可以大幅降低运营成本，并提高效率，同时还可以减少错误和欺诈。例如，可以使用稳定币或数字货币作为利息支付和赎回金额，而无需涉及传统中介机构，从而大幅降低成本。
2.4 资产可组合性
代币化可以通过提高资产可组合性来增加流动性和市场深度。通过将不同类型的资产代币化，可以将它们组合在一起，从而创建具有不同风险和收益特征的新产品。例如，可以将不同类型的债券代币化，然后将它们组合在一起，从而创建具有更高收益和更低风险的新产品。
三、代币化的挑战
尽管代币化具有广泛的应用前景和潜在的经济效益，但它仍然面临着许多挑战。以下是一些主要的挑战：
3.1 监管不确定性
代币化需要遵循严格的监管要求，包括证券法、反洗钱法和税收法规等。当前存在许多监管不确定性，尤其是在不同国家和地区之间的监管要求差异较大。这可能会导致代币化项目的推迟或失败。
3.2 技术挑战
代币化面临许多技术挑战，包括区块链技术的稳定性、安全性和可扩展性。此外，代币化需要与传统金融基础设施进行整合，这需要各方面的技术支持和协作。
3.3 价值认同
代币化需要获得广泛的价值认同，包括发行人、投资者和监管机构等各方面的认可。这需要代币化项目具备足够的透明度、流动性和可信度，以及合理的风险和回报特征。
3.4 传统金融基础设施改造
代币化需要对传统金融基础设施进行改造，包括托管、清算、结算和资产服务等方面。这需要整个价值链上所有玩家的参与和协作，以及巨大的投资和时间成本。
四、结论
代币化是数字货币和区块链技术的应用之一，可以带来诸多优势，包括提高资本效率、无须许可的民主访问、节省运营成本和资产可组合性等。尽管代币化面临许多挑战，但随着稳定币的大幅采用、代币化美债的重磅推出和监管框架的明确，代币化的第一波浪潮已经到来。麦肯锡预计到 2030 年，代币化市场的总市值可能达到约 2 万亿 – 4 万亿美元。下一波代币化浪潮可能由金融机构和市场基础设施参与者引领。1. The tokenization of assets is poised to significantly enhance operational efficiency within the issuance realm. This can be achieved through enhanced data clarity, automation, embedded compliance (such as coding transferability rules into tokens), and streamlined processes (e.g., asset intermediation services), resulting in at least a 40% efficiency boost. Furthermore, cost reduction, accelerated issuance speeds, or asset fractionalization can improve financing for small issuers by facilitating “instant” financing (i.e., optimizing borrowing costs by raising specific amounts at specific times) and leveraging a global capital pool to expand investor bases.
5.4 Repurchase Transactions
Repurchase agreements (Repos) exemplify tokenization adoption and its benefits today. Broadridge Financial Solutions, Goldman Sachs, and JPMorgan currently transact trillions monthly in repos. Unlike some tokenization use cases, repo transactions do not necessitate full value chain tokenization to realize tangible benefits.
Financial institutions tokenizing repos primarily enhance operational and capital efficiency. Operationally, smart contract-supported execution enables automation of daily lifecycle management (e.g., collateral valuation and margin calls), reducing errors and settlement failures while simplifying reporting. Capital efficiency-wise, 24/7 real-time settlement and on-chain data analytics cater to intraday liquidity needs through short-term borrowing, bolstering collateral to optimize capital efficiency.
Traditionally, most repos have had terms of 24 hours or longer. Intraday liquidity reduces counterparty risk, lowers borrowing costs, facilitates short-term incremental borrowing, and diminishes liquidity buffers.
Real-time, cross-jurisdictional collateral mobility enhances avenues for higher yields and quality flow of assets, optimizing asset availability among market participants.
6. After the First Wave of Tokenization
The tokenization market is steadily advancing, expected to accelerate with enhanced network effects. Certain asset classes may enter significant adoption stages faster, with tokenized asset volumes exceeding $100 billion by 2030.
