机构数字资产：传统金融产品如何拥抱区块链？

作者：Annelise Osborne 来源：coindesk 翻译：善欧巴，比特币买卖交易网

People often say that the "crypto year" packs the innovation of a typical seven-year timeframe into one year, like dog years. In other words, in the crypto era, institutions don't take action when adopting innovations. They test behind the scenes and slowly build, and these projects start to bloom like spring flowers and cherry blossoms.

The latest headlines are that the world's largest asset manager, BlackRock, is launching a blockchain-based tokenized fund backed by US Treasuries (BUIDL) in collaboration with forward-thinking business minds. Industry giants like Franklin Templeton, Hamilton Lane, and WisdomTree have tokenized their '40 Act' funds. KKR, Apollo, and Hamilton Lane have also tokenized private equity funds. JPMorgan has demonstrated the tokenization of the repo market and actual cost savings.

Many proofs of concept are underway, such as Citi, WisdomTree, and Wellington's collaboration in the private markets space. Project Guardian has brought together numerous banks and counterparties to revolutionize wealth management. Institutions like DTCC, SWIFT, BlackRock, Barclays, JPMorgan, Barclays, Citi, and Vanguard have experimented with settlement and clearing. The list is broader, but you get the idea.

Efficiency gains in capital markets have been and are being made through the use of blockchain technology and digital assets. This is not a fleeting fad.

Let's dive into two key use cases: 1. Digital currencies or stablecoins; 2. Tokenization of traditional investment opportunities, often referred to as "real-world assets" (RWA).

Stablecoins: Lightning Fast

Stablecoins are a type of cryptocurrency designed to have a "stable" value, typically backed by fiat currency or stable assets. Currency is the bedrock of capital markets, and stablecoins are the digital replication of currency. Like all cryptocurrencies, stablecoins instantly transfer ownership rather than settling or floating later. They are also programmable. The market capitalization of stablecoins is as high as $157 billion.

Since the adoption of credit cards and the shift to debit cards and mobile wallets, the reliance on cash or fiat currency has significantly decreased. For 2023 point-of-sale retail in the US, cash payments account for only 12% of transaction volume. Most bank transfers, payroll, and bill payments are transfers of a series of digits between banks and accounts, not a truckload of $100 bills or gold bars. How much cash do you have on hand?

More importantly, financial markets are global. Stablecoins open a window for 24/7/365 market time. Institutional interest in stablecoins can be highlighted through settlement, cash management, and cross-border payments.

The Federal Reserve is providing banks with instant payment services through FedNow, highlighting that the float period for fund transfers is an issue. This launch has received mixed reviews and does not offer the flexibility of programmable money that stablecoins have. The Fed and Treasury have been exploring central bank digital currencies (CBDCs), which would be a form of digital asset.

JPMorgan has an internal stablecoin, JPM Coin, backed by deposit certificates, which can be used for intrabank payments and settlements. JPM Coin's transaction volume has reached $1 billion per day, and it is expected to save $20 million in 2023 on repo transactions.

Societe Generale has launched a euro-denominated stablecoin, SG-FORGE, situated on a public blockchain and usable on the BitStamp exchange.

PayPal introduced a stablecoin (PUSD) to its 435 million customers last year, allowing them to convert stablecoins to Bitcoin and pay retail purchase fees. Soon, it may enable cross-border payments.

Figure Technologies is issuing an interest-bearing stablecoin, with each token priced at $0.01. This stablecoin requires a KYC/AML whitelist and SEC approval. This structure seems similar to the Arca US Treasury Fund, which issued ArCoin, a tokenized low-volatility security backed by US Treasuries.

Recently, US lawmakers proposed a stablecoin regulation bill that would require stablecoins to have one-to-one fiscal backing and ban algorithmic stablecoins.

Building on BUIDL

As the world's largest asset manager tokenizes its first fund, the market is starting to pay more attention. Tokenization requires issuing a digital representation of an asset or instrument. It is exciting to see institutions turning into reality what the digital asset world has been talking about since 2018.

A significant initial step has been the tokenization of '40 Act' funds and the thought process of improving efficiency. Tokenized US Treasury funds have exceeded $1 billion. Franklin Templeton reported that their '40 Act' funds "continue to enhance operational efficiency, including improved security, faster transaction processing, and reduced costs, to benefit fund shareholders through the use of blockchain-integrated systems."

Due to regulatory uncertainty, tokenized bonds are more prevalent outside the US. HSBC tokenized $600 billion in government bonds issued in four different currencies. Native digital bonds reduced settlement time from five days (T+5) to one day (T+1). Rating agency Moody's has rated many tokenized bonds, adding to their legitimacy.

Tokenized mortgages have emerged in the US, with the largest being Figure Technologies, who not only tokenized HELOCs and mortgages but also rated tokenized securitized products. They have also launched the DART system, which is both a lien and an electronic note registry, aimed at breaking MERS' current monopoly on the $19.3 trillion US mortgage market.

Even investment banks are offering tokenization services to their clients, particularly Citi and Goldman Sachs. And this is just the beginning.

Institutions are building and providing digital asset tokenization products. The benefits of blockchain technology are undeniable for capital markets and institutions. Change is difficult, and upgrading old banking technology infrastructure is as well. But this is the future of finance.