Core Insights - The report by Ant Group's research institute presents a systematic path for the tokenization of real-world assets (RWA), suggesting that this could lead to a new economic era where assets can be tokenized and traded in real-time [1] - The three core pillars of this transformation are the tokenization of real-world assets, tokenized payment settlements, and a secure and trustworthy environment [1] Group 1: Current Market Landscape - The RWA market has reached a size of $24 billion as of July 2025, with nearly 90% concentrated in financial assets like private credit and U.S. Treasury bonds, indicating a structural imbalance [2] - The true potential of tokenization lies in addressing the financing needs of real industries, particularly small and medium-sized enterprises facing high financing costs [2] Group 2: Challenges in Tokenization - The tokenization process faces challenges such as verifying asset status, legal ownership issues, and the lack of standardized models for cash flow prediction and value assessment [2][3] - The report highlights that the core value of asset tokenization is "trust penetration," allowing financing decisions to be based on asset performance rather than the credit of the entity [3] Group 3: Payment Ecosystem Development - A three-tiered payment ecosystem is emerging, consisting of central bank digital currencies (CBDC), deposit tokens, and stablecoins, with stablecoins reaching a total market value of $266.6 billion by July 2025 [4][5] - The report emphasizes the need for a connected payment network to enhance the efficiency of fund flows across different systems [6] Group 4: Trust Mechanisms and Technology - The transition from virtual to real-world applications of token economies is hindered by trust mechanisms that still rely heavily on centralized entities [7] - Future solutions are expected to focus on technology-driven native trust, utilizing digital identities and zero-knowledge proofs to enhance privacy and compliance [8] Group 5: Ecosystem Collaboration and Value Consensus - Successful implementation of tokenization requires collaboration among industry players, financial institutions, regulatory bodies, and technology companies [9] - The report raises questions about the need for legal frameworks and ethical standards as tokenization redefines ownership, usage, and profit rights [10]
万物皆可上链？蚂蚁集团发布通证经济白皮书揭示价值互联新图景