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代币化：概述及其对金融稳定性的影响英

金融2023-08-03-美国联邦储备委员会x***

AI智能总结

Tokenization Overview and Financial Stability Implications

Tokenization, a rapidly evolving financial innovation in the crypto asset market, involves creating digital representations, or "crypto tokens," for non-crypto assets, referred to as "reference assets." This process establishes connections between the digital asset ecosystem and traditional financial systems.

Key Components of Tokenization:

Blockchain: The underlying technology where crypto tokens are issued, stored, and traded.
Reference Asset: The asset whose value is linked to the token's price. These can vary from tangible (like real estate) to intangible assets (intellectual property).
Value Assessment Mechanism: Determines the reference asset's worth.
Custody Storage: Safeguarding the reference asset.
Redemption Mechanism: Allows token holders to exchange tokens for reference assets.

Examples:

Blockchains: Some tokens are issued on private, permissioned blockchains, while others are on public, permissionless blockchains like Bitcoin or Ethereum.
Reference Assets: Examples include agricultural commodities, precious metals, real estate, and traditional financial securities.

Market Size:

Estimated at $2.15 billion as of May 2023, primarily involving decentralized protocols and traditional companies like Paxos Trust. This figure includes a range of tokens issued through platforms such as Centrifuge and decentralized exchanges.

Financial Stability Implications:

Tokenizations can transmit volatility from crypto markets to the markets of the reference assets, potentially impacting traditional financial markets.

Recent Developments:

New tokenization projects focusing on various assets like agricultural commodities, gold, precious metals, real estate, and financial securities have been announced.

Conclusion: Tokenization presents opportunities and challenges for financial stability. Its impact depends on the design features, particularly the blockchain used, the reference asset, and the redemption mechanism. Further study and regulation may be necessary to manage potential risks effectively.

FinanceandEconomicsDiscussionSeries FederalReserveBoard,Washington,D.C.ISSN1936-2854(Print) ISSN2767-3898(Online) Tokenization:OverviewandFinancialStabilityImplications FrancescaCarapella,GraceChuan,JacobGerszten,ChelseaHunter,NathanSwem 2023-060 Pleasecitethispaperas: Carapella,Francesca,GraceChuan,JacobGerszten,ChelseaHunter,andNathanSwem(2023).“Tokenization:OverviewandFinancialStabilityImplications,”FinanceandEco-nomicsDiscussionSeries2023-060.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2023.060. NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers. Tokenization:OverviewandFinancialStabilityImplications∗ GraceChuan2,JacobGerszten3,ChelseaHunter4,NathanSwem5,andFrancescaCarapella†1 1,2,3,4,5FederalReserveBoardofGovernors August3,2023 Abstract Inthispaperweoutlinetokenization,whichisanewandrapidlygrowingfinan-cialinnovationincryptoassetmarkets,andwediscusspotentialbenefitsandfinancialstabilityimplications.Tokenizationreferstotheprocessofconstructingdigitalrep-resentations(cryptotokens)fornon-cryptoassets(referenceassets).1Aswediscussbelow,tokenizationscreateinterconnectionsbetweenthedigitalassetecosystemandthetraditionalfinancialsystem.Atsufficientscale,tokenizedassetscouldtransmitvolatilityfromcryptoassetmarketstothemarketsforthecryptotoken’sreferenceassets. Keywords:tokenization,crypto-assets,blockchain,decentralizedfinance,DeFi,Finan-cialstabilityandrisk,financialinnovations,interconnections JELClassificationNumbers:D49,D53,G00,G10,G20,G23 ∗Theopinionsaretheauthors’anddonotrepresentthoseoftheFederalReserveSystemoritsstaff. †Correspondingauthor:E-mailFrancesca.Carapella@frb.gov 1Foradditionalinformationandotherdetailsoftokenization,pleasesee:Thetokenisationcontinuum(bis.org). 1.Tokenizationdesignfeatures Theterm“tokenization”referstotheprocessoflinkingreferenceassetstocryptotokensviadesignfeaturesthatlinkthetoken’spricetothevalueofthetoken’sreferenceasset.2Inthestrictestsense,tokenizationwouldallowforacryptotokenholdertohavealegallyenforceableownershipclaimoverthetoken’sreferenceasset.3Sofar,tokenizationprojectshavebeentypicallyfinancedanddevelopedbysmallventure-capitalbackedcryptocompa-nies.Inaddition,financialfirmssuchasSantander,JPMorgan,andFranklinTempleton,haveannouncedcryptorelatedprojectsorpilotprogramsrelatingtotokenization.4 Asisthecasewithstablecoins,tokenizationshavewidelyvaryingdesignfeaturesandcharacteristics.5Ingeneral,atokenizationinvolvesfivedesignfeatures:1)ablockchain, 2)areferenceasset,3)amechanismtoassessthevalueofthereferenceasset,4)ameanstostoreand/orprovidecustodyforthereferenceasset,and5)amechanismtofacilitateredemptionsofthetokenand/orthereferenceasset.Takentogether,thesecomponentsgeneratelinksbetweenthecryptomarketsandthemarketsforthereferenceassets.Thesedesignchoicescanhelpdistinguishtokentypesandhelpdetermineeachtype’simpactontraditionalfinancialmarkets. Thefirsttokenizationdesignelementthatweoutlineistheunderlyingblockchainonwhichthecryptotokensareissued,stored,andtransacted.Somecryptotokensareis-suedonprivatepermissionedblockchains,andothersareissuedonpublicpermissionlessblockchains.Apermissionedblockchainisgenerallycontrolledbyacentralizedentitythatgrantsapprovaltoselectedusersinanisolatedecosystem.6Cryptotokensissuedonpermis-sionlessblockchains(Bitcoin,Ethereum,Solana,etc.)arebroadlyaccessibleandcanbeusedwithfewerrestrictions.Cryptotokensonpermissionlessblockchainscanalsobeincorporatedintodecentralizedfinance(DeFi)protocolssuchasdecentralizedexchanges.7Cryptotokenissuersretainfarlesscontrolovercryptotokensissuedonpermissionlessblockchainsthandoissuersofcryptotokensonpermissionedblockchains.PleaseseeTable1forexamplesoftokensissuedonpermissionedandpermissionlessblockchains.8 Anothercomponentoftokenizationsisthecryptotoken’sreferenceasset.Referenceassets 2Whiletokenizationcanoccuronnon-blockchaindistributedledgers,inthispaperwefocusonblockchain- basedtokenizations. 3Foradditionalinformationandotherdetailsoftokenization,pleasesee:Aldasoroetal.(2023) 4Foranexample,seeTheClearingHouse(2022) 5SeeAzaretal.(2022),andBaughmanetal.(2022)(amongmanyothers)formoreinformationregardingvariousstablecoindesignfeatures. 6Formoreinformation,seePolgeetal.(2021) 7SeeCarapellaetal.(2022)formoreinformationonDeFi. 8Theissueroftokenizedassetsonapermissionedblockchaincancontrolthegovernanceoftheblockchain,theleveloftransparencyontheblockchain,andtheusesofthetokenizedasset. canbecategorizedinvariousways:off-chainvs.on-chain,tangiblevs.intangible,etc.9Off-chainreferenceassetscanbephysical(e.g.realestateandcommodities)orintangible(e.g.intellectualpropertyrightsandtraditionalfinanc

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