現實世界資產的代幣化：傳統金融和加密貨幣的下一波創新浪潮

傳統金融世界開始接受代幣化——將現實世界的資產（例如基金份額）轉變為可以在區塊鏈平台上交易的數位代幣的過程。

Traditional finance is embracing the tokenisation of real-world assets, such as shares of money-market funds, which can now be pledged as collateral in trading. A subcommittee of the CFTC voted to advance guidelines for using these tokenised assets in financial transactions.

傳統金融正在擁抱現實世界資產的代幣化，例如貨幣市場基金的份額，現在可以作為交易中的抵押品。 CFTC 的一個小組委員會投票通過了在金融交易中使用這些代幣化資產的指導方針。

The rise of tokenised money markets

代幣化貨幣市場的興起

A subcommittee of the CFTC’s Global Markets Advisory Committee recently voted to move forward with recommendations that would allow registered firms to use distributed ledger technology (DLT) for holding and transferring non-cash collateral.

CFTC 全球市場諮詢委員會的一個小組委員會最近投票決定推進一項建議，允許註冊公司使用分散式帳本技術 (DLT) 來持有和轉移非現金抵押品。

This means that companies could begin to pledge blockchain-based, tokenised versions of real-world assets, such as shares of money-market funds, in financial transactions. The full CFTC committee, which includes major players like BlackRock and Citadel, is expected to vote on these guidelines later this year.

這意味著公司可以開始在金融交易中質押基於區塊鏈的、代幣化的現實世界資產，例如貨幣市場基金的份額。包括 BlackRock 和 Citadel 等主要參與者在內的 CFTC 委員會預計將在今年稍後對這些指導方針進行投票。

These recommendations aim to make it easier for businesses to pledge tokenised assets as collateral, aligning with existing regulatory policies. If approved, it could mark a major shift in how financial institutions use blockchain technology, integrating crypto-based innovations with traditional financial infrastructure.

這些建議旨在使企業更容易質押代幣化資產作為抵押品，並與現有監管政策保持一致。如果獲得批准，這可能標誌著金融機構使用區塊鏈技術的方式發生重大轉變，將基於加密的創新與傳統金融基礎設施結合。

How tokenisation could impact traditional finance and crypto

代幣化如何影響傳統金融和加密貨幣

The adoption of tokenised collateral could be a significant boon for both traditional finance and the cryptocurrency sector. According to McKinsey, the total tokenised market, excluding stablecoins, could reach $2tn (£1.52tn) by 2030. This would put tokenised assets on par with the current size of the entire cryptocurrency market.

採用代幣化抵押品可能對傳統金融和加密貨幣領域都是一個重大福音。據麥肯錫稱，到 2030 年，不包括穩定幣的代幣化市場總額可能達到 2 兆美元（1.52 兆英鎊）。

Traditional finance’s adoption of tokenisation could legitimise the use of blockchain technology in mainstream markets, increasing crypto’s role in everyday financial operations. The ability to pledge tokenised assets as collateral could also provide businesses with more capital efficiency, creating new opportunities for growth and investment.

傳統金融採用代幣化可以使區塊鏈技術在主流市場的使用合法化，從而增強加密貨幣在日常金融營運中的作用。將代幣化資產作為抵押品的能力還可以為企業提供更高的資本效率，從而創造新的成長和投資機會。

BlackRock’s BUIDL token as a major case study

貝萊德的 BUIDL 代幣作為主要案例研究

One notable example of asset tokenisation in action is BlackRock's BUIDL token, officially known as the BlackRock USD Institutional Digital Liquidity Fund. This tokenised fund operates on the ethereum blockchain, giving institutional investors access to US dollar yields. BUIDL represents a stable, tokenised fund with assets that include cash, US Treasury bills, and government-backed securities. Below is a list of some of the main features of BlackRock's tokenised money-market fund.

資產代幣化的一個著名例子是貝萊德的 BUIDL 代幣，正式名稱為貝萊德美元機構數位流動性基金。該代幣化基金在以太坊區塊鏈上運作，讓機構投資者獲得美元收益。 BUIDL 代表一個穩定的代幣化基金，其資產包括現金、美國國庫券和政府支持的證券。以下列出了貝萊德代幣化貨幣市場基金的一些主要特徵。

BUIDL token holders receive a daily dividend, which is paid monthly.

BUIDL 代幣持有者每天都會收到股息，每月支付一次。

The value of each token remains stable at $1 (76p).

每個代幣的價值穩定在 1 美元（76p）。

Tokens can be transferred between pre-approved institutional investors.

