Tokenized US Treasury Market Cap "Surpasses $5 Billion": Who is the Current Leader in RWA?
原文标题:《代币化美债市值「突破 50 亿美元」,本月需求爆发,RWA 当前领头羊是谁?》
原文作者:James,动区动趋 BlockTempo
据 wa.xyz 数据显示,代币化美国国债市值本周首次突破 50 亿美元,仅两周内市值就激增 10 亿美元,主要由资产管理巨头贝莱德(BlackRock)和数字资产公司 Securitize 联手推出的代币化美债基金 BUIDL 推动。
目前,排名前五的代币化美国国债基金分别为:
· 贝莱德与 Securitize 的 BUIDL:17.02 亿美元
· Hashnote 的 USYC:7.65 亿美元
· 富兰克林邓普顿的 BENJI:6.93 亿美元
· Ondo Finance 的 USDY:5.94 亿美元
· Superstate 的 USTB:4.13 亿美元

代币化美债如今已站在代币化趋势的最前沿,成功吸引全球众多金融巨头与数字资产公司的关注。富达投资(Fidelity Investments)最近也成为最新一家尝试建立代币化货币市场基金的美国大型资产管理公司。上周,该公司已提交申请,希望在以太坊上推出美元货币市场基金的代币化版本。
富达数字资产管理部门主管 Cynthia Lo Bessette 表示,该公司看好代币化及其对金融服务行业的变革潜力,因为它能通过在各市场间有效获取与配置资本来提升交易效率。
代币化美债发展潜力
代币化美债允许投资者将闲置资金部署至区块链上以获取收益,其运作方式类似于传统的货币市场基金。此外,代币化国债正越来越多地作为 DeFi 协议的储备资产,另一个具有巨大潜力的使用场景是将代币化国债用于交易及资产管理活动中的抵押品。
道富银行也正在探索债券和货币市场基金的代币化可能性。道富银行产品主管 Donna Milrod 曾指出,抵押品代币本可以用来避免或缓解 2022 年英国养老基金所面临的负债驱动型危机,使养老基金和资产管理机构能够使用货币市场基金代币来满足保证金要求,而无需通过清算资产筹集现金。
代币化美债的优劣势
有些读者可能会好奇,既然传统美国国债与代币化后的资产本质上相同,为什么还需要特别购买代币化版本?以下是优缺点的对比:
传统美国国债的缺点:
· 跨境交易限制:传统美债在跨境交易时成本高、速度慢。
· 结算与交割效率低:传统金融交易通常需要 T+1 或更长的结算周期。
代币化美债的优势(基于区块链技术):
· 实现 24/7 即时清算,大幅提升交易效率。
· 打破地域与金融机构限制,促进全球资金流动。
不过,代币化美债也存在风险,例如如何落实 AML/KYC 规范,以防止洗钱与资金挪用。此外,区块链资产安全、智能合约漏洞及黑客攻击的潜在风险,一旦发生问题,可能会带来严重的系统性风险,这仍是整个行业需要克服的挑战。
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