在过去五十年里，金融业从邮寄速度的结算演变到以毫秒计的交易执行，如今代币化通过将资产所有权记录在数字账本上，被视为下一次飞跃。它旨在在各类市场中实现近乎即时的标准化结算，取代仍然主导大型私募资产（如房地产和基础设施）的纸质、定制化流程。

尽管代表现实世界资产的代币在全球股票和固定收益市场中仍只占很小比例，但在过去20个月里其规模已增长约300%，而且很多早期采用发生在发展中国家，近四分之三的加密资产持有者居住在西方以外。类似于1996年互联网的早期阶段，当时亚马逊销售额仅为1600万美元，而且今天多数最大的科技公司尚未成立，这表明代币化可能以超出预期的速度扩张。

政策优先事项集中在一致且技术中立的规则之上——即使资产位于区块链上，也仍然把“债券当作债券”来监管，同时配套投资者保护、严格的交易对手风险标准以及稳健的数字身份验证。只要监管者在提供这些护栏的同时允许创新，代币化就能扩大市场参与、降低交易成本，并帮助把传统资产、加密资产、ETF等产品整合进可互操作的体系中，而不重演类似1929年危机中出现的制度性失败。

I’m considering how regulators can create safeguards while still fostering innovation. Tokenisation could potentially make market access broader and reduce transaction costs. It might also help integrate traditional assets like crypto and ETFs into more cohesive systems—hopefully avoiding past institutional failures like those seen in 1929. Over the past five decades, finance has evolved significantly, moving from slow settlements to executing trades in milliseconds, and tokenisation promises further advancements.

I’m noticing that while tokens representing real-world assets are still a small part of global equity and fixed-income markets, they’ve grown about 300% in the last 20 months. Most early adopters live in developing countries. This reminds me of the internet's early days in 1996, when other tech giants hadn’t even started. I think if regulators create technology-neutral rules and buyer protections, tokenisation could really expand market access and lower transaction costs.

Over five decades, finance has shifted from mail-speed settlements to trades executing in milliseconds, and tokenisation now promises another step-change by putting asset ownership on digital ledgers. It aims to standardise near-instant settlement across markets, replacing paper-based, bespoke processes that still dominate large private assets such as real estate and infrastructure.

Source: Larry Fink and Rob Goldstein on how tokenisation could transform finance

Subtitle: Ledgers haven’t been this exciting since the invention of doubleentry book-keeping

Dateline: 12月 04, 2025 04:50 上午