2025 年 07 月 23 日 打破资产边界：RWA 和数字资产全 解析 ——全球货币体系重构与人民币国际化系列之四 相关研究 《从稳定币应用场景展望人民币国 际化的未来——全球货币体系重塑 和人民币国际化系列之三》 2025/06/22 《美元"稳定币"未必"稳定"—— 全球货币体系重构与人民国际化系 列之二》 2025/06/02 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 涂锦文 A0230525070006 tujw@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 风险提示：底层资产风险、技术与安全风险、市场与流动性风险。 策 略 研 究 证 券 研 究 报 告 大 类 资 ...

2025 年 06 月 22 日 从稳定币应用场景展望人民币国际 化的未来 ——全球货币体系重塑和人民币国际化系列之三 相关研究 《美元"稳定币"未必"稳定"—— 全球货币体系重构与人民国际化系 列之二》 2025/06/02 《人民币国际化的进程、前景与机遇 ——全球货币体系重构与人民币国 际化系列之一》 2025/05/17 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 涂锦文 A0230123070009 tujw@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 大 类 资 产 配 置 ⚫ 前言：在《美元"稳定币"未必"稳定"——全球货 ...

Core Insights - The core concept of RWA (Real World Assets) is to utilize blockchain technology for asset ownership verification and fragmentation, enabling high-value assets like commercial real estate to be divided into multiple token units [1] Group 1: Technological Implementation - The implementation involves three key stages [2] - Tokenization of assets allows for fractional ownership, significantly lowering investment thresholds, as seen with platforms like RealT and Maecenas [1][3] - The tokenization of carbon credits by Toucan Protocol has reduced trading costs by 82% and increased market liquidity by 12 times [4] - Goldman Sachs and Coinbase's collaboration on tokenized treasury funds has shown a 300% increase in turnover rates for institutional investors [5] - The TradeLens platform by Maersk and IBM has reduced trade financing processing time from 7 days to 15 minutes, improving capital utilization by 65% [5] Group 2: Market Dynamics - The democratization of alternative investments is exemplified by Maecenas, which has lowered the investment threshold for high-value art pieces from millions to hundreds of dollars [3] - Traditional financial giants like BlackRock and Morgan Stanley are entering the RWA space, with BlackRock's BUIDL fund managing over $5 billion [7] - Regulatory frameworks are evolving, with the EU's MiCA legislation and Singapore's Project Guardian establishing standards for tokenized assets [8] Group 3: Ecosystem Innovations - The Decentraland platform is exploring virtual real estate collateralized lending, enhancing the utility value of digital assets by three times [9] - Legal structures are being established to protect token holders' rights and ensure asset risk isolation through special purpose vehicles (SPVs) [10] - The value anchoring mechanism using Chainlink oracles for real-time asset valuation updates is being implemented [10] Group 4: Future Outlook - The true value of RWA extends beyond technology, fundamentally reshaping asset allocation logic and breaking traditional financial market constraints [12] - PwC predicts that by the 2030s, the market for tokenized assets will exceed $16 trillion, representing 14% of global GDP [12]