Core Insights - The global fund tokenization market is experiencing explosive growth, with major Wall Street firms entering this emerging field [1] - Goldman Sachs reports that the asset management scale of tokenized assets reached $23 billion in the first half of the year, a 260% increase since January [1] - By 2030, tokenized funds are expected to account for 1% of global asset management, exceeding $600 billion [1] Group 1: Tokenized Money Market Funds - Tokenized money market funds are leading the innovation wave, with over 335 types of tokenized physical asset products currently operating on-chain [2] - BlackRock's BUIDL fund, in collaboration with Securitize, has surpassed $2.9 billion in assets under management, becoming the largest tokenized money market fund globally [2] - The participation of major institutions indicates a growing market demand for blockchain-native liquidity [2] Group 2: Alternative Assets and Private Equity - Tokenization of private equity and alternative assets is gaining attention, with the market projected to expand from $40 billion in 2023 to $317 billion by 2028 [3] - A PwC survey indicates that 54% of institutional investors prefer private equity as their choice for tokenized alternative investments [3] - Apollo's diversified credit fund offers tokenized private credit strategies, providing compliant investment opportunities for qualified institutions [3] Group 3: Milestones in Tokenized Money Market Funds - The collaboration between Goldman Sachs and BNY Mellon marks a significant milestone for tokenized money market funds in the U.S. [6] - This solution allows U.S. fund management companies to subscribe to money market fund shares through BNY Mellon's LiquidityDirect platform, utilizing Goldman Sachs' blockchain-based GS DAP platform [6] - The potential of tokenized funds can alleviate friction in collateral management, enhancing the value of asset classes [6] Group 4: Regulatory Environment - Global regulatory bodies are generally adopting a positive stance towards fund tokenization, creating favorable conditions for market development [7] - The Hong Kong Securities and Futures Commission approved the world's first tokenized money market ETF in April 2025, indicating strong interest in interoperable token formats [7] - The UK's 2023 fund tokenization implementation blueprint aims to improve market efficiency and transparency, with the Financial Conduct Authority supporting industry efforts [7]

全球基金代币化市场正迎来爆发式增长，华尔街巨头纷纷入局这一新兴领域。 据高盛最新报告，今年上半年代币化资产管理规模已达230亿美元，较1月份暴增260%。其中代币化国 债市场总市值更是达到75亿美元。 高盛预计，到2030年代币化基金将占全球资产管理规模的1%，超过6000亿美元。不仅仅是传统的货币 市场基金，私募股权等另类资产代币化也在快速跟进。 高盛认为，这一惊人增长背后，反映的是机构投资者对区块链技术在传统金融领域应用认可度的显著提 升。 报告指出，高盛近期与纽约梅隆银行合作推出美国首个代币化货币市场基金解决方案，标志着这一创新 金融工具在美国市场的正式落地。贝莱德、富达投资、高盛资产管理等知名机构参与了初期发布。 高盛认为，全球基金代币化快速发展得益于日益完善的全球监管环境和机构投资者对提升流动性、降低 成本需求的增长。 货币市场基金成代币化先锋 代币化货币市场基金正成为这轮创新浪潮的排头兵。据高盛报告，目前已有超过335种代币化实物资产 产品在链上运行，其中货币市场基金占据重要地位。 私募股权和另类资产代币化也在获得关注。 据高盛预测，代币化基金市场将从2023年的400亿美元大幅扩张至2028年的 ...