Delphi Digital: The Era of Tokenization Has Arrived
Tokenized U.S. Treasuries surpassed $10 billion in January 2024, led by institutions like BlackRock and Franklin Templeton. While government bonds are relatively straightforward to tokenize due to their standardized nature, equities present greater complexity because they involve shareholder rights such as voting and legal ownership.
Two primary models exist: custodian-backed tokens (e.g., xStocks, Backed) offer price exposure but not direct ownership, while transfer agent-registered tokens (e.g., Superstate, Securitize) record holders directly on the shareholder registry, granting full rights. The latter enables functionalities like 24/7 trading, use as collateral in DeFi, cross-margin capabilities with crypto assets, and direct capital raises without traditional underwriters.
However, challenges remain, including fragmented liquidity across blockchains, KYC/AML compliance friction, varying international regulations, and limited integration with traditional exchanges. While Nasdaq has applied to trade tokenized securities, broader market adoption depends on regulatory clarity and improved liquidity.
The market is betting that the transfer agent model—which offers real ownership—will outperform custodian-based structures. Equities can now be settled instantly, traded around the clock, and used as collateral, but whether this becomes standard depends on regulatory and liquidity developments.
比推02/18 19:14
