代币化：概述及其对金融稳定性的影响英

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Tokenization: Overview and Financial Stability ImplicationsFrancesca Carapella, Grace Chuan, Jacob Gerszten, Chelsea Hunter, NathanSwem2023-060Please cite this paper as:Carapella, Francesca, Grace Chuan, Jacob Gerszten, Chelsea Hunter, and Nathan Swem(2023). “Tokenization: Overview and Financial Stability Implications,” Finance and Eco-nomics Discussion Series 2023-060. Washington: Board of Governors of the Federal ReserveSystem, https://doi.org/10.17016/FEDS.2023.060.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Tokenization: Overview and FinancialStability Implications∗Grace Chuan2, Jacob Gerszten3, Chelsea Hunter4, Nathan Swem5, andFrancesca Carapella†11,2,3,4,5Federal Reserve Board of GovernorsAugust 3, 2023AbstractIn this paper we outline tokenization, which is a new and rapidly growing finan-cial innovation in crypto asset markets, and we discuss potential benefits and financialstability implications. Tokenization refers to the process of constructing digital rep-resentations (crypto tokens) for non-crypto assets (reference assets).1As we discussbelow, tokenizations create interconnections between the digital asset ecosystem andthe traditional financial system. At sufficient scale, tokenized assets could transmitvolatility from crypto asset markets to the markets for the crypto token’s referenceassets.Keywords:tokenization, crypto-assets, blockchain, decentralized finance, DeFi, Finan-cial stability and risk, financial innovations, interconnectionsJEL Classification Numbers:D49, D53, G00, G10, G20, G23∗The opinions are the authors’ and do not represent those of the Federal Reserve System or its staff.†Corresponding author: E-mail Francesca.Carapella@frb.gov1For additional information and other details of tokenization, please see: The tokenisation continuum(bis.org).1 1. Tokenization design featuresThe term “tokenization” refers to the process of linking reference assets to crypto tokensvia design features that link the token’s price to the value of the token’s reference asset.2In the strictest sense, tokenization would allow for a crypto token holder to have a legallyenforceable ownership claim over the token’s reference asset.3So far, tokenization projectshave been typically financed and developed by small venture-capital backed crypto compa-nies. In addition, financial firms such as Santander, JP Morgan, and Franklin Templeton,have announced crypto related projects or pilot programs relating to tokenization.4As is the case with stablecoins, tokenizations have widely varying design features andcharacteristics.5In general, a tokenization involves five design features: 1) a blockchain,2) a reference asset, 3) a mechanism to assess the value of the reference asset, 4) a meansto store and/or provide custody for the reference asset, and 5) a mechanism to facilitateredemptions of the token and/or the reference asset. Taken together, these componentsgenerate links between the crypto markets and the markets for the reference assets. Thesedesign choices can help distinguish token types and help determine each type’s impact ontraditional financial markets.The first tokenization design element that we outline is the underlying blockchain onwhich the crypto tokens are issued, stored, and transacted. Some crypto tokens are is-sued on private permissioned blockchains, and others are issued on public permissionlessblockchains. A permissioned blockchain is generally controlled by a centralized entity thatgrants approval to selected users in an isolated ecosystem.6Crypto tokens issued on permis-sionless blockchains (Bitcoin, Ethereum, Solana, etc.) are broadly accessible and can be usedwith fewer restrictions. Crypto tokens on permissionless blockchains can also be incorporatedinto decentralized finance (DeFi) protocols such as decentralized exchanges.7Crypto tokenissuers retain far less control over crypto tokens issued on permissionless blockchains thando issuers of crypto tokens on permissioned blockchains. Please see Table 1 for examples oftokens issued on permissioned and permissionless blockchains.8Another component of tokenizations is the crypto token’s reference asset. Reference assets2While tokenization can occur on non-blockchain distributed ledgers, in this paper we focus on