RWA 预示着传统金融领域下一波区块链创新浪潮 | 观点

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未来，所有可交易资产都将被代币化。如果这听起来像是一个过于大胆的预测，那么你应该仔细考虑一下来自传统金融 (tradfi) 的主要基金，它们正在为现实世界资产 (RWA) 代币化的崛起增添动力。

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全球最大资产管理公司贝莱德首席执行官拉里·芬克 (Larry Fink) 认为，证券代币化将预示传统金融市场“下一代”的到来。伯恩斯坦私人财富管理公司 (Bernstein Private Wealth Management) 预测，到 2028 年，代币化的整体市场规模可能高达 5 万亿美元，其中，央行数字货币 (CBDC)、稳定币、私募基金、证券和房地产的引入将引领这一市场。

今年早些时候，贝莱德推出了其首只代币化基金——贝莱德美元机构数字流动性基金 (BUIDL)。BUIDL 在以太坊上推出，投资者可以通过 Securitize Markets 认购该基金来获得美元收益。纽约梅隆银行为 BUIDL 基金在数字代币和传统金融市场之间实现了互操作性。BUIDL 的初始生态系统参与者包括 Anchorage Digital Bank、BitGo、Coinbase 和 Fireblocks，以及数字代币领域的其他市场参与者和基础设施提供商。

根据 RWA.xyz 的数据，BUIDL 现在是最大的代币化国库基金，市值已超过 5 亿美元。RWA.xyz 强调，在各种金融生态系统中使用代币化国库作为抵押品的趋势日益增加，这表明代币化国库正在寻找实际应用。

整体代币化资金市场也取得了令人瞩目的增长，其总市值从 5.724 亿美元飙升至 17.9 亿美元，同比增长 212.72%。根据 CoinGecko 的数据，过去 24 小时内 RWA 相关资产的总市值增长了 11.7%。

贝莱德推出 BUIDL 之前，富兰克林邓普顿去年推出了富兰克林 OnChain 美国政府货币基金 (FOBXX)，这是首个部署在 Stellar 区块链上的代币化货币市场基金。该基金将其总资产的至少 99.5% 投资于美国政府证券、现金和完全由政府证券或现金抵押的回购协议。

Meanwhile, Edinburgh-based Abrdn launched a tokenized money market fundin 2023, the first of its kind in the United Kingdom, the Aberdeen Standard Liquidity Fund (Lux)—Sterling Fund. The UK Treasury has already established a Technology Working Group to look at how blockchain technology can be implemented in the asset management space. The Technology Working Group has published a blueprint for regulated funds in the UK to put the assets that they hold onto the blockchain. These guidelines will enable asset managers authorized by the UK’s Financial Conduct Authority (FCA) to tokenize funds, providing the fund’s managers continue to provide valuations and settlement through the same processes and timeframes.

Michelle Scrimgeour, chief executive at Legal & General Investment Management and chair of the working group, described the publication of the report by the Technology Working Group as a milestone in the implementation of tokenization within the fund industry of the UK. “Fund tokenization has great potential to revolutionize how our industry operates by enabling greater efficiency and liquidity, enhanced risk management, and the creation of more bespoke portfolios,” he said in an interview.

In a further innovation, Jiritsu, a layer one blockchain RWA platform backed by gumi Cryptos Capital, Republic Capital, Polymorphic, Tokentus, and Susquehanna, has integrated with BlackRock’s ecosystem to enhance RWA verification. This integration aims to revolutionize how RWAs are managed and verified. Jiritsu’s technology extends the concept of proof of reserves to include the precise value backing Bitcoin Exchange Traded Funds (ETFs) and any RWA.

The decision of BlackRock and Franklin Templeton to form joint ventures with established participants in the digital token space demonstrates a willingness in tradfi to leverage the expertise of web3 to deliver safe and scalable solutions for RWA.

Assets that reside on balance sheets in tradfi markets that can be tokenized include financial assets, such as bonds and equities, tangible assets—such as land, real estate, and commodities—and intangible assets, such as Intellectual Property (IP).

As financial assets and many intangible assets are digital in nature, the blockchain is ideally suited to represent and secure ownership of the underlying digital asset. Furthermore, the integration of onchain transparency will empower decentralized finance (defi) solutions, offering synthetic assets, options, and granular insights into asset flows.

In a report titled “Tokenization: A digital-asset déjà vu,” McKinsey & Co. outlined how tokenization can enhance levels of automation in tadfi markets as a result of the capacity to embed code in a digital token with the programmability of digital tokens, providing the ability to engage with smart contracts.

Proponents of RWA argue that it has the potential to democratize historically less accessible investment opportunities with the provision of increased liquidity, proof of ownership, and transparency. Furthermore, tokenization can enable digital and non-digital assets that currently reside on the balance sheet of financial institutions to be tradeable and liquid 24 hours a day, seven days a week.

The drivers for tokenization in tradfi are manyfold. Tokenization provides trading opportunities for corporations and high-net-worth individuals who will benefit from more liquidity for their assets. Meanwhile, institutional investors benefit as capital providers and will be able to select from vastly more choices when investing in financial assets. Furthermore, the promise of smart financial contracts, which include the payment obligations and cash flows of all parties to the financial contract, will result in efficient price discovery and post-trade automation. This will allow the construction and re-balancing of risk-return adjusted portfolios at currently unachievable cost levels.

As this year’s launch of a flurry of Bitcoin ETFs proves, there is huge pent-up demand in the tradfi space for exposure to blockchain-based applications. Tokenized assets appear poised to bring increased transparency, liquidity, and accessibility to tradfi markets, facilitating fractional ownership and liquidity that may democratize access to high-quality investment assets. RWA could just be a catalyst for the next wave of innovation as the blockchain proves to be a highly resilient—and compatible—technology for the evolution of tradfi markets.

Read more: A tough climb: Neobanks can democratize access to defi products | Opinion

Author: Arthur Firstov

Arthur Firstov

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