智通财经APP获悉，12月18日，由复星财富控股与星路科技联合主办的"Web5生态"峰会在香港成功举 办。来自政府机构、金融监管部门及数字资产领域的多位嘉宾出席会议，围绕代币化金融、数字资产发 展及金融科技创新展开深入交流。香港财经事务及库务局副局长陈浩濂在会上表示，特区政府正积极研 究代币化债券发行及交易的法律和监管框架，并探讨进一步优化相关制度安排，推动香港债券市场引入 代币化技术应用。 陈浩濂同时透露，香港金融管理局正稳步推进多项数码货币及代币化相关项目，包括推动商业银行探索 推出代币化存款，以及促进真实世界资产(RWA)的代币化交易，为金融市场注入创新动能。 与会嘉宾普遍认为，随着政策环境逐步明朗、技术持续成熟，代币化金融和数字资产有望成为香港金融 市场的重要增长引擎，为全球投资者提供更多元化的投资选择。 他指出，通过代币化手段，可提升金融产品的效率、透明度及流动性，丰富香港在代币化及数字资产领 域的产品种类，巩固香港作为国际金融中心的竞争优势。 ...

英国央行（BoE）与国际清算银行（BIS）的密集警示，让"稳定币是金融创新引擎还是系统性风险 源"成为了全球金融界亟待解答的核心命题。 2025年，全球金融格局正被稳定币的爆发式增长所重塑。这种以美元等法定货币为背书的数字资产，在 短短两年内从小众资产进阶为系统性议题。英国央行（BoE）与国际清算银行（BIS）的密集警示， 让"稳定币是金融创新引擎还是系统性风险源"成为了全球金融界亟待解答的核心命题。 稳定币的爆发式崛起：从小众资产到系统性议题 稳定币的扩张速度刷新了金融行业的认知，其规模与影响力跃升已超出市场预期。2024年年中，全球仅 约60种稳定币流通，总市值为1250亿美元；不到两年的时间里，稳定币的种类已突破170种，总市值翻 倍至2550亿美元，且几乎全以美元计价，凸显了美元在稳定币生态中的主导地位。 市场集中度问题尤为突出，两家头部发行商掌控着约90%的市场份额，形成了危险的垄断格局。这种高 度集中的市场结构意味着，单一机构的运营风险或决策失误都可能引发全行业得连锁反应。花旗集团预 测，到2030年全球稳定币的发行量有望达3.7万亿美元，规模将比肩中型主权债券市场，其对全球流动 性、货币主权及传 ...

Group 1: Digital Asset Regulation in Hong Kong - Hong Kong is working to establish a safe and reliable digital asset platform, with final regulatory frameworks for digital asset trading and custody services being developed [1] - The market size for tokenized financial products in Hong Kong is approximately $3 billion, with increasing adoption of products like green bonds and retail gold products [1] - Many tokenized pilot projects are still in early stages, with room for improvement in efficiency and cost reduction, although many products still rely on fiat currency for cash settlement [1] Group 2: Private Credit Market Insights - The financial landscape has significantly changed since the 2008 financial crisis, with the implementation of Basel III increasing capital and liquidity requirements for banks, leading to the rise of private credit [2] - Global private equity assets under management have grown several times to $14 trillion over the past decade, with leverage shifting from banks to non-bank institutions [2] - The increase in retail investor participation in private credit necessitates regulatory scrutiny of the private credit ecosystem and its connection to the financial system [2]

Market Overview - The U.S. government has ended its longest shutdown lasting 43 days, with President Trump signing a temporary funding bill, resulting in an estimated economic loss of approximately $1.5 trillion [1][2] - The International Monetary Fund (IMF) has observed signs of economic weakness in the U.S., predicting that the GDP growth rate for Q4 will be lower than the previously forecasted 1.9% due to the impact of the government shutdown [1][2] Economic Indicators - The U.S. Bureau of Labor Statistics was unable to release the October Consumer Price Index (CPI) report due to the government shutdown, with indications that the data may never be published [2] - The Federal Reserve officials have expressed differing views on monetary policy, with some advocating for caution regarding further rate cuts, while others believe it is too early to decide on December actions [2] Global Market Dynamics - The Dow Jones Industrial Average fell by 1.65% to 47,457.22 points, the S&P 500 dropped by 1.66% to 6,737.49 points, and the Nasdaq Composite decreased by 2.29% to 22,870.36 points [3] - U.S. Treasury yields increased across various maturities, with the 10-year yield rising by 5.18 basis points to 4.121% [3] Commodity Prices - COMEX gold futures decreased by 0.93% to $4,174.5 per ounce, while COMEX silver futures fell by 2.30% to $52.23 per ounce [4] - Crude oil prices saw a slight increase, with the main U.S. contract rising by 0.19% to $58.6 per barrel and Brent crude increasing by 0.29% to $62.89 per barrel [5] Currency Exchange Rates - The U.S. dollar index declined by 0.30% to 99.18, with the euro and British pound appreciating against the dollar [6]

