疯涨的“股票代币化”

Core Viewpoint - The article discusses the emerging competition between the U.S. and China regarding Real World Assets (RWA) and stablecoins, highlighting the significance of the "Genius Act" signed by former President Trump, which aims to solidify the dollar's status as the world's reserve currency and regulate the stablecoin market [3][4][32]. Group 1: RWA and Stablecoins - RWA stands for Real World Asset, which refers to the process of tokenizing physical assets like real estate, commodities, and bonds using blockchain technology [13][14]. - The RWA market is projected to reach $16.1 trillion by 2030, accounting for 10% of global GDP, with current RWA assets (excluding stablecoins) amounting to $245.5 billion [18][20]. - The introduction of RWA technology allows for the digitization and fragmentation of physical assets, enhancing liquidity and accessibility for ordinary investors [22][27]. Group 2: Regulatory Developments - The "Genius Act" marks a significant step in U.S. stablecoin regulation, aiming to maintain the dollar's dominance in the global financial system [7][32]. - Hong Kong's "Stablecoin Ordinance," effective August 1, represents a competing regulatory framework that could challenge U.S. dominance in the stablecoin space [8][30]. - The U.S. Treasury Secretary has projected that the stablecoin market could grow to $3.7 trillion by 2030, emphasizing the economic benefits of stablecoins [31][32]. Group 3: Market Dynamics and Challenges - Robinhood's introduction of stock tokenization has garnered attention, but it faces challenges such as liquidity issues and potential market manipulation [17][41]. - Regulatory bodies are scrutinizing Robinhood's practices, raising concerns about the distinction between real equity and derivatives in tokenized stocks [42][46]. - The article warns that while RWA technology offers efficiency, it also opens the door to potential illegal activities due to regulatory gaps [47]. Group 4: Future Outlook - Financial institutions in mainland China are accelerating their efforts to engage with the RWA and stablecoin markets, with many obtaining licenses to provide related services [48]. - The competition between the U.S. and China in the RWA space is intensifying, with the potential for significant shifts in the global financial landscape [50][51].