<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1640161704729-cbe966a08476/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1Nbnd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh4OCZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1640161704729-cbe966a08476/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1Nbnd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh4OCZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>当匿名程序员中本聪推出比特币时，这是他试图创造一种不依赖于银行或政府的货币形式。</p>
<p>但正如我们之前所讨论的，货币的未来并不是由边缘的加密货币纯粹主义者所构建的。它是由加密货币本应取代的机构所构建的。这也是我相信代币化不可避免的主要原因之一。</p>
<p>最近，我的论点变得更加难以反驳。因为在本月初，世界上最大和最保守的金融机构之一采取了一步，使得代币化的转变无法忽视。</p>
<h3><strong>摩根大通引领潮流</strong></h3>
<p>从一开始，加密货币就被视为一种替代金融系统。它是建立在与华尔街对立的基础上。这样的框架现在显然已经过时。</p>
<p>在 2025 年 12 月 15 日，摩根大通在以太坊上推出了其首个代币化货币市场基金，并用 1 亿美元的自有资本进行了种子投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png"/></p>
<p>货币市场基金位于全球金融的中心。它们旨在保护资本并提供流动性，没有任何意外。机构依赖它们，正是因为它们应该是无趣的。</p>
<p>因此，当这样的产品转向区块链时，这是全球金融基础设施发展方向的明确信号。</p>
<p>再次强调，货币市场基金是我们拥有的最保守的金融工具之一。它们存在于严格的监管边界内，吸引那些重视确定性而非收益的资本。摩根大通选择这种工具正是出于这些原因。这是因为作为最早适应互联网资本市场的机构之一，摩根大通无法承受失败。</p>
<p>我相信股票、债券、基金和现金产品都将很快以软件的形式存在。所有权将以数字方式进行追踪，结算将在全球网络中自动处理。这将使全球每个人都能参与之前无法接触的市场。</p>
<p>这就是我所说的互联网资本市场。我并不是唯一一个相信这个未来的人。黑石集团的首席执行官拉里·芬克（Larry Fink）曾多次表示，金融的未来是代币化的——每种资产都可以被带入数字账本，使市场更快、更透明、更易于访问。</p>
<p>甚至监管机构也开始以这种方式进行讨论。美国证券交易委员会（SEC）主席最近承认，证券的代币化即将到来，现有法律已经为其中大部分提供了框架。</p>
<p>目前，公共区块链上代币化的现实资产比例仍处于初期阶段。但一些估计表明，到本十年末，代币化金融资产的总价值可能会增长到数万亿。</p>
<p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png"/></p>
<p><em>来源：thebusinessresearchcompany.com</em></p>
<p>而且增长已经非常迅速。代币化现实资产的总价值在短短几年内跃升了 300% 以上。</p>
<p>摩根大通的举动表明它理解这一方向，并准备在资本市场生活在互联网上的系统中运作。如果你要进入这个系统，你不会从风险或实验性产品开始。你会从最安全的产品开始。</p>
<p>摩根大通的基金仅限合格投资者。这是故意的。新的基础设施通常会在核心产品中由复杂的客户进行测试，然后再进一步进入主流市场。它对机构投资者来说也会显得熟悉。因为唯一改变的是所有权的表示和转移方式。</p>
<p>与其说股份存在于传统的保管系统中，不如说所有权以代币的形式存在于公共区块链上。这意味着交易将自动结算，资金可以随时流动。</p>
<p>从结构上看，这一转变是巨大的。但我对此并不感到惊讶。十年前，当我第一次接触以太坊的白皮书时，我就看到了代币化未来的好处：更快的结算、更少的中介和更低的操作摩擦。</p>
<p>多年来，使这一未来成为现实的障碍并不是区块链技术，而是受监管的机构是否会信任公共区块链基础设施来处理真实产品和真实资本。这就是为什么我对这一最新推出感到欣慰。</p>
<p>摩根大通花了多年时间构建内部数字资产系统。但它决定在以太坊上推出这个基金。并不是说以太坊需要任何人的认可。但当世界上最大的银行将其用于核心金融产品时，这表明它将这个网络视为基础设施。一旦开始以这种方式使用，它就变得更难以替代。因为系统往往会在已经有效的地方停留。</p>
<p>这对以太坊来说是个好消息，自从我在 2020 年推荐它以来，其价格已经上涨超过 600%。这也是对我认为代币化不可避免的论点的有力支持。</p>
<p>显然，代币化的相关要素已经到位。稳定币现在作为可信的结算工具运作，监管框架明确了数字资产如何适应现有规则。这意味着机构不再需要在合规性和效率之间做出选择。</p>
<p>换句话说，区块链基础设施为华尔街世代以来一直面临的问题提供了解决方案，因为没有替代方案。现在有了。</p>
<h3><strong>我的看法</strong></h3>
<p>加密货币最初被宣传为一种替代金融系统的选择，将在银行和机构的控制之外建立。但这从来不是它的发展方向。</p>
<p>现在 unfolding 的情况看起来与我十年前的预测相符。机构正在采用这项技术中有效的部分，并将其融入到已经推动全球资本流动的机制中。这就是系统如何采用新技术的方式。</p>
<p>毕竟，电子交易并没有在一夜之间取代证券交易所。它是通过加快结算和清理后台流程开始的。而互联网也并没有一下子就改变商业。它在大多数人注意到变化之前，就已经重新构建了支付、物流和通信。</p>
<p>代币化正沿着同样的路径发展。这并不意味着你明天醒来就会发现每个资产都在区块链上。这不是变革的方式。但当一个最保守的金融机构推出代币化货币市场基金时，这表明代币化已经进入了金融主流。而且现在已经没有回头路了。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>圣诞老人供应链数字化的那一年</p>
<p>XGPT 的人工智能能否为交易者创造公平竞争环境？</p>
<p>中国在十个月内建成的东西可能会塑造未来</p>

摩根大通

<p>摩根大通在以太坊上推出了首个代币化货币市场基金，并注入了 1 亿美元。这一举措标志着全球金融向代币化转变，摩根大通等机构正在引领这一潮流。该基金仅限合格投资者参与，代表了受监管机构采用区块链技术的重要一步。这一发展支持了金融资产代币化不可避免的论点，使市场变得更快、更透明和更易于接触</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1640161704729-cbe966a08476/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1Nbnd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh4OCZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1640161704729-cbe966a08476?ixlib=rb-1.2.1&amp;ixid=MnwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>When the pseudonymous programmer Satoshi Nakamoto launched Bitcoin, it was his attempt to create a form of money that didn’t rely on banks or governments.</p>
