代币化：概述及其对金融稳定性的影响-英-59页_1mb

Tokenization Overview and Analysis

Tokenization refers to the process of creating digital crypto tokens representing non-crypto assets, linking their price to the asset's value. This innovation connects the digital asset ecosystem to traditional finance, with design features including blockchain type (permissioned or permissionless), reference assets (e.g., commodities, real estate, financial securities), valuation mechanisms, custody services, and redemption options. As of May 2023, the market value of tokenized assets on permissionless blockchains was approximately $2.15 billion, showing growth in DeFi applications, particularly in real-world asset tokenization.

Key benefits include lower market entry barriers, improved liquidity, faster settlement, and enhanced price discovery, potentially revolutionizing access to otherwise inaccessible markets. However, financial stability risks arise from interconnections that could transmit shocks between crypto and traditional markets, such as volatility propagation, redemption runs, timing mismatches in trading hours, and the potential for tokenized assets to act as disguised high-risk instruments.

Currently, tokenization is at a small scale but has significant growth potential. Risks are tied to its expanding interconnections, with benefits and stability concerns requiring careful monitoring.