殷剑峰：从定价效率到系统冲击，资产代币化或将重塑传统金融格局

Core Insights - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing essential support to the real economy [1][2] - Asset tokenization (RWA) is transitioning from a technical concept to practical financial applications, becoming a forefront topic in global financial innovation [1][5] - The RWA market has reached a scale of $25 billion, indicating rapid growth and increasing institutional penetration [5][6] Group 1: Asset Tokenization - RWA market size surpassed $25 billion by Q2 2025, reflecting trends of accelerated institutional involvement and regulatory improvements [6] - Asset tokenization enhances asset pricing and trading efficiency, offering features like programmability, divisibility, and composability, while supporting 24/7 peer-to-peer atomic settlement [6][10] - The ease of tokenization varies by asset type, with highly liquid and transparent assets being easier to tokenize compared to complex legal and illiquid assets [6][7] Group 2: Risks and Challenges - Two primary risks in asset tokenization include the potential for misrepresentation of real-world assets before they are tokenized and the allowance of excessive leverage and complexity in tokenized transactions [8][9] - Financial regulation must focus on transparency in asset design and trading structures to mitigate risks associated with asset tokenization [9][15] Group 3: DeFi and Future Implications - The emergence of decentralized finance (DeFi) is seen as a foundational element for financial activities in the virtual world, potentially leading to unprecedented disruptions in traditional financial systems [10][12] - DeFi can address issues like information asymmetry and market inefficiencies, providing reliable financial services to unbanked populations and enabling investments in previously inaccessible markets [12][14] - The potential for traditional financial institutions to face disintermediation is significant, as asset tokenization may lead to a shift away from conventional capital markets [14][15]