<div class="lb-trans"><p>当匿名程序员中本聪推出比特币时，这是他试图创造一种不依赖于银行或政府的货币形式。</p>
</div><p>But as we’ve talked about before, the future of money isn’t being built by cryptocurrency purists on the fringe. It’s being built by the institutions that crypto was supposed to replace. And that’s one of the main reasons why I believe tokenization is inevitable.</p>
<div class="lb-trans"><p>但正如我们之前所讨论的，货币的未来并不是由边缘的加密货币纯粹主义者所构建的。它是由加密货币本应取代的机构所构建的。这也是我相信代币化不可避免的主要原因之一。</p>
</div><p>Lately, my thesis is getting even harder to argue with. Because earlier this month, one of the largest and most conservative financial institutions in the world took a step that makes the shift to tokenization impossible to ignore.</p>
<div class="lb-trans"><p>最近，我的论点变得更加难以反驳。因为在本月初，世界上最大和最保守的金融机构之一采取了一步，使得代币化的转变无法忽视。</p>
</div><h3><strong>JPMorgan Leads the Charge</strong></h3>
<div class="lb-trans"><h3><strong>摩根大通引领潮流</strong></h3>
</div><p>From its inception, cryptocurrency was framed as an alternative financial system. Something built in opposition to Wall Street. That framing is now clearly outdated.</p>
<div class="lb-trans"><p>从一开始，加密货币就被视为一种替代金融系统。它是建立在与华尔街对立的基础上。这样的框架现在显然已经过时。</p>
</div><p>On Dec. 15, 2025, JPMorgan launched its first tokenized money market fund on Ethereum and seeded it with $100 million of its own capital.</p>
<div class="lb-trans"><p>在 2025 年 12 月 15 日，摩根大通在以太坊上推出了其首个代币化货币市场基金，并用 1 亿美元的自有资本进行了种子投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png" alt="" original-src="https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png"/></p>
<p>Money market funds sit at the center of global finance. They’re designed to preserve capital and provide liquidity without any surprises. Institutions rely on them precisely because they’re supposed to be boring.</p>
<div class="lb-trans"><p>货币市场基金位于全球金融的中心。它们旨在保护资本并提供流动性，没有任何意外。机构依赖它们，正是因为它们应该是无趣的。</p>
</div><p>So when a product like this moves onto the blockchain, it’s a clear sign of where the global financial infrastructure is heading.</p>
<div class="lb-trans"><p>因此，当这样的产品转向区块链时，这是全球金融基础设施发展方向的明确信号。</p>
</div><p>Again, money market funds are among the most conservative financial instruments we have. They exist inside strict regulatory boundaries, and they attract capital that values certainty over upside. JPMorgan chose this vehicle for those reasons. And that’s because JPMorgan can’t afford failure as one of the earliest incumbents adapting to internet capital markets.</p>
<div class="lb-trans"><p>再次强调，货币市场基金是我们拥有的最保守的金融工具之一。它们存在于严格的监管边界内，吸引那些重视确定性而非收益的资本。摩根大通选择这种工具正是出于这些原因。这是因为作为最早适应互联网资本市场的机构之一，摩根大通无法承受失败。</p>
</div><p>I’m convinced stocks, bonds, funds, and cash products will all soon be represented as software. Ownership will be tracked digitally, and settlement will be handled automatically across global networks. This will allow everyone across the world to participate in markets that they were previously unable to access.</p>
<div class="lb-trans"><p>我相信股票、债券、基金和现金产品都将很快以软件的形式存在。所有权将以数字方式进行追踪，结算将在全球网络中自动处理。这将使全球每个人都能参与之前无法接触的市场。</p>
</div><p>This is what I mean by internet capital markets. And I’m not the only one who believes in this future. Larry Fink, the CEO of BlackRock, has said repeatedly that the future of finance is tokenized — that every asset can be brought onto a digital ledger, making markets faster, more transparent, and easier to access.</p>
