代币化基金，孤注一掷？

Core Viewpoint - Huaxia Fund (Hong Kong) has successfully issued tokenized funds in USD and RMB, completing its layout across three major currencies, amidst uncertainties in regulation, technology, and market perception [1][9]. Group 1: Tokenized Funds - Tokenized funds convert traditional currency fund shares into digital tokens that can circulate on the blockchain, maintaining the same underlying assets as traditional money market funds [1][2]. - The disruptive potential of tokenized funds lies not in returns or safety, but in the transformative possibilities brought about by their new form [1][2]. Group 2: Market Context - Over 95% of stablecoins are pegged to the US dollar, with over 80% of transactions occurring outside the US, indicating a significant global expansion of the dollar through digital means [5][6]. - China's passive avoidance of virtual currencies could lead to a loss of influence in the emerging global financial order, necessitating an active embrace of digital currencies and related innovations [6][8]. Group 3: Regulatory Developments - Recent legislative actions in Hong Kong, including the passage of the Stablecoin Ordinance and the release of the Hong Kong Digital Asset Development Policy Declaration 2.0, aim to position Hong Kong as a leading hub for digital assets and Web3 innovation [9]. Group 4: Industry Dynamics - The financial industry must adapt to avoid obsolescence, as traditional models face disruption from Web 3.0 technologies like blockchain and smart contracts [10][11]. - The transition from traditional fiat systems to blockchain-based stablecoins is expected to revolutionize the financial ecosystem within the next 5 to 10 years [11][12]. Group 5: Competitive Landscape - Huaxia Fund (Hong Kong) recognizes the urgency to innovate in a competitive landscape, where failure to adapt could lead to decline [13][21]. - The success of established players like BlackRock, which launched a tokenized fund that quickly grew to nearly $2.9 billion in assets, demonstrates the viability of this path [18][19]. Group 6: Strategic Intent - Huaxia Fund (Hong Kong) aims to capture the trillion-dollar offshore RMB asset management demand by establishing itself as a core player in the digital finance space [19][20]. - The company’s first-mover advantage in the tokenized fund market positions it favorably against potential competitors who may face significant entry barriers [20].