RWA浪潮来袭 全球证券监管机构却对“链上金融”按下风险提示键

Core Insights - The International Organization of Securities Commissions (IOSCO) has raised concerns about the risks associated with tokenized assets linked to traditional financial instruments like stocks and bonds, indicating significant regulatory challenges and a lack of consensus among major Wall Street investors [1][3]. Group 1: Tokenization and RWA - Tokenization refers to the process of mapping real-world assets (RWA) such as government bonds, loans, and real estate onto blockchain technology, creating programmable and transferable digital asset tokens [2]. - The monthly settlement volume of stablecoins has reached $1.25 trillion, more than doubling from the previous year, indicating a growing acceptance of blockchain-based financial transactions [2]. - The World Economic Forum highlights that tokenization can provide a unified ledger, real-time settlement, and programmable features, thereby reducing settlement risks and enhancing efficiency [2]. Group 2: Regulatory Concerns - IOSCO notes that most risks associated with tokenization fall within existing regulatory frameworks, but new risks may arise from underlying blockchain technology and transaction vulnerabilities [3]. - The structure of tokenized assets may create uncertainty for investors regarding their ownership of the underlying assets versus merely holding cryptocurrency tokens, raising counterparty risks [3]. - IOSCO warns that tokenized assets could be affected by spillover effects from the volatile cryptocurrency market, potentially leading to significant market disruptions [3]. Group 3: Adoption and Market Sentiment - Despite rising interest in tokenization among global businesses, actual adoption remains limited, with traditional financial institutions still relying heavily on existing market infrastructures [4][5]. - Major financial institutions express that the efficiency gains from blockchain transactions are not uniformly realized, as traditional systems continue to dominate the trading process [5]. - Concerns about legal clarity, operational risks, and market fragmentation persist, leading traditional investors to view the utility of RWA as limited [5].