全球货币变局研究九：代币化，货币、金融的历史性变革

Group 1: Macro Trends - The global monetary and financial systems may undergo significant changes in the next 5 to 10 years, driven by the development of stablecoins and Real World Assets (RWA) [2] - Stablecoins and RWA could create a parallel, decentralized monetary and financial system outside the current centralized frameworks [2] - The transformation brought by stablecoins and RWA may be as impactful as the advancements in AI on the global economy [2] Group 2: Stablecoins - The trust in centralized accounting systems is declining due to excessive issuance of fiat currencies, particularly after the 2008 financial crisis [16] - Stablecoins, primarily backed by fiat currencies like the US dollar, account for 99% of the stablecoin market since 2014 [17] - The emergence of stablecoins addresses the volatility of cryptocurrencies, allowing for decentralized circulation while maintaining a degree of stability [19] Group 3: RWA (Real World Assets) - RWA represents the tokenization of real-world assets on the blockchain, similar to Asset-Backed Securities (ABS) but utilizing decentralized platforms [24] - The development of RWA could establish a new financial market on the blockchain, allowing investors to manage wealth without reverting to centralized financial systems [25] - RWA can function as a form of currency, enabling transactions without the need to convert assets into fiat currency [30]