Core Insights - Tokenization technology has not significantly improved the liquidity of illiquid assets, as they retain the illiquidity of their physical counterparts [1][2] - The current focus is on enhancing liquidity for existing liquid assets, such as cash and U.S. Treasuries, rather than illiquid markets [3] - Stablecoins, valued at approximately $300 billion, represent a successful application of tokenization, while tokenized U.S. Treasuries are valued at around $9 billion, significantly outpacing tokenized stocks at $681 million [4] Industry Developments - Securitize is actively involved in bringing tokenization to Wall Street, having helped launch BlackRock's USD Institutional Digital Liquidity Fund, which has reached a valuation of $2 billion since its inception [4] - BlackRock executives have emphasized the potential of tokenization to expand the range of investable assets, particularly in emerging markets, suggesting that smaller, more accessible units could democratize access to asset classes like real estate [5]

编者按 本文详细探讨了区块链技术如何通过资产代币化重塑传统资产管理模式。研究基于交易成本理论（Transaction Cost Theory, TCT），通过四个行业案例 （房地产、黄金、游戏资产和碳信用）的实证分析，揭示了资产代币化在提升交易效率、创造价值方面的潜力，同时也指出了其在治理结构、风险分布和 市场信任方面带来的新挑战。"IMI财经观察"公众号特推出此文，以飨读者。 去中心化经济中的代币化资产：平衡效率、价值与风险 （Tokenized assets in a decentralized economy: Balancing efficiency, value, and risks） 01 引言 区块链技术（blockchain technology）的兴起正推动企业重新思考其传统的运营与管理策略，其中资产代币化（asset tokenization）作为一种具有变革潜力 的创新，正在重塑资产的表现形式、流转方式与市场参与机制。资产代币化指的是将实体或数字资产转化为基于区块链的代币（tokens），使其能够在去 中心化平台上进行交易与管理。这一过程不仅改变了资产的流动性结构，还显著降低了传统交易中 ...

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Core Insights - The digital asset industry is experiencing an acceleration in mergers and acquisitions as firms seek to enhance their blockchain capabilities [1][3][7] Group 1: Mergers and Acquisitions - Citizens Bank anticipates a significant increase in M&A activity within the digital asset sector, driven by the complexities and compliance challenges of the industry [2][7] - Mastercard is reportedly in advanced discussions to acquire ZeroHash for up to $2 billion, while Coinbase is nearing a similar deal for BVNK, indicating a trend where both traditional and crypto-native firms are aggressively pursuing digital asset capabilities [3][6] Group 2: Regulatory Environment - The passage of the GENIUS Act and the anticipated CLARITY Act is shifting the regulatory landscape from "hostile" to supportive, encouraging banks and financial institutions to adopt blockchain infrastructure [4][7] - The improved regulatory clarity is expected to boost customer demand and increase the urgency for firms to act, further fueling the M&A wave [6][7] Group 3: Market Potential - Tokenization is projected to be a significant driver of revenue, with the market potentially generating nearly $100 billion annually by 2030 through services like trading and custody [5][6] - Stablecoin market capitalization has risen to approximately $315 billion, with expectations to exceed $1 trillion, highlighting the growing competition and urgency among firms to remain relevant [6] Group 4: Strategic Shifts - Firms are increasingly opting to acquire rather than develop their own digital asset capabilities, reflecting a broader strategic shift in the industry [3][6] - Early movers with established brands and customer bases are expected to gain the most from this consolidation cycle, even as they adapt their business models to meet evolving market demands [6][7]

Tokenization specialist Securitize is aiming for a public listing through a SPAC merger Cantor Equity Partners II (CEPT), the firm said on Tuesday. The deal values Securitize at $1.25 billion and will see the company list on Nasdaq under the ticker "SECZ," the firm added. Securitize also plans to tokenize its own equity, making its shares available to trade and transfer on blockchain rails. CEPT is lower by 6.5% in premarket trading at $12.00. Securitize's existing investors, including ARK Invest, Black ...

