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Author: anneelise osborne Source: CoinDesk Translation: Shan Oba, Bitchain Vision Realm
People often say that the “encrypted year” integrates one year of innovation into the time span that usually takes seven years.Just like the Year of the Dog.In other words, in the era of cryptocurrency, institutions will not take action when using innovation.They tested behind the scenes and slowly 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 (BlackRock) launched a blockchain -based agent supported by US Treasury bonds (BUIDL) supporting and starting on public blockchain with forward -looking business minds.Currency funds.Giants such as Franklin Templeton, Hamilton Lane, and Wisdom Tree have already cisaired the “40 Act” fund token.KKR, Apollo, and Hamilton Lane have also carried out tokenization of private equity funds.Morgan Chase has demonstrated the tokenization and actual cost of the repurchase market.French Industrial Bank, HSBC and Bank of Europe have issued token -based bonds.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.This list is wider, but you have already understood the situation.
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 instead of settlement or floating later.They are also programmable.The market value of stablecoins is as high as $ 157 billion.
Since the use of credit cards and debit cards and mobile wallets, dependence on cash or legal currencies has been significantly reduced.For retail sales in 2023, US cash payment accounts 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 stabilization currency is 24/7/365 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 launched a stablecoin SG-Forge for euro-denominated currency, 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 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.这种结构看起来与 Arca 美国国债基金类似，该基金发行 ArCoin，一种由美国国债支持的代币化低波动性证券。
近期，美国立法者提出了一项稳定币监管法案，要求对稳定币进行一对一的财政支持，并禁止算法稳定币。
Building based on BUIDL
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.令人兴奋的是看到机构将 2018 年以来数字资产世界一直在谈论的事情变成现实。
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.
Vigatization mortgage loans have appeared in the United States the biggest in the United States is Figure TechNologies. They not only regarded HeloC and mortgage loans, but also conducted rated token securitization.They also launched the DART system, which is both the rights and electronic bill registration offices. It 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.But this is the future of finance.
