動期間，主網變得擁擠。

In addition to expanding to other blockchains, Fidelity is also reportedly planning to offer a range of tokenised products in the future, expanding beyond Treasury investments.

除了擴展到其他區塊鏈外，據報導，Fidelity還計劃在將來提供一系列令牌產品，從而超越國庫投資。

This move aligns with the broader industry trend towards institutional adoption of Ethereum for tokenising real-world assets (RWAs).

這一舉動符合更廣泛的行業趨勢，用於將以太坊用於代幣化現實世界中的資產（RWAS）的趨勢。

Currently, Ethereum holds the largest share of the RWA market, managing over $3.3 billion in assets, according to Global Optimum Data.

根據全球最佳數據，目前，以太坊佔RWA市場最大的份額，管理超過33億美元的資產。

For instance, BlackRock’s crypto head, Robbie Mitchnick, recently stated that Ethereum is the “natural default” choice for TradFi firms due to its strong security and the size of its developer ecosystem, which provides support for building and deploying new applications.

例如，貝萊德的加密貨幣負責人羅比·米奇尼克（Robbie Mitchnick）最近表示，由於其強大的安全性和開發人員生態系統的規模，以太坊是Tradfi公司的“自然默認”選擇，該系統為建立和部署新應用提供了支持。

Stellar is the second-largest blockchain, managing $465 million in RWA assets, but Ethereum’s edge is evident.

Stellar是第二大區塊鏈，管理RWA資產4.65億美元，但以太坊的優勢很明顯。

As TradFi firms continue to enter the RWA market, it remains to be seen which other blockchains will gain traction for this use case.

隨著Tradfi公司繼續進入RWA市場，對於此用例，其他區塊鏈將獲得哪些區塊鏈的吸引力。

While BlackRock’s BUIDL fund has managed to take the lead in the tokenised Treasury market, considering the vast scale of Fidelity’s operations, it wouldn’t be surprising to see them quickly disrupt this lead.

儘管考慮到富達的業務範圍廣泛，貝萊德的Buidl基金已經設法在標記的財政市場中領先，但看到他們迅速破壞了這一領先優勢並不奇怪。

For instance, they already manage $16.5 billion in spot bitcoin ETFs through their subsidiary Invictus, showcasing their experience and success in the crypto market.

例如，他們已經通過其子公司Invictus管理了165億美元的現貨比特幣ETF，展示了他們在加密貨幣市場上的經驗和成功。

On the other hand, Franklin Templeton’s early entry in 2021 gives them a head start, and their product has already managed to accumulate $689 million, showcasing the potential of this new asset class.

另一方面，富蘭克林·鄧普頓（Franklin Templeton）在2021年的早期入場券為他們提供了局面，他們的產品已經設法累積了6.89億美元，展示了這種新資產類別的潛力。

Moreover, with several other players now entering the market, and more expected to join in the coming year, it's likely that we'll see some consolidation as products that aren't competitive simply won't survive.

此外，隨著其他幾名玩家現在進入市場，並且更期望在來年加入市場，我們可能會看到一些合併，因為不競爭的產品根本無法生存。

According to Global Optimum Data, tokenised U.S. Treasury products now total $4.77 billion, nearly a 500% increase since the start of 2023.

根據全球最佳數據，如今，美國財政產品總計47.7億美元，自2023年初以來增長了近500％。

This rapid growth is a testament to the increasing demand for faster, more transparent, and efficient ways to invest in this asset class.

這種快速增長證明了對投資此資產類別的更快，更透明和有效的方式的需求不斷增長。

As more players join the fray, the competition will become fiercer, and the winners will be those who can offer the best integration between legacy systems and blockchain technology, catering to the specific needs of both institutional and individual investors.

隨著越來越多的球員參加比賽，比賽將變得更加激烈，獲獎者將是那些可以在傳統系統和區塊鏈技術之間提供最佳整合的人，以滿足機構和個人投資者的特定需求。