金融市场中的资产代币化：下一代价值交换（英）

ContentsForewordExecutive summaryIntroduction1. Foundational key concepts1.1 Tokenization1.2 Programmable ledgers1.3 Tokenization models1.4 Token attributes1.5 Settlement assets2. Value proposition3. Tokenized assets3.1 Use case patterns3.2 Asset issuance3.3 Securities financing3.4 Asset management4. Barriers to adoption4.1 Traditional financial infrastructure4.2 Global standards4.3 Cross-chain interoperability4.4 Secondary markets4.5 Privacy and compliance DisclaimerThis document is published by the WorldEconomic Forum as a contribution to aproject, insight area or interaction. Thefindings, interpretations and conclusionsexpressed herein are a result of a collaborativeprocess facilitated and endorsed by the WorldEconomic Forum but whose results do notnecessarily represent the views of the WorldEconomic Forum, nor the entirety of itsMembers, Partners or other stakeholders.© 2025 World Economic Forum. All rightsreserved. No part of this publication may bereproduced or transmitted in any form or byany means, including photocopying andrecording, or by any information storage andretrieval system.Look out for this iconfor pages that can beinteracted withT H I SR E P O R T I S I N T E R A C T I V E 5. Impacts of tokenization415.1 Evolving market structures425.2 Changes to incumbents425.3 New market roles465.4 New products466. Design choices476.1 Infrastructure486.2 Settlement assets506.3 Operating hours507. Considerations517.1 Cybersecurity527.2 Financial stability537.3 Regulatory developments53Conclusion55Contributors56Endnotes58 To ensure interactivecapability, please downloadand open this PDF withAdobe Acrobat. 34567881112131819223334373838393940 ForewordDuane BlockManaging Director,AccentureDrew PropsonHead, Technologyand Innovationin Financial Services,World Economic Forum Financial markets are evolving to meetgrowing demands for speed, efficiency andconnectivity. Among the forces driving thistransformation is the rise of distributedledger technology (DLT) and tokenization –innovations that have the ability to offer fastertransactions, improved efficiency and greatertransparency across asset classes. Withstrong momentum towards regulatoryclarity and increasing technological maturity,the tokenization of financial assets is wellpositioned to support the next generationof value exchange in banking andcapital markets.Global stakeholders are now commonlydistinguishing between attention-grabbingcryptocurrencies and the underlyingtechnology, fuelling a renewed era of public–private cooperation focused on scalingtokenization in a safe and compliant manner.Yet progress in financial infrastructure isinherently gradual. History reflects this in themulti-decade transition from paper-basedcertificates to electronic book entries followingthe 1960s Paperwork Crisis. While thechanges will not be immediate, financialmarkets may be approaching another majorphase in the development of their architecture,powered this time by tokenization.Today’s global financial system relies onfragmented, message-based integrations toreconcile ownership and transfers across independent networks. In contrast,tokenization – enabled by programmableledgers and smart contracts – offers thepotential for unified systems of record, flexiblecustody models and on-chain governance.These capabilities unlock new possibilitiesfor real-time settlement, fractional ownership,asset composability and more resilientmarket design.In this context, the World Economic Forumhas collaborated with Accenture to examinethe role of asset tokenization in financialmarkets. The report that follows is the resultof this joint effort. Over the past year, weanalysed asset classes ranging from equitiesto alternative investments to develop ataxonomy of tokenization models and thedifferentiation they provide. While tokenizationis expected to scale, realizing its full impact willrequire sustained public–private coordinationand a phased, risk-aware approach. We hopethat the insights shared in this report serveas a valuable foundation for informed decision-making and encourage continuedcollaboration across the financial ecosystem.Finally, we extend our sincere gratitude to themany experts who contributed to this analysis.Their insights and perspectives, offeredthrough interviews, workshops and writtenreviews, have been instrumental in shaping thefindings of this report. Executive summaryExecutivesummaryThis report employed a globalmultistakeholder approachto exploring the potentialimpacts of asset tokenizationon financial markets.Tokenization presents a transformativedigital asset ownership model, fundamentallyreshaping global financial markets. Wheneffectively implemented, tokenization cansignificantly enhance transparency,accessibility, operational and cost efficiencyand market flexibility, allowing participantsto transact at any time and anywhere. Thecore advantage of tokenization lies indemocratizing financial market access,enabled by trusted infrastructure. Flexible custo