代幣可以在預先批准的機構投資者之間轉移。

It operates fully on the Ethereum blockchain, leveraging smart contracts for transparency and efficiency.

它完全在以太坊區塊鏈上運行，利用智慧合約來提高透明度和效率。

BlackRock is the primary investment manager for this tokenised fund, but it also collaborates with key crypto firms like Coinbase (COIN) and Fireblocks. Since its launch, BUIDL has become the fastest-growing tokenised fund in history, reaching over $500m (£379m) in assets under management by September 2024.

BlackRock 是該代幣化基金的主要投資管理公司，但它也與 Coinbase (COIN) 和 Fireblocks 等主要加密貨幣公司合作。自推出以來，BUIDL 已成為史上成長最快的代幣化基金，到 2024 年 9 月，其管理的資產規模已超過 5 億美元（3.79 億英鎊）。

This development is not just significant for BlackRock but also for the ethereum network, as it increases the demand for ethereum's infrastructure.

這項發展不僅對貝萊德意義重大，對以太坊網路也意義重大，因為它增加了對以太坊基礎設施的需求。

Democratising access to financial products through tokenisation

透過代幣化實現金融產品的民主化

An aspect of tokenisation that is drawing considerable attention is its potential to democratise access to traditionally exclusive financial products. According to Zodia Markets Ireland chair Michael Walsh, tokenisation could open the door for everyday investors to participate in previously inaccessible markets, such as private equity or litigation finance pools. Tokenised assets could allow people to invest with increments as small as $100 (£75), broadening financial inclusion.

代幣化引起廣泛關注的一個面向是它使傳統專有金融產品的獲取民主化的潛力。 Zodia Markets Ireland 主席 Michael Walsh 表示，代幣化可以為普通投資者參與以前無法進入的市場（例如私募股權或訴訟融資池）打開大門。代幣化資產可以讓人們以小至 100 美元（75 英鎊）的增量進行投資，從而擴大金融包容性。

Furthermore, the security of blockchain-based transactions could enhance the transparency and traceability of investments. Unlike traditional cash transactions, which can be difficult to trace, blockchain technology records every transaction, providing a secure and transparent ledger.

此外，基於區塊鏈的交易的安全性可以提高投資的透明度和可追溯性。與難以追蹤的傳統現金交易不同，區塊鏈技術記錄每筆交易，提供安全且透明的帳本。

However, when speaking to Yahoo Finance Future Focus, Walsh pointed out that regulatory frameworks need to evolve to accommodate the widespread adoption of tokenised assets. While tokenisation offers greater security and efficiency, it still needs the backing of regulatory institutions to achieve its full potential.

然而，沃爾什在接受雅虎財經未來焦點採訪時指出，監管框架需要不斷發展，以適應代幣化資產的廣泛採用。雖然代幣化提供了更高的安全性和效率，但它仍然需要監管機構的支持才能充分發揮其潛力。

The benefits of tokenising real-world assets

將現實世界資產代幣化的好處

Tokenisation involves converting the rights to real-world assets, like bonds, real estate, or shares of money-market funds, into digital tokens on a blockchain network. This process offers several potential benefits:

代幣化涉及將債券、房地產或貨幣市場基金份額等現實世界資產的權利轉換為區塊鏈網路上的數位代幣。這個過程提供了幾個潛在的好處：

Increased liquidity: Tokenising illiquid assets, such as real estate or fine art, makes them more easily tradable. Instead of needing to sell an entire building, for example, an owner could sell fractional tokens representing ownership in the property.

增加流動性：將房地產或藝術品等非流動性資產代幣化，使它們更容易交易。例如，業主不需要出售整棟建築，而是可以出售代表財產所有權的部分代幣。

Cost efficiency: Tokenisation can reduce costs associated with traditional asset management, such as legal fees, intermediaries, and clearing houses. This can be especially beneficial in bond markets, where tokenisation could simplify the complex issuance process.

成本效率：代幣化可以降低與傳統資產管理相關的成本，例如律師費、中介費和清算所。這在債券市場尤其有利，因為代幣化可以簡化複雜的發行流程。

Broader market access: Tokenisation could democratise markets that are traditionally reserved for institutional investors. Retail investors could gain access to high-barrier markets, such as private equity or high-value real estate, through fractional ownership enabled by tokens.

更廣泛的市場准入：代幣化可以使傳統上為機構投資者保留的市場民主化。散戶投資者可以透過代幣實現的部分所有權進入高門檻市場，例如私募股權或高價值房地產。

Transparency: Blockchain technology inherently

透明度：區塊鏈技術本質上