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Author: Anlise Osborne, author of “From a hooded to a suit: the innovation of digital assets of traditional finance”, the book was published in June 2024.Source: Coindesk; Compilation: Five baht, Bitchain Vision
The “Envoy Year” is usually considered to compress the one -year innovation to the time span that usually takes seven years.In other words, when innovation is adopted, the institution will not take action in the encryption year.They tested behind the scenes and gradually built, these projects began to bloom like spring flowers and cherry blossoms.
The recent headline news is the world’s largest asset management company BlackRock, and the business minds with forward -looking thinking have launched a blockchain -based agent supported by the U.S. TreasuryCurrency funds.Giants such as Franklin Templeton, Hamilton Lane, and Wisdomtree have visited the “40 Act” fund token.KKR, Apollo, and Hamilton Lane have also carried out tokenization of private equity funds.Morgan Chase has proven to save the tokenization and actual cost savings of the repurchase market.French Industrial Bank, HSBC and Bank of Europe have issued token -based bonds.But these are just a few.
Many concept verification is in progress, such as Citi, Wisdomtree and Wellington’s cooperation in the private market.Project Guardian has brought together many banks and trading rivals to completely change wealth management.DTCC, SWIFT, Belle, Barclays, Barclays, Morgan Chase, Barclays, Citi, Pioneer and other institutions have tried in settlement and liquidation.
By using blockchain technology and digital assets, the efficiency of the capital market has been achieved and progressing.This is not a short -lived fashion.
Let’s explore two key cases: 1. Digital currency or stablecoin; 2. The tokenization of traditional investment opportunities is usually called “real world assets” (RWA).
Stabilized currency: just like lightning
Stable currency is a cryptocurrency, which aims to have “stable” value and is usually supported by currency or stable assets.The pillar of the capital market is currency, and the stable currency is the digital copy of the currency.Like all cryptocurrencies, the stable currency will immediately transfer ownership, rather than settlement or floating later.They are also programmable.The market value of stable currency is as high as 157 billion US dollars.
Since the use of credit cards and debit cards and mobile wallets, dependence on cash or legal currencies has been significantly reduced.In 2023, US cash payment accounted for only 12%of the transaction volume.Most bank transfer, salary payment, and bills are a series of numbers transferred between banks and accounts, not 100 dollars of banknotes or gold bars of a truck.How much cash do you have at hand?
More importantly,The financial market is global.The market time with a stablecoin of 24x7x365 opened the window.The institution’s interest in stable currency can be prominent through settlement, capital management and cross -border payment.
The Fed is providing the bank with a real -time payment service FedNow, which highlights that the floating period of capital transfer is a problem.The launch of this time has been evaluated by different praise, and does not provide the flexibility of a programmable currency that stabilizes currency.The Federal Reserve and Treasury Minister have been studying the Central Bank Digital Currency (CBDC), which will be a digital asset.
Morgan Chase has an internal stable coin JPM Coin, which is supported by deposit vouchers. It can be used to pay transfer and settlement within the bank.The transaction volume of JPM Coin has reached $ 1 billion per day. It is expected that repurchase transactions in 2023 can save $ 20 million.
French Industrial Bank has launched a stablecoin SG-FORGE for euro-pricing, which is located on the public blockchain and can be used on the BitStamp exchange.
PayPal launched a stablecoin (PUSD) to its 435 million customers last year, allowing them to exchange stable coins into Bitcoin and pay retail investors’ purchase fees.Soon, it may achieve cross -border payment.
FIGURE Technology is issuing a interest -stabilized currency, which is priced at $ 0.01 each token.The stability requires KYC/AML white list and SEC approval.This structure seems to be similar to the ARCA US Treasury Treasury Fund. The fund issued Arcoin, a tokenized low -volatility securities supported by US Treasury bonds.
Recently, the US legislators have proposed a stabilized currency supervision bill, requiring one -to -one financial support to stable currency, and prohibiting algorithm stabilization.
Built on Build
As the world’s largest asset management company has turned its first fund token, the market has begun to pay more attention.The tokenization requires the number of assets or tools.It is exciting that the institution has turned the Digital Assets World since 2018 into a reality.
The first major steps taken were the tokenization of the “40 Act” fund and considering the thinking process of improving efficiency.Vigatized U.S. Treasury funds have exceeded $ 1 billion.Franklin Dunpton reported that their 40 ACT fund “continued to improve operating efficiency by using the blockchain integration system, including improving security, accelerating transaction processing and reducing costs, which benefited fund shareholders.”
Due to the uncertainty of supervision, token bonds are even more common outside the United States.HSBC banks to tokenize the 600 billion Hong Kong dollar government bonds issued by four different currencies.Native digital bonds reduced the settlement time from five days (T+5) to one day (T+1).Moody’s rating agency Moody’s rating has rated many tokens -based bonds, adding its legitimacy.
Tokenshumin pledge loans have appeared in the United States.The biggest in this field is Figure TechNologies. They not only have tokenization of HeloC and pledge loans, but also conduct rated tokenization securitizations.They also launched the DART system. The system is both the rights and electronic bill registration system, which aims to break MERS’s monopoly on the US $ 1.9.3 trillion US mortgage market.
Even investment banks are providing customers with token services, especially Citi and Goldman Sachs.And this is just the beginning.
The institution is building and providing digital assets token products.The benefits of blockchain technology are unavailable by the capital market and institutions.Change is difficult, as is upgrading old banking technical infrastructure.However, this is the future of finance.
