现实世界资产的代币化：传统金融和加密货币的下一波创新浪潮

传统金融世界开始接受代币化——将现实世界的资产（例如基金份额）转变为可以在区块链平台上交易的数字代币的过程。

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.

传统金融正在拥抱现实世界资产的代币化，例如货币市场基金的份额，现在可以作为交易中的抵押品。 CFTC 的一个小组委员会投票通过了在金融交易中使用这些代币化资产的指导方针。

The rise of tokenised money markets

代币化货币市场的兴起

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 全球市场咨询委员会的一个小组委员会最近投票决定推进一项建议，允许注册公司使用分布式账本技术 (DLT) 来持有和转让非现金抵押品。

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.

这意味着公司可以开始在金融交易中质押基于区块链的、代币化的现实世界资产，例如货币市场基金的份额。包括 BlackRock 和 Citadel 等主要参与者在内的 CFTC 委员会预计将在今年晚些时候对这些指导方针进行投票。

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.

这些建议旨在使企业更容易质押代币化资产作为抵押品，并与现有监管政策保持一致。如果获得批准，这可能标志着金融机构使用区块链技术的方式发生重大转变，将基于加密的创新与传统金融基础设施相结合。

How tokenisation could impact traditional finance and crypto

代币化如何影响传统金融和加密货币

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.

采用代币化抵押品可能对传统金融和加密货币领域都是一个重大福音。据麦肯锡称，到 2030 年，不包括稳定币的代币化市场总额可能达到 2 万亿美元（1.52 万亿英镑）。这将使代币化资产与整个加密货币市场当前的规模相当。

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.

传统金融采用代币化可以使区块链技术在主流市场的使用合法化，从而增强加密货币在日常金融运营中的作用。将代币化资产作为抵押品的能力还可以为企业提供更高的资本效率，从而创造新的增长和投资机会。

BlackRock’s BUIDL token as a major case study

贝莱德的 BUIDL 代币作为主要案例研究

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.

资产代币化的一个著名例子是贝莱德的 BUIDL 代币，正式名称为贝莱德美元机构数字流动性基金。该代币化基金在以太坊区块链上运作，让机构投资者能够获得美元收益。 BUIDL 代表一个稳定的代币化基金，其资产包括现金、美国国库券和政府支持的证券。以下列出了贝莱德代币化货币市场基金的一些主要特征。

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

BUIDL 代币持有者每天都会收到股息，每月支付一次。

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

每个代币的价值稳定在 1 美元（76p）。

Tokens can be transferred between pre-approved institutional investors.

代币可以在预先批准的机构投资者之间转移。

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

它完全在以太坊区块链上运行，利用智能合约来提高透明度和效率。

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 是该代币化基金的主要投资管理公司，但它也与 Coinbase (COIN) 和 Fireblocks 等主要加密货币公司合作。自推出以来，BUIDL 已成为历史上增长最快的代币化基金，到 2024 年 9 月，其管理的资产规模已超过 5 亿美元（3.79 亿英镑）。

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

这一发展不仅对贝莱德意义重大，对以太坊网络也意义重大，因为它增加了对以太坊基础设施的需求。

Democratising access to financial products through tokenisation

通过代币化实现金融产品的民主化

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.

代币化引起广泛关注的一个方面是它使传统专有金融产品的获取民主化的潜力。 Zodia Markets Ireland 主席 Michael Walsh 表示，代币化可以为普通投资者参与以前无法进入的市场（例如私募股权或诉讼融资池）打开大门。代币化资产可以让人们以小至 100 美元（75 英镑）的增量进行投资，从而扩大金融包容性。

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，基于区块链的交易的安全性可以提高投资的透明度和可追溯性。与难以追踪的传统现金交易不同，区块链技术记录每笔交易，提供安全透明的账本。

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，沃尔什在接受雅虎财经未来焦点采访时指出，监管框架需要不断发展，以适应代币化资产的广泛采用。虽然代币化提供了更高的安全性和效率，但它仍然需要监管机构的支持才能充分发挥其潜力。

The benefits of tokenising real-world assets

将现实世界资产代币化的好处

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:

代币化涉及将债券、房地产或货币市场基金份额等现实世界资产的权利转换为区块链网络上的数字代币。此过程提供了几个潜在的好处：

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.

增加流动性：将房地产或艺术品等非流动性资产代币化，使它们更容易交易。例如，业主不需要出售整栋建筑，而是可以出售代表财产所有权的部分代币。

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：代币化可以降低与传统资产管理相关的成本，例如律师费、中介费和清算所。这在债券市场尤其有利，因为代币化可以简化复杂的发行流程。

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.

更广泛的市场准入：代币化可以使传统上为机构投资者保留的市场民主化。散户投资者可以通过代币实现的部分所有权进入高门槛市场，例如私募股权或高价值房地产。

Transparency: Blockchain technology inherently

透明度：区块链技术本质上