贝莱德的代币化企业增加了公共区块链的可信度

伯恩斯坦分析师表示，贝莱德计划推出的代币化基金将使以太坊等公共区块链合法化。全球最大的资产管理公司贝莱德最近宣布推出其首个代币化基金——美元机构数字流动性基金，该基金在以太坊区块链上运行。此举扩大了机构客户在以前仅用于零售投机的领域的互操作性和可编程性。

BlackRock's Tokenized Fund Injects Legitimacy into Public Blockchains

贝莱德的代币化基金为公共区块链注入合法性

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

伯恩斯坦分析师表示，贝莱德即将推出的代币化基金有望提高公共区块链（尤其是以太坊）的可信度。

BlackRock: A Colossal Force in Asset Management

贝莱德：资产管理领域的巨大力量

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

全球资产管理巨头贝莱德宣布成立其首个代币化基金——美元机构数字流动性基金。

Leveraging the Ethereum Blockchain

利用以太坊区块链

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.

贝莱德开创性的代币化基金利用以太坊区块链作为其基础平台。伯恩斯坦分析师认为，这一决定凸显了公共区块链日益增长的合法性。与摩根大通的 Onyx 等私有链不同，以太坊提供增强的互操作性和可编程性，将这项技术的范围扩展到散户投资者的游乐场之外。

Encouraging Institutional Adoption

鼓励机构采用

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.

伯恩斯坦的报告表明，贝莱德对公共区块链的拥抱可能为传统机构投资者拥抱链上基金铺平道路。该报告强调了通过与 USDC 等稳定币进行链上集成来赎回代币化基金的潜力。这种集成可以促进链上领域内新资产类别（例如债券、股票、外汇稳定币）的出现，为基于特定合约条件的互操作性和可编程功能开辟途径。

BlackRock's Foray into Tokenized Markets

贝莱德进军代币化市场

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.

计划中的代币化基金只是贝莱德在数字资产领域不断增长的影响力的一个方面。继一月份推出比特币现货 ETF 后，该公司表示有意进一步涉足该领域。正在等待监管部门批准的美元机构数字流动性基金将是投资于美国国库券、回购协议和现金的流动性基金。

Strategic Partnerships Enhance Execution

战略合作伙伴关系增强执行力

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.

为了执行其数字资产战略，贝莱德与金融服务和区块链领域的主要参与者建立了联盟。 Securitize 将充当代币化平台、转让代理和配售代理。生态系统合作伙伴包括Anchorage、Coinbase、BitGo、Fireblocks等，为数字资产提供托管和结算服务。纽约梅隆银行将通过保护基金资产来缩小与传统市场的差距。

The BUIDL Token: A Novel Offering

BUIDL 代币：一种新颖的产品

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.

以太坊区块链记录表明创建了一个名为 BUIDL 的代币。该代币的最大供应量为 100 个，目前仅限单个持有者。 BUIDL 代币的目标是 1 美元的稳定价值，以代表美元收益率的代币形式向合格投资者支付股息。

Impact on the Cryptocurrency Ecosystem

对加密货币生态系统的影响

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.

伯恩斯坦分析师认为，虽然代币化基金并不完全新颖，但贝莱德进入该领域，加上其在传统和加密生态系统中的合作伙伴关系，可能会促进成熟机构参与者采用链上基金。这种融合预计将成为寻求利用区块链技术优势（包括 24/7 即时结算、增强透明度和提高资本效率）的机构投资者的试金石。

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，代币化基金为资产管理公司提供了潜在的增长机会，将其作用从通过 ETF 的被动投资扩展到创建提供商业收入流和成本优化机会的链上产品。