随着数字资产的增长，国债需求在代币化避风港中找到力量

美国财政部周三发布了 2024 年第四季度国债借款咨询委员会（TBAC）季度报告，研究了数字资产如何

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.

美国财政部最近的一份报告表明，比特币和稳定币等代币化资产可能会推动对国债的需求，特别是在加密货币市场低迷时期。

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.

美国财政部周三发布的 2024 年第四季度国债借款咨询委员会 (TBAC) 季度报告研究了数字资产如何影响美国国债需求和更广泛的市场动态。

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.

该报告专门研究了金融技术创新如何重塑国债发行，特别是短期证券，以及数字资产的增长如何影响流动性和对冲策略。

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.

随着数字市场的不断扩张，该报告研究了比特币和其他加密资产的机构投资是否会在市场不稳定期间增加对国债的需求。

"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."

报告指出：“迄今为止，数字资产的增长已经创造了对短期国债的边际增量需求。”并补充说，“到目前为止，这主要是通过稳定币的使用和普及增加来实现的。”

"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.

报告继续说道：“机构采用‘高贝塔’比特币和加密货币可能会导致未来对国债的对冲需求增加，”特别是在加密货币市场大幅下跌期间。

"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.

报告进一步指出：“加密货币市场（比特币）的增长和制度化可能会在下行波动加剧时期创造额外的对冲和对代币化国债的优质需求。”

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，该报告警告说，“转向高质量的需求可能很难预测。对冲需求可能是结构性的，但取决于美国国债如何继续对冲下行的加密货币波动性。”

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

该报告还强调，“代币化的好处远远超出了比特币等本地加密资产的范围，并且独立于比特币等本地加密资产。”

"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."

报告解释说：“代币化允许多种资产——​​从金融工具到现实世界资产——在可互操作的账本系统中表示。” “通过促进新的经济效率和联系，代币化可以实现传统金融和数字资产之间更深层次的整合。”

"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.

报告总结道：“如果广泛采用，代币化可能会重塑市场策略，增强灵活的资产管理，并可能推动对国债作为避险资产和代币化投资组合组成部分的需求。”