McKinsey forecasts initial asset categories to include cash and deposits, bonds, mutual funds, ETFs, and private credit. Stablecoins, benefiting from blockchain efficiency, yield, and regulatory feasibility, already demonstrate high adoption rates.
McKinsey estimates tokenized market values across all asset categories could reach about $20 trillion by 2030, with pessimistic and optimistic scenarios ranging between approximately $10 trillion to $40 trillion, driven primarily by the following assets. This estimate excludes stablecoins, tokenized deposits, and central bank digital currencies (CBDCs).
7. How Financial Institutions Should Respond
Whether tokenization is at a turning point prompts the natural question of how financial institutions should respond. While specific timing and adoption remain unclear, early experiments by institutions with certain assets and use cases (e.g., money market funds, repos, private funds, corporate bonds) indicate potential scalability in the next two to five years. Those aiming to lead in this ecosystem may consider the following steps.
7.1 Reevaluate Core Business Cases
Institutions should reassess specific advantages and value propositions of tokenization, implementation approaches, and costs. Understanding higher rates and volatile public market impacts on specific assets or use cases is crucial for assessing potential tokenization benefits. Continuously exploring provider landscapes and understanding early tokenization applications aids in refining cost and revenue estimates for the technology.
7.2 Build Technological and Risk Capabilities
Regardless of their current position in the tokenization value chain, institutions need foundational knowledge and capabilities to prepare for the new wave. Fundamental understanding of tokenization technology and related risks—particularly blockchain infrastructure and governance responsibilities (who can approve what and when), token design (asset restrictions and enforcement), and system design (decisions on ledger and record storage and their impact on asset holder nature)—is crucial. This understanding of basic principles also helps maintain proactive communication with regulatory agencies and clients in subsequent stages.
7.3 Establish Ecosystem Resources
Given the current fragmented nature of the digital world, institutional leaders must timely devise ecosystem strategies to integrate into other (traditional) systems and partners to maintain competitive positions.
7.4 Engage in Standard Setting
Finally, institutions aspiring to lead in tokenization should maintain communication with regulatory bodies, offering advice on emerging standards. Examples of critical areas for standard formulation include control (i.e., appropriate governance, risk, and control frameworks to protect ultimate investors), custody (what constitutes qualified custody of tokenized assets on private networks, when to use digital twins versus digital native records, what constitutes good control positions), token design (support for types of token standards and related compliance engines), and blockchain support and data standards (which data are kept on-chain versus off-chain, reconciliation standards).
8. The Path Forward
Comparing the current state of the tokenization market with significant paradigm shifts in other technologies indicates that we are in the early stages of market evolution. Consumer technologies (e.g., the internet, smartphones, social media) and financial innovations (e.g., credit cards and ETFs) typically exhibit the fastest growth in the first five years after birth (over 100% annually). Thereafter, we observe a slowdown to around 50% annual growth, eventually achieving a more moderate compound annual growth rate of 10% to 15% over a decade.
While tokenization trials began as early as 2017, mass issuance of tokenized assets has only recently emerged. According to McKinsey’s assumptions about the tokenization market by 2030, all asset categories’ average compound annual growth rate is 75%, with those from the first wave of tokenization leading the pack.
Despite reasonable expectations that tokenization will drive transformation in the financial industry over the coming decades and mainstream financial institutions such as Blackrock, Franklin Templeton, and JPMorgan actively participating, many more institutions remain in a “wait-and-see” mode, awaiting clearer market signals.
We believe the tokenization market is at a critical juncture. Once significant signs emerge, tokenization processes will rapidly advance, including robust infrastructure (blockchain technology supporting trillions in transaction volumes), integration (seamless interconnection of blockchain for various applications), enablers (widespread availability of tokenized cash, e.g., CBDCs, stablecoins, tokenized deposits for instant settlement transactions), demand (buyer interest in large-scale on-chain investment products), and regulation (actions providing certainty and supporting a fairer, more transparent, and efficient financial system across jurisdictions, with clear data access and security).
While we await more catalytic signs, we expect a wave of mass adoption to follow closely behind the previously described first wave of tokenization. Financial institutions and market infrastructure participants will lead together to capture market value and establish leadership positions.
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