Group 1: Walmart - Walmart shares have increased nearly 3% due to positive headlines related to OpenAI, indicating a strong market interest in AI's impact on retail [2][3] - The integration of AI is expected to enhance productivity and operational efficiency, with Walmart being a key player in this transformation [3][4] - Walmart's disciplined pricing strategy and low beta make it a defensive growth play, providing stability during market volatility while also embracing innovation through AI partnerships [5][4] Group 2: BlackRock - BlackRock has achieved a record milestone by surpassing $13 trillion in assets under management, reflecting strong fund inflows and a diverse revenue stream [12][13] - The company is leading in digital finance and tokenization of assets, which is seen as the next wave of innovation in the financial sector [13][14] - BlackRock's stock has risen approximately 31% this year, although technical analysis indicates a potential bearish pattern with resistance around $1172 [20][15] Group 3: Citigroup - Citigroup reported record-breaking revenues across several divisions, contributing to a positive market response with shares up about 1.5% [20][30] - The company is recognized for its strong operational performance, capital discipline, and attractive shareholder returns, including a share buyback and increased dividends [21][23] - Citigroup's stock has shown significant growth, doubling in six months, with key technical levels to watch around $95 to $96 [25][29]

Core Insights - Institutional investors anticipate a significant increase in the role of tokenized assets in global portfolios by 2030, with projections indicating that 10% to 24% of institutional investments could be made through tokenized instruments [1] Group 1: Tokenization Trends - Private equity and private fixed income are identified as the most likely candidates for early tokenization due to their historical challenges with illiquidity and high operational costs [2] - The adoption of emerging technologies, including tokenization, artificial intelligence, and quantum computing, is reshaping the finance sector, with early adopters leading the way [3] Group 2: Digital Asset Allocation - Currently, institutional portfolios average 7% in digital assets, which is expected to rise to 16% within three years, with digital cash, tokenized equities, and fixed income being the most common forms [5] - Asset managers report higher exposure to Bitcoin, Ethereum, and tokenized assets compared to asset owners, with 14% of managers holding 2% to 5% of portfolios in Bitcoin [6] Group 3: Performance and Expectations - Cryptocurrencies, particularly Bitcoin, are the primary drivers of returns within digital portfolios, with 27% of respondents indicating Bitcoin as their strongest performer [7] - A quarter of respondents expect Bitcoin to remain the top performer in the next three years [7]

Core Insights - Bakkt Holdings stock price increased by 17% following Benchmark Company's tripling of its one-year price target to $40, indicating strong market interest and confidence in the company's future [1][2] - The investment bank highlighted growth potential in Bakkt's three main business areas: crypto infrastructure, stablecoin payments, and its Bitcoin treasury, noting a 170% price increase over a two-week period as a validation of CEO Akshay Naheta's strategic moves since August [2][3] - Despite the recent surge, the stock is still considered inexpensive relative to its growth potential and peers in the fintech/digital asset ecosystem, with a current trading price just above $30, down 97% from its all-time high of over $1,060 in 2021 [3][4] Business Developments - The valuation of Bakkt is described as "modest" compared to other publicly traded crypto firms like Coinbase, Circle, and Robinhood, suggesting room for growth [4] - The appointment of Mike Alfred, a veteran in the crypto industry, to Bakkt's board is seen as a positive development, expected to enhance decision-making processes regarding capital allocation and scaling [5] - Bakkt's strategic focus has shifted towards digital asset infrastructure, evidenced by the sale of its loyalty rewards business for $11 million, allowing the company to concentrate on core services such as custody, stablecoin payments, and tokenized assets [6] Financial Performance - In the second quarter, Bakkt's crypto business generated over $568 million in revenue, significantly outpacing the $10 million revenue from its loyalty unit, underscoring the importance of its core operations [6]

Partnerships & Integrations - Bitget and Bitget Wallet enable trading of over 100 Tokenized Assets via Ondo Finance [1] - Bitget integrates with Ondo Finance to kick off live trading of tokenized RWAs within their apps [1] Products & Services - Bitget launches onchain competition related to RWAs [1] - Tokenized RWAs are now live on Bitget [1] - Tokenized RWAs are currently live on Ethereum [1]

Platform Update - Bitget becomes the first CEX to allow users to directly buy 100+ US equity RWAs [1] - Bitget Onchain now supports limit orders for Ondo Finance tokenized assets [1] - 105 RWA tokens are available with zero gas fees when using USDC [1] Onchain Stock Exposure - Users can gain stock exposure onchain [1] - Trading occurs with zero gas fees when using USDC [1]