Core Viewpoint - Bank of China (Hong Kong) has successfully completed two production verifications during the trial phase of the Hong Kong Monetary Authority's Ensemble project, marking significant advancements in the tokenization of deposits and interbank transactions [2]. Group 1: Tokenization Achievements - Bank of China (Hong Kong) has utilized its newly established blockchain infrastructure to tokenize customer deposits for subscribing to a tokenized category of Hong Kong dollar money market funds, achieving real-time settlement [2]. - The bank has also completed multiple interbank transactions involving tokenized deposits through the Ensemble project's interoperability platform [2]. Group 2: Future Exploration - The bank's Vice President, Xing Guiwei, stated that as a participant in the Ensemble pilot program, the bank has successfully built its own blockchain platform and connected to the HKMA's Ensemble infrastructure, effectively practicing the concept of tokenized products [2]. - Looking ahead, Bank of China (Hong Kong) plans to further explore the tokenization of financial assets and steadily advance the application of tokenization in traditional financial assets, contributing to the improvement of the tokenization ecosystem and exploring its value for the development of the real economy [2].

Core Insights - The Hong Kong Monetary Authority (HKMA) has launched EnsembleTX, marking a significant step in the real trading of tokenized deposits and digital assets in a controlled trial environment [1][2] - EnsembleTX will operate until 2026, laying a solid foundation for future innovations in the tokenized ecosystem [1] - The initial focus of EnsembleTX will be on facilitating the use of tokenized deposits in the tokenized currency market fund transactions for real-time liquidity and funding management [1] Group 1 - EnsembleTX represents a transition from concept validation to real transactions, showcasing Hong Kong's pioneering role in shaping the future of digital finance regionally and globally [2] - The trial environment will gradually upgrade to support 24/7 settlement of tokenized central bank currencies, promoting the continuous development of Hong Kong's broader tokenized ecosystem [1][2] - The HKMA and the Securities and Futures Commission (SFC) will collaborate closely to advance the practical application of tokenization technology across various asset classes and use cases in the financial industry [2] Group 2 - HKMA President Eddie Yue emphasized that EnsembleTX combines innovation and practice, providing tangible benefits to market participants [2] - SFC Chief Executive Ashley Alder highlighted that interoperability is crucial for the scalable development of tokenized investment products, and the recent measures signify an important step towards achieving this goal [2]

Core Insights - The Hong Kong Monetary Authority (HKMA) announced the "FinTech 2030" vision during the Hong Kong FinTech Week 2025, aiming to establish Hong Kong as a robust, resilient, and forward-looking international fintech hub [1][2] Group 1: Key Focus Areas - The "FinTech 2030" initiative focuses on four key areas, collectively referred to as "DART," which includes over 40 specific projects [1] - Development of a new generation of data and payment infrastructure to support secure, efficient, and scalable data sharing, enhancing cross-border payment connectivity, and creating new opportunities for businesses and citizens [1] - Introduction of a new "AI2" strategy to promote the responsible application of artificial intelligence in the financial sector, aiming to enhance service accessibility, convenience, and personalization while maintaining transparency and accountability [1] Group 2: Resilience and Tokenization - HKMA will implement measures to strengthen business and technological resilience, including a new certification framework for fintech cybersecurity and the establishment of a new early warning system through real-time analysis [2] - The authority will promote the tokenization of real-world assets, including financial assets, and will lead by example with the issuance of tokenized government bonds, exploring the feasibility of tokenizing foreign exchange fund notes and bonds [2] - The upcoming Ensemble pilot project will support real transactions and foster innovative tokenization use cases in collaboration with industry stakeholders and other central banks [2]

Core Insights - The Hong Kong Monetary Authority (HKMA) announced the "FinTech 2030" initiative, focusing on four key areas and over 40 specific projects aimed at enhancing the financial technology landscape in Hong Kong [1][2] Group 1: Data and Payment Infrastructure - HKMA plans to develop a robust and future-oriented infrastructure to support secure, efficient, and scalable data sharing, enhancing cross-border payment connectivity [1] - The initiative aims to create new opportunities for businesses, such as expanding credit channels and promoting trade financing, while providing citizens with personalized financial services and convenient cross-border remittances [1] Group 2: Artificial Intelligence Application - HKMA will introduce a new AI² strategy to promote the comprehensive and responsible application of artificial intelligence in the financial sector [1] - The authority aims to collaborate with the industry to build a shareable and scalable AI infrastructure and specialized financial models, enhancing the accessibility, convenience, and personalization of banking services while maintaining transparency and accountability [1] Group 3: Resilience and Quantum Computing - HKMA will implement measures to strengthen business and technological resilience, including a new certification framework for fintech cybersecurity and a real-time analysis-based early warning system [2] - The authority is preparing the financial sector for post-quantum cryptography (PQC) and will develop quantum-resistant infrastructure to ensure the security of financial services [2] Group 4: Tokenization Promotion - HKMA aims to advance the tokenization ecosystem in Hong Kong by promoting the tokenization of real-world assets, including financial assets [2] - The authority will lead by example, making the issuance of tokenized government bonds a regular practice and exploring the feasibility of tokenizing foreign exchange fund notes and bonds [2] - The settlement of these assets on the blockchain will be facilitated through new digital currencies, including the digital Hong Kong dollar, tokenized deposits, and regulated stablecoins [2]

