“基金代币化”海外正当红，华尔街看到了什么？

Core Insights - The global fund tokenization market is experiencing explosive growth, with major Wall Street firms entering this emerging field. Goldman Sachs reports that the asset management scale of tokenized assets reached $23 billion in the first half of this year, a staggering 260% increase since January. The total market value of tokenized government bonds has reached $7.5 billion [1][4]. Group 1: Market Growth and Projections - Goldman Sachs predicts that by 2030, tokenized funds will account for 1% of the global asset management scale, exceeding $600 billion. This growth is not limited to traditional money market funds but also includes private equity and other alternative asset tokenization [1][4]. - The tokenized fund market is expected to expand significantly from $40 billion in 2023 to $317 billion by 2028, with growth concentrated in private equity, private debt, real estate, and other alternative strategies [4]. Group 2: Institutional Participation - Major institutions such as BlackRock, Fidelity Investments, and Goldman Sachs Asset Management are participating in the initial launch of tokenized money market fund solutions, indicating a growing demand for blockchain-native liquidity [2][8]. - The collaboration between Goldman Sachs and BNY Mellon to launch the first tokenized money market fund solution in the U.S. marks a significant milestone for this innovative financial instrument [1][8]. Group 3: Regulatory Environment - The global regulatory environment is becoming increasingly favorable for fund tokenization, with regulators taking a positive stance that creates conducive conditions for market development. For instance, the Hong Kong Securities and Futures Commission approved the world's first tokenized money market ETF in April 2025 [9]. - The UK's Financial Conduct Authority has supported industry efforts and recognized the potential of fund tokenization, planning to consult on guidance to support the tokenization model by Q3 2025 [9]. Group 4: Alternative Assets and Innovations - Tokenization of private equity and alternative assets is gaining attention, with 54% of institutional investors listing private equity as their preferred tokenized alternative investment [4]. - Apollo's diversified credit fund offers tokenized private credit strategies, allowing qualified institutions to invest within a compliant framework [5].