世界经济论坛-金融市场中的资产代币化：下一代价值交换（英）

Contents1M A Y 2 0 2 5I N S I G H T R E P O R TIn collaboration with AccentureAsset Tokenization in Financial Markets: The Next Generation of Value ExchangeContents2ContentsForeword 3Executive summary 4Introduction 51. Foundational key concepts 6 1.1 Tokenization 7 1.2 Programmable ledgers 8 1.3 Tokenization models 8 1.4 Token attributes 11 1.5 Settlement assets 122. Value proposition 133. Tokenized assets 18 3.1 Use case patterns 19 3.2 Asset issuance 22 3.3 Securities financing 33 3.4 Asset management 344. Barriers to adoption 37 4.1 Traditional financial infrastructure 38 4.2 Global standards 38 4.3 Cross-chain interoperability 39 4.4 Secondary markets 39 4.5 Privacy and compliance 405. Impacts of tokenization 41 5.1 Evolving market structures 42 5.2 Changes to incumbents 42 5.3 New market roles 46 5.4 New products 466. Design choices 47 6.1 Infrastructure 48 6.2 Settlement assets 50 6.3 Operating hours 507. Considerations 51 7.1 Cybersecurity 52 7.2 Financial stability 53 7.3 Regulatory developments 53Conclusion 55Contributors 56Endnotes 58ContentsDisclaimerThis document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders. © 2025 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. Look out for this icon for pages that can be interacted withT H I S R E P O R T I S I N T E R A C T I V ETo ensure interactive capability, please download and open this PDF with Adobe Acrobat.Contents3ForewordForewordDuane BlockManaging Director, AccentureDrew PropsonHead, Technology and Innovation in Financial Services, World Economic ForumFinancial markets are evolving to meet growing demands for speed, efficiency and connectivity. Among the forces driving this transformation is the rise of distributed ledger technology (DLT) and tokenization – innovations that have the ability to offer faster transactions, improved efficiency and greater transparency across asset classes. With strong momentum towards regulatory clarity and increasing technological maturity, the tokenization of financial assets is well positioned to support the next generationof value exchange in banking and capital markets.Global stakeholders are now commonly distinguishing between attention-grabbing cryptocurrencies and the underlying technology, fuelling a renewed era of public–private cooperation focused on scaling tokenization in a safe and compliant manner. Yet progress in financial infrastructure is inh