Core Insights - Standard Chartered Hong Kong, BlackRock, and Mastercard have completed the second phase of the Hong Kong Monetary Authority's "Digital Hong Kong Dollar" pilot program, exploring the application of simulated "Digital Hong Kong Dollar" in tokenized fund subscriptions and redemptions [1] - The research team identified benefits for various stakeholders in the value chain, including fund distributors, fund issuers, payment network providers, and tokenization service providers [1] Group 1: Benefits Identified - For fund distributors, digital currencies like "Digital Hong Kong Dollar" and tokenized deposits offer greater flexibility and faster settlement, enabling T+0 subscriptions and redemptions [1] - For fund issuers, digital currencies can enhance customer experience, extend trading periods, shorten settlement times, provide transparent transaction statuses, and allow for fractional fund unit holdings [1] - For payment network providers, using blockchain technology, such as Mastercard's Multi-Token Network (MTN), can achieve near real-time settlement when utilizing "Digital Hong Kong Dollar" and tokenized deposits, facilitating ecosystem development [1] - For tokenization service providers, tokenization allows clients to hold fractional fund units and expands investor access to such investments through traditional and digital channels [1] Group 2: Challenges to Address - The transition to mainstream tokenized fund settlements requires addressing several practical issues, including the need for real-time net asset value (NAV) calculations instead of end-of-day pricing [2] - Operational transformation is necessary to support instant settlements, requiring a redesign of the entire fund cycle's operational model, liquidity risk monitoring, cash flow forecasting, and enhanced governance and risk management frameworks [2] - Interoperability and network integration must establish unified standards to connect stakeholders in the value chain and local and cross-border payment networks while complying with regional requirements [2] - Regulatory standards need to maintain consistency in data privacy and settlement to strengthen institutional and investor confidence [2]

Core Insights - The Federal Reserve has shifted its perspective on cryptocurrencies, now viewing them as a key component of the future payment system rather than a marginal threat [1] - The recent Fintech conference highlighted discussions on the integration of traditional finance with digital assets, stablecoin business models, AI applications in payments, and tokenization [1][3] - The concept of a "streamlined master account" was introduced, allowing non-bank payment companies to access Federal Reserve payment services, which could reduce costs and improve efficiency [1][7] Group 1: Federal Reserve's New Stance - The Federal Reserve no longer views the DeFi sector with skepticism, indicating a significant cultural shift towards embracing innovation in payments [1][7] - Christopher Waller emphasized the need for the Federal Reserve to actively participate in the ongoing payment revolution driven by technology [7][23] - The streamlined master account aims to provide basic payment services to qualified institutions without the need for a full master account, reflecting the evolving payment landscape [1][26] Group 2: Market Reactions and AI Integration - Following Waller's remarks, Bitcoin saw a 2% increase, indicating positive market sentiment towards potential regulatory easing in the U.S. digital finance sector [3] - Cathie Wood from ARK Invest predicted that AI-driven payment systems could lead to a new era of productivity, potentially increasing U.S. GDP growth to 7% over the next five years [3][8] - The integration of AI and blockchain is expected to unlock significant productivity gains, particularly in knowledge work [8] Group 3: Industry Collaboration and Infrastructure - Executives from major firms like Chainlink, Circle, and Google engaged in discussions with the Federal Reserve about interoperability, compliance, and risk management, highlighting the financial system's shift towards digitalization [5] - There is a consensus among participants that the proliferation of AI agents necessitates a new, native financial infrastructure, with stablecoins seen as a natural solution [5][8] - Coinbase's CFO noted that AI could significantly enhance operational efficiency, with AI-generated code expected to comprise half of their codebase by year-end [5] Group 4: Future Directions and Challenges - The conference underscored the importance of collaboration within the ecosystem, moving away from a competitive mindset to one focused on cooperation [8] - Waller's remarks indicated that the Federal Reserve is exploring new ideas to support innovations in payments, including the potential for tokenization and smart contracts [24][26] - The discussions highlighted the need for traditional financial institutions to adapt to the evolving landscape, particularly in integrating DeFi technologies and ensuring compliance with regulatory standards [44]