<div class="lb-trans"><p>这就是我所说的互联网资本市场。我并不是唯一一个相信这个未来的人。黑石集团的首席执行官拉里·芬克（Larry Fink）曾多次表示，金融的未来是代币化的——每种资产都可以被带入数字账本，使市场更快、更透明、更易于访问。</p>
</div><p>Even regulators are starting to talk this way. The chairman of the SEC recently acknowledged that tokenization of securities is coming, and that existing laws already provide a framework for much of it.</p>
<div class="lb-trans"><p>甚至监管机构也开始以这种方式进行讨论。美国证券交易委员会（SEC）主席最近承认，证券的代币化即将到来，现有法律已经为其中大部分提供了框架。</p>
</div><p>Right now, the portion of real-world assets tokenized on public blockchains is still in its infancy. But some estimates suggest the total value of tokenized financial assets could grow into the trillions by the end of this decade.</p>
<div class="lb-trans"><p>目前，公共区块链上代币化的现实资产比例仍处于初期阶段。但一些估计表明，到本十年末，代币化金融资产的总价值可能会增长到数万亿。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png" alt="" original-src="https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png"/></p>
<p><em>Source: thebusinessresearchcompany.com</em></p>
<div class="lb-trans"><p><em>来源：thebusinessresearchcompany.com</em></p>
</div><p>And growth has already been rapid. The total value of tokenized real-world assets has jumped more than 300% in just a few years.</p>
<div class="lb-trans"><p>而且增长已经非常迅速。代币化现实资产的总价值在短短几年内跃升了 300% 以上。</p>
</div><p>JPMorgan’s move shows it understands this direction and is preparing to function inside a system where capital markets live on the internet. And if you’re going to step into that system, you don’t begin with risky or experimental products. You begin with the safest ones.</p>
<div class="lb-trans"><p>摩根大通的举动表明它理解这一方向，并准备在资本市场生活在互联网上的系统中运作。如果你要进入这个系统，你不会从风险或实验性产品开始。你会从最安全的产品开始。</p>
</div><p>JPMorgan’s fund is limited to qualified investors. That’s intentional. New infrastructure typically gets tested by sophisticated clients inside core products before it moves further into the mainstream. It will also look familiar to institutional investors. Because the only thing changing is the way ownership is represented and transferred.</p>
<div class="lb-trans"><p>摩根大通的基金仅限合格投资者。这是故意的。新的基础设施通常会在核心产品中由复杂的客户进行测试，然后再进一步进入主流市场。它对机构投资者来说也会显得熟悉。因为唯一改变的是所有权的表示和转移方式。</p>
</div><p>Instead of shares sitting inside a legacy custody system, ownership exists as tokens on a public blockchain. That means trades will settle automatically and money can move at any time.</p>
<div class="lb-trans"><p>与其说股份存在于传统的保管系统中，不如说所有权以代币的形式存在于公共区块链上。这意味着交易将自动结算，资金可以随时流动。</p>
</div><p>Structurally, this shift is enormous. But I’m not surprised by it. As soon as I was introduced to a white paper on Ethereum a decade ago, I could see the benefits of a tokenized future: faster settlement, fewer intermediaries, and lower operational friction.</p>
<div class="lb-trans"><p>从结构上看，这一转变是巨大的。但我对此并不感到惊讶。十年前，当我第一次接触以太坊的白皮书时，我就看到了代币化未来的好处：更快的结算、更少的中介和更低的操作摩擦。</p>
</div><p>For years, the obstacle to making this future a reality hasn’t been blockchain technology. It’s been whether regulated institutions would trust public blockchain infrastructure with real products and real capital. That’s why I feel vindicated by this recent launch.</p>
<div class="lb-trans"><p>多年来，使这一未来成为现实的障碍并不是区块链技术，而是受监管的机构是否会信任公共区块链基础设施来处理真实产品和真实资本。这就是为什么我对这一最新推出感到欣慰。</p>
</div><p>JPMorgan has spent years building internal digital asset systems. But it decided to launch this fund on Ethereum. Not that Ethereum needs anyone’s endorsement. But when the world’s largest bank uses it for a core financial product, it shows that it’s treating this network as infrastructure. And once it starts being used that way, it becomes harder to replace. Because systems tend to stick where they already work.</p>
<div class="lb-trans"><p>摩根大通花了多年时间构建内部数字资产系统。但它决定在以太坊上推出这个基金。并不是说以太坊需要任何人的认可。但当世界上最大的银行将其用于核心金融产品时，这表明它将这个网络视为基础设施。一旦开始以这种方式使用，它就变得更难以替代。因为系统往往会在已经有效的地方停留。</p>
</div><p>This is a boon for Ethereum, which is up over 600% since I recommended it back in 2020. And it’s also a boon for my thesis that tokenization is inevitable.</p>
<div class="lb-trans"><p>这对以太坊来说是个好消息，自从我在 2020 年推荐它以来，其价格已经上涨超过 600%。这也是对我认为代币化不可避免的论点的有力支持。</p>
</div><p>It’s clear that the surrounding pieces are already in place for tokenization. Stablecoins now function as credible settlement instruments, and regulatory frameworks clarify how digital assets fit inside existing rules. That means institutions no longer have to choose between compliance and efficiency.</p>
<div class="lb-trans"><p>显然，代币化的相关要素已经到位。稳定币现在作为可信的结算工具运作，监管框架明确了数字资产如何适应现有规则。这意味着机构不再需要在合规性和效率之间做出选择。</p>
</div><p>In other words, blockchain infrastructure offers solutions to problems Wall Street has lived with for generations because there was no alternative. Now there is.</p>
<div class="lb-trans"><p>换句话说，区块链基础设施为华尔街世代以来一直面临的问题提供了解决方案，因为没有替代方案。现在有了。</p>
</div><h3><strong>Here's My Take</strong></h3>
<div class="lb-trans"><h3><strong>我的看法</strong></h3>
</div><p>Cryptocurrency was originally pitched as an alternative to the financial system that would be built outside the reach of banks and institutions. But that was never how it was going to play out.</p>
<div class="lb-trans"><p>加密货币最初被宣传为一种替代金融系统的选择，将在银行和机构的控制之外建立。但这从来不是它的发展方向。</p>
</div><p>What’s unfolding now looks like what I predicted a decade ago. Institutions are adopting the parts of this technology that work well and folding them into the machinery that already moves global capital. That’s how systems tend to adopt new technologies.</p>
<div class="lb-trans"><p>现在 unfolding 的情况看起来与我十年前的预测相符。机构正在采用这项技术中有效的部分，并将其融入到已经推动全球资本流动的机制中。这就是系统如何采用新技术的方式。</p>
</div><p>After all, electronic trading didn’t replace stock exchanges overnight. It started by speeding up settlement and cleaning up back-office processes. And the internet didn’t transform commerce all at once either. It rewired payments, logistics, and communication long before most people noticed anything had changed.</p>
<div class="lb-trans"><p>毕竟，电子交易并没有在一夜之间取代证券交易所。它是通过加快结算和清理后台流程开始的。而互联网也并没有一下子就改变商业。它在大多数人注意到变化之前，就已经重新构建了支付、物流和通信。</p>
</div><p>Tokenization is following this same path. Which doesn’t mean you’ll wake up tomorrow with every asset on the blockchain. That’s not how change works. But when one of the most conservative financial institutions launches a tokenized money market fund, it tells you that tokenization has entered the financial mainstream. And there’s no turning back now.</p>
<div class="lb-trans"><p>代币化正沿着同样的路径发展。这并不意味着你明天醒来就会发现每个资产都在区块链上。这不是变革的方式。但当一个最保守的金融机构推出代币化货币市场基金时，这表明代币化已经进入了金融主流。而且现在已经没有回头路了。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>The Year Santa’s Supply Chain Went Digital</p>
<div class="lb-trans"><p>圣诞老人供应链数字化的那一年</p>
</div><p>Can XGPT’s AI Level The Playing Field For Traders?</p>
<div class="lb-trans"><p>XGPT 的人工智能能否为交易者创造公平竞争环境？</p>
</div><p>What China Just Built In Ten Months Could Shape The Future</p>
<div class="lb-trans"><p>中国在十个月内建成的东西可能会塑造未来</p>
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摩根大通刚刚证实了